Cannes 2012: Angel World and First Wall Street Launch $150 Million Film Fund
The fund will finance 100 percent of a project, with equity investors sitting in the first position.
CANNES -- Angel World Entertainment and global merchant bank First Wall Street are launching a $150 million equity fund that will finance six independent film projects.
AWE founder and CEO Darby Angel says his venture is dedicated to providing investors a lower risk and more transparent investment model by presenting each project before the money is turned over, including a detailed accounting of how their investment will be returned.
"The investors come first. We have a very unemotional approach," said Angel, a former IT entrepreneur. "What we don't want is to have producers calling us and thinking we have a soft touch. "We have tough, very stringent requirements."
AWE will finance 100 percent of a project, allowing the equity investor to sit in the first position.The fund will be based in Malta, with offices in London and Los Angeles.
"We've seen a need in the market for a finance structure allowing for the equity investor to sit in the first position. We have found the perfect partner in AWE as we share the same passion for structure and due diligence," said FWS chairman-CEO Glenn Myles, who previously worked for Davis Entertainment.
AWE, which is represented by CAA, intends to announce several of the projects in the coming days.