Specialist private credit manager International Film Fund (IFF) has launched its inaugural institutional capital raise, which is targeting $50m (£37.5m).

IFF provides senior secured private credit to the global film and media industry by originating short-duration facilities against contracted receivables, which are assessed individually through a “disciplined” underwriting process.

The fund is focused on transactions associated with established studios, experienced producers, and mature commercial distribution frameworks. 

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The strategy is structured for accredited and institutional investors seeking exposure to specialist asset-backed private credit and comes at a time when institutional allocations to private credit continue to grow, the firm noted.

It said that opportunities for disciplined, collateral-backed origination had been created as traditional lenders pull back from participating in specialist financing markets.

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IFF also confirmed the appointment of Castle Placement as its exclusive placement agent to manage the institutional fundraising process.

Castle Placement will handle investor enquiries, as well as requests for investment documentation and subscription information.

“Historically, private credit has been underwritten on projected outcomes rather than defined repayment,” said Andrew Greenough, founder and director of investment at International Film Fund. “Our mandate is narrow. We deploy capital only where repayment is established at origination and controlled through enforceable rights. For International Film Fund, if repayment is not defined at inception, it is not credit.”

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