French film investment group Garance Capital is planning to launch a new €5-€10m institution-backed fund to compliment its existing fund aimed at individual investors.

The Paris-based group, which launched in June 2010, has already raised €2.8m in two tranches from individual private investors.

“The plan is to launch the new fund before the end of the year,” said Bernard Tanguy, co-founder of the group alongside Valérie Boas, Joël Catherin, Bruno Costa Marini and Jean-Charles Mille.

The group has three key activities: co-producing, investing in MGs alongside distributors and selling the rights. It only invests in productions with at least 50% of its budget in place.

It recently invested €200,000 in the French MG for Matteo Garrone’s competition film Reality, in association with Le Pacte.

Other pictures backed by the group include Virginie Despentes Bye, Bye Blondie and L’Air De Rien.

It also plans to invest in a number of French productions including Julie Granier’s adaptation of Philippe Djian’s Impuretés and Philippe Appietto’s Océan.