Outlook Films, the newindependent LA film outfit formed earlier this year by CAA agent Adam Krentzmanand Francois Lesterlin, has closed financing deals worth $350m with equityinvestors Pacificap Entertainment and Renaissance Millenium Pictures.
Outlook, which plans tofinance and produce up to six films a year, has closed a deal valued at $150mwith Pacificap and $200m with Renaissance Millenium to provide a revolving poolof investment equity for Outlook projects over the next three years.
The capital will be used forgap financing and matching funds for studio co-financed projects and will beavailable to cashflow 100% of each picture's budget.
The commitments to Outlookcome after several months in which Pacificap and Renaissance Millenium havebeen seeking investment opportunities in Hollywood.
Pacificap is aCalifornia-based finance and marketing company which leverages film financing.It acts as a merchant bank from the risk profile in the production of films anddevelops cashflow from production fees, licensing fees, marketing andmerchandising as well as participating in the equity profile of each film.
"We'reenormously excited with this new relationship," said Pacificapco-chairman Marlon Muller. "Outlook's unique business model andbroad range of projects is very appealing to us, and provides an opportunity tofund a portfolio of motion pictures with broad, demographically specificaudiences. Adam and François have great relationships in this industry,which gives us every confidence for a mutually successful future."
Renaissance Millenium isstructured to develop and produce films with a mission to depict stories"that are compelling, informative, and thought-provoking and that upliftthe human spirit and bring messages of hope, compassion, redemption, tolerance,love, and respect for human dignity."
"In Outlook we foundthe perfect partner to fulfill our commitment to bring socially, culturally,and politically responsible films to the screen. Adam and François bringto the table not only a great deal of passion for what they do - both in theinnovative approach to financing and the very strong content of their projects- but also their experience and extensive relationships in the film industry atevery level," said Carlo Edoardo Vallarino, chairman and CEO ofRenaissance Millennium Pictures.
Krentzman and Lesterlin havebeen building a slate of pictures, the first of which they plan to have inproduction next spring.
"We feel veryfortunate to have found two equity partners whose goals complement, rather thancompete with one another," said Krentzman. "Outlook's rangeof projects satisfies both Pacificap and Renaissance Millennium, and over thenext several years we plan to make as many films as we can collectively handle."
Outlook plans to financefour to six projects a year with budgets ranging from $6m to $60m, althoughthey are focused on the $25m to $40m range. Its strategy is to co-finance its pictures inpartnership with Hollywood studios as well as with a network of internationalsources, domestic and foreign equity funds and senior secured bank facilitiesworldwide.