New York City-based full service entertainment entity CityLights Media Group has launched City Lights Pictures Film Fund, a privateequity fund that will acquire, develop and finance up to $150m in product overthe next three years.

City Lights has set up three separate divisions specialising invarious project types, with City Lights chief executive officer Danny Fisherserving as fund chairman and Michael Califra serving as vice president.

The fund will invest in films by itself or in conjunction withother equity investors and funds such as Wall Street's DH Blair Film CapitalFund, whose president Michael Almog is a City Lights Pictures partner.

Of the three divisions, City Lights Pictures will produce projectsin the $3m-$12m range covering all genres from commercial high-concept titlesto character-driven projects by established directors.

Upcoming projects include the Nicholas Ray biopic Interrupted based on a screenplay by Oren Moverman.Fisher will oversee this division with his brothers Jack and Joe andAlmog. Michael Cohen serves asvice president, and Marcus Lansdell is director of development.

City Lights Uptown will produce pictures for the "urban" marketthat have crossover potential, and has already appointed Wu-Tang Clanco-founder Oliver 'Power' Grant as executive producer for the division.

First up for this division will be the romantic comedy All TheWomen I've Loved, whichis currently in pre-production with Jack Fisher set to direct.

City Lights 3000 will be responsible for low-budget andmicro-budget genre product with a $1m ceiling. City Lights Television presidentDave Noll will oversee development of the slate.

City LightsPictures' credits include John Waters' A Dirty Shame for Fine Line, and the supernaturalthriller Tamara,which will be released by Lions Gate Films later this year.