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Larrkin Entertainment had announced the formation of Catalina Capital, the first of what is expected to be a series of film financing funds, with ties to Weinstein Company.
Greg Coote, veteran producer and former chairman of Dune Entertainment, and David Calvert-Jones, an experienced private equity executive, expect to raise $50 million to fund Catalina Capital, which will invest in both studio and independent movies.
Harvey Weinstein will take a personal role in helping select the movies that are funded by Catalina Capital as a member of the greenlight committee; and the Weinstein Company has an option for a first look at whether it wants to acquire domestic and/or international distribution rights to the movies.
Larry Lopez, a former Silicon Valley banker and venture capitalist, will lead the finance division and help raise the capital for the fund. He will operate out of Silicon Valley and Perth, Australia.
“There is a need in the marketplace for a well-informed, independent fund,” said Coote. “With the tremendous expertise that the Weinstein Company brings to the table, I predict a bright and profitable future for the Catalina Capital Fund.”
“Having Harvey Weinstein on Catalina Capital’s greenlight committee, along with the power and weight of the Weinstein Company,” said Calvert-Jones, “immediately allows the fund to jumpstart its portfolio of films in a positive direction for all investors.”
“Having known Greg for nearly 30 years,” said Weinstein. “I’m pleased to provide the Catalina Capital Fund with access to the Weinstein Company’s worldwide leadership in the film business, along with my personal expertise in reviewing the projects that are analyzed by its greenlight committee.”
Larrkin Entertainment, based in Los Angeles, produces and finances theatrical movies, TV programs and digital entertainment content.
Aside from Catalina, Larrkin is already in the early stages of forming a second fund and is expected to announce an investment before the end of this year in its first movie, said to be budgeted at around $75 million.
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