Hemisphere tentpole fund tops $200 million

Hemisphere Capital Management has launched the Hemisphere Tentpole Co-Financing Fund, a revolving equity and debt fund set up to co-finance tentpole pics. Sony's "The Smurfs," released last Friday, marks Hemisphere's first pic, followed by "The Adventures of Tin Tin: The Secret of the Unicorn" and "Men in Black 3." Variety first reported June 2 that those titles were part of the financing package discussions, which concluded Friday. Hemisphere also announced Tuesday that it would fund the Brad Pitt toplined "World War Z," currently in production. Fund intends to choose 12 - 16 studio investments over the next four to five years. Aggregate investment for the first four pics will exceed $200 million in capital commitments to both studios. Hemisphere's investors and strategic partners include Toho-Towa Company and Kadokawa Shoten of Japan as well as Lotte Cinema of Korea. JPMorgan is providing the fund's debt financing. Hemisphere Capital Management partners Jean-Luc De Fanti, Jeff Sagansky and Eli Baker will manage the Tentpole Fund in addition to the Mezzanine and Special Opportunities Funds (formerly operating under the "Winchester Capital" banner) that focused on certain opportunities in the media, film and television space. Winchester launched the Hemisphere fund last year, announcing its intention to funnel $400 million for up to 10 pics over four years at various studios (Daily Variety, Nov. 2). Contact Rachel Abrams at Rachel.Abrams@variety.com