Korean venture capital firm Asia Culture Technology Investment (ACTI) has completed a $15m fund for films, TV drama series, performing arts, animation, and games.

In what is being called a first for a city council investing such a significant sum in a fund, Busan Metropolitan City is participating with $2m, while Busan Bank is putting in $1m.

Busan City Council stated they expect the fund to help Busan reach its goal of becoming the media hub of Asia, bringing in location shoots and post-production work.

'It's not the primary focus of the fund, but naturally, we'll be looking to films and other content to be made in Busan,' said Yoo In-taek, head of the Busan-based ACTI and also a producer whose credits include last year's hit May 18.

Korea Venture Investment Corp. is investing $4.5m, Yedang Entertainment $3.5m, Showbox Mediaplex $2.9m, ACTI parent company M&FC is putting in $600,000 and ACTI $500,000.

The fund will operate for seven years, with 40% of the fund to be invested in films, 50% in stage performances, TV, games and animation, and 10% in 'other' areas.

The majority of investments - 80%, will be made on a project basis and 20% will go to companies.

ACTI was established last September as a subsidiary of M&FC, a KOSDAQ-listed production/investment house headed by prolific music director Cho Sung-woo (April Snow, M). Pusan International Film Festival, with aims to nurture Asianfilmmakers and develop ties, also became a founding ACTI shareholder.

The companyalso launched a $4m Korean film development fund in March. The Korean Film Council (KOFIC) is investing$2m with Korea Development Bank, CJ Entertainment, iHQ and ACTI rounding the fund out.

ACTI is planning to launch other content funds in addition to the above-mentioned two, to culminate in a total of $60m - $80m by the end of the year.