'Gyeonggi Province will be putting in $20m seed money and we are currently bringing in other international investors,' said Yoonsik Choi, department manager of Gyeonggi Digital Content Agency (GDCA)'s Strategic Planning Team.
Announced Aug 12 in LA, the fund targets Hollywood production companies and content creators - especially those working in animation and visual effects - that partner with Korean companies.
GDCA is also looking for them to take advantage of the production and post-production support services in Hallyuwood, an expansive entertainment complex being built in northern Gyeonggi.
'Our entertainment fund will unite Hollywood expertise with Korean creativity and technical know-how to produce new content for all to enjoy,' said GDCA president Byung Heon Kim.
CGI animated feature Dino Mom will be the first project to take advantage of the new initiative. A $16m project to be set up as a US-Korea co-production with Korean animation company Toiion and a US producer and screenwriters, Dino Mom already has a $2m commitment from the GDCA through the Boston Visual Content Special Investment Fund.
The GDCA previously invested $2m in the $18.7m Boston fund in 2006, and also $3m in MVP's $23m venture capital fund. Both leading funds in Korea, with the GDCA money, they are obligated to invest at least $10m in Gyeonggi Province.
The GDCA initiatives look to build on the popularity of 'Hallyu' - literally, the 'Korean Wave' that was created by an influx of pop music and TV series like Winter Sonata and Jewel In The Palace as well as films like Old Boy - with high production values and often universal themes.
In order to support an expansion into film and other content with computer graphics, the agency has also opened a school, Gyeonggi Digital Contents Academy, dedicated to training artists and filmmakers in 2D and 3D.