Just as Wall Street seemed to be backing off from film-financing, publicly traded hedge fund Fortress Investment Group is investing $300 million in an upcoming slate of films from independent producer, Grosvenor Park. Who better to put their money into the risky asset class of movies than a publicly traded hedge fund?
Financial Times: Wall Street has given Hollywood film financing a wide berth since the onset of the credit crunch but Fortress Investment, one of the largest publicly traded alternative investment funds, is bucking the trend to the tune of $300m.
The group has begun investing its managed funds in film equity, building on its three years backing the debt business of Grosvenor Park, a film finance house.
Disaster Movie, the first film to be produced with Fortress money, will be released at the end of the month. The second movie, Defiance, which features Daniel Craig, the James Bond star, is due to open in December.
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