By Simon de Bruyn
Industry Funds Management has been confirmed as the major partner for the $50 million film fund currently being set up by the Screen Producers Association of Australia (SPAA) to cashflow the producer offset.
As reported last week in other press, the superannuation fund that caters to the film and television industry – JUST Super – is one of several partners backing the new fund, which SPAA executive director Geoff Brown said would be formally launched in the new year.
‘It will be a cash facility aimed at producers, to cashflow the offset. We’re not yet sure if we’ll take the next step and get into gap financing or equity,’ he told Inside Film.
‘We wanted to have a competitive low cost facility available. We’ve got to make it accessible for all producers, of course, but it’s going to be competitive [to apply].’
Industry Funds Management is regarded as one of the more innovative investment companies in the financial services sector, and is owned by some of the largest super funds in the country such as AustralianSuper, Cbus, MTAA Super and Statewide.
Under this partnership it will administer the fund on behalf of investors, and raise investment capital for the fund, including any amount over the initial $50 million.
JUST Super will contribute at least $10 million to the fund, according to its chairman Gerard Noonan.
‘We’ve been looking for some time to take a sensible position in the film industry, but it had to make sense for our members – and provide consistent returns to them,’ he said.