PUSAN – Asian film makers should get used to accessing local film funds, as the region sees expansion of the number of cash pools available. But they will need to be aware of significantly different approaches to production investment.

The Weinstein Co.'s Asia Fund, which operates a $285 million pool raised last year before the credit crunch, was likened by TWC VP Bey Logan to a reservoir. "It needs water and the right mechanism to extract it," he said.

Pics must be set in Asia, for instance, but can be lensed elsewhere. Or they can be set elsewhere, if lensed in Asia. Helmer must be born in Asia. TWC fund provides no coin for development. "Our fund needs a complete package; script, talent attachments, director and estimates," Logan said. And the fund prefers English language proposals or failing that "stylization that overcomes the language barriers, which will tend to mean stylized action films." TWC fund's first fully-financed pic is "Shanghai" and it is currently in preparation of a remake of "The Seven Samurai" ahead of a shoot in early 2009.

RGM, the Singapore based executive production and packaging group that grew out of an Australian agency, recently completed raising a $400 million facility and now plans to make approximately ten $40 million pics over the next four years. First up is Jan de Bont's "Point Break 2" (aka "Point Break Indo"), which is likely to lense in Bali.

RGM fund has fewer Asian regional criteria than TWC's reservoir, but CEO Devesh Chetty said "80% of our productions over the next five years will shot in Asia." It similarly stresses English-language, a deal giving a North American release and a minimum of 30% of the budget covered by pre-sales. However, development finance is available through RGM itself.

Avex Asia director Buddy Marini detailed outline of Irresistible Films, a joint venture between Avex, Bill Kong's Edko and Hong Kong financier Hugh Simon. Although its axis is funding of next generation film makers, Irresistible aims to deliver commercial pictures in the $1 million -3 million range. Fund will not provide development coin, but instead will team inexperienced helmers with senior producers and retain final cut – for the filmmakers own good. Fund also has an output deal with Nansun Shi and Jeffrey Chan's Distribution Workshop, which it says will be built to become Asia's premier sales company for commercial movies. Its first two pics "Strawberry Cliff" and "Claustrophobia," which this month bows in competition in Tokyo, are both by screenwriters making their directing debuts. Both also have coin from Hong Kong government's Film Development Council.

The experience and commercial focus of the first three funds stands in sharp contrast to the more benevolent approach and market-building being taken by the Asia Culture Technology Investment Co. "Asia needs to come together as a coalition in order to compete with Hollywood," ACTI CEO Yoo In-taek said. "Korean film should not be seen as an industry, but as a culture."

Although it is a venture capital company, ACTI sees its upcoming Asia Joint Venture Film Fund as a public-private partnership. Yoo said that the first Won10 billion of a projected Won30 billion, has already been raised in Korea from state-backed sources including the Korean Film Council, the Korea Development Bank and the Pusan Metropolitan Council. It will next raise Won 20 billion from Asian and overseas sources. He added that fund is ready to be 'bold" and that it has few preconceptions as to investment targets.

© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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