Lexington Film Management, a newcompany set up by the founders of London-based production company Golconda Films, is launching a UK film fund,The Lexington Film Fund LLP, to invest in development of British qualifyingfeature films. The fund seeks to raise $1.75m-$ 5.24m (£1m-£3m).

Organizers said the fund will"target latter stage development projects," not production. The fund will aimto initially invest in 10-15 projects, at about $175,000 (£100,000) perproject.

Lexington Film Management directorsBrett Walsh and Gregory Mackenzie, who will continue to serve as principals at Golconda, will make the investmentdecisions. The fund's advisory board that includes industry notables castingagent John Hubbard, producer Ed Pressman, agent Charles Finch, American FilmMarket head Michael Ryan, and Kreis Consulting'sRichardLockhart.

The fund will be managed by a developmentexecutive, who hasn't been selected yet.

The Lexington Film Fund is open nowto investors (through Glasgow-based Kreis Consulting)and is expected to close no later than April 5.

Michael SimkinsLLP acted as solicitors, with Tenon on board asauditors and Powrie Appleby providing tax advisement.