UK-based media investment company Ingenious, which has been hit by recent UK government clampdowns on various investment schemes, has now launched a $203m (Euros 150m) film distribution fund.

Instead of backing the release of single films, the fund will take a slate approach with European independent distributors' entire portfolios, including finance for acquisitions of new films and libraries.

Ingenious said that it plans for the five-year fund to finance the distribution and marketing of more than 100 films in Europe.

Ingenious noted that focusing on the tail of the film cycle, not production, provided 'lower risk investment opportunities' and more easily recouped costs.

Duncan Reid, commercial director at Ingenious said in a statement: 'Film distribution is one of the most profitable yet underinvested parts of the global film industry. The new fund will provide much needed capital for independent distributors looking to build larger film portfolios and improve their bargaining power with broadcasters and DVD retailers.'

The fund will make minimum investments of $1.35m (Euros 1m). The private placement of loan notes will be listed in Ireland and investors will be both institutions and wealthy individuals.