UK-based Prescience Film Finance has launchedits latest investment offering, Prescience Film Partners LLP, a film financingpartnership being promoted by financial services group Smith & Williamson.

The film partnership will support films goinginto production before April 1 2006, to take advantage of the UK'sSection 48 tax relief before it expires.

The fund will seek to raise $4.4 - $43.8m (£2.5-£25m)in cash, to cash flow a total investment of $17.5 - $175m (£10-£100m).Prescience Film Finance will provide 25% ofthe capital for UK-qualifying productions.

The partnership is currently consideringinvestments in two films with Kudos: Lone Scherfig's Miss Pettigrew forUniversal-Focus, starring Frances McDormand; and Bahrat Nalluri's Wake Up Dead starring Matthew Macfadyen. Other potentialinvestments are Sharon McGuire's Incendiary with Archer Street Films andromantic comedy Things We Do For Love with Gruber Films. Films that arealready using sale-and-leaseback financing won't be eligible for thepartnership's investment due to double-dipping restrictions.

The fund opened on December 1 and Prescienceco-founder Paul Brett said that the response from investors has already beenenthusiastic. "There would be appear to be considerable appetite out there," hetold

This deal marks the first time that Presciencehas worked with Smith & Williamson, which has promoted funds for companiesincluding Baker Street Media Finance.

Prescience Film Partners plans to mitigaterisks for investors by funding projects that already have at least 75% offinancing in place, sales estimates of at least 125% of production cost, andcan provide recoupment when average net sales reach 50% of production costs.

As the fund goes into its second year andSection 48 will be no longer in effect, Prescience Film Partners will re-investits income in various production and non-production activities includingdevelopment, P&A funding, distribution support, and pre-sales.

The offer will remain open no later thanMarch 31, through issuer Chiltern Corporate Finance.

Prescience has also established a first-lookrelationship with Lipsync Post, which will invest 5% equity into PrescienceFilm Partnership projects.

Prescience's previous Foresight fund backed films including Terry Gilliam's Tideland.