The Weinstein Company has secured first-look privileges on the $50m fund announced by former Dune Entertainment chairman Greg Coote and private equity executive David Calvert-Jones.

Under the deal Harvey Weinstein, a longtime friend of Australian entrepreneur Coote (pictured), will take his place on the greenlight committee and gets first dibs to distribute and handle international sales on projects backed by Larrikin Entertainment’s new vehicle.

Catalina Capital will finance studio and independent product. The first project is currently in development and will be announced shortly.

Former Silicon Valley Banker and venture capital expert Larry Lopez will lead the company’s finance division and assume responsibility for raising capital with bases in California’s Silicon Valley and Perth, Western Australia.

“There is a need in the marketplace for a well-informed, independent fund,” said Coote. “With the tremendous expertise that the Weinstein Company brings to the table, I predict a bright and profitable future for the Catalina Capital Fund.”

“Having Harvey Weinstein on Catalina Capital’s greenlight committee, along with the power and weight of the Weinstein Company, immediately allows the fund to jumpstart its portfolio of films in a positive direction for all investors,” said Calvert-Jones.

“Having known Greg for nearly 30 years, I’m pleased to provide the Catalina Capital Fund with access to the Weinstein Company’s worldwide leadership in the film business, along with my personal expertise in reviewing the projects that are analysed by its greenlight committee,” added Harvey Weinstein.

Larrikin Entertainment is creating one other investment fund to be announced.