Japan's Avex Group Holdings has announced the establishment of a 10-year $16.75m film fund in partnership with major film producer Bill Kong.

Operating under the name Irresistible Films LP, the fund was jointly established by Avex Group Holdings (39.4%), Hong Kong-based subsidiary Avex Asia Ltd (9.9%) and Silk Screen Partners Ltd with a majority share of 50.7%.

Silk Screen Partners was established by Bill Kong and Asian regional investment expert Hugh Simon to manage the fund.

The stated goal of Irresistible Films is to discover and nurture new directing talent across Asia. Debut films produced under the fund will go towards establishing a library of titles. A minimum quota of 20 feature films has been set for the decade lifespan of the fund.

Bill Kong said: 'The Asian film market is showing unprecedented growth. Now is the time to grab this exciting opportunity and invest in Asian films.'

The producer of such titles as Crouching Tiger, Hidden Dragon and Lust, Caution Kong is no stranger to producing movies that have been major successes across Asia and beyond.

Kong's relationship with Avex began prior to the new fund. Announced last November, Kong is producing ballerina story Subaru, starring Meisa Kuroki. The film represents the first major effort between Japan's Avex and Korea's SM Entertainment for 'Asian Dream Team' co-productions, detailed at last year's Asian Film Market in Pusan.

Recording giant Avex entered the feature film arena in 2005 and has invested in high-profile productions including Vexille and Genghis Khan. Avex also distributes foreign films in Japan such as recent release The Queen.

Avex is also a key investor in John Woo's upcoming Red Cliff, which features Avex signees Shido Nakamura and Koyuki in supporting roles. Avex Asia Ltd was established in October of 2006.