Japan Digital Contents Trust Inc (JDC) has established a foreign film acquisition fund in partnership with three Japanese distributors.

The first phase of the 'Cinema Trust: Acquisition Fund' will provide from $16.76m-$33.52m (Y2b-Y4b) for the acquisition and distribution of foreign-produced feature films.

The three distribution partners, chosen for their proven success and longevity, include Movie-eye Entertainment (producer of Nightmare Detective, distributor of Crash and Million Dollar Baby), Klockworx (Super Size Me, Shaolin Soccer, Blair Witch Project) and Xanadeux (Juon: The Grudge, Juon: The Grudge 2).

The funds, which will become available this June, will be jointly managed by JDC and the distributors over a period of four years.

JDC will retain the rights to the acquired titles, selling as securities to investors through a securities company.

The investment money raised will be used to cover P&A and distribution costs of acquired titles. Investors will receive profits generated from theatrical, DVD and TV revenues during the fund's period.

Established in 1998, JDC also established two funds last year with the 'Cine Qua Non Fund' and the 'Cinema Trust: Producer's Fund,' aimed at raising production money for local films. Cine Qua Non went on to produce the successful Hula Girls, which was Japan's official entry for the Academy Award for Best Foreign Language Film.