German private media fund VIP is aiming to raise up to Euros 500m this year to fully finance or co-produce up to 20 features.

Initially, the Munich-based outfit set a target volume of between Euros 105m-150m to finance or co-produce up to ten projects, but VIP managing director Andreas Schmid told that the number of projects backed could be increased to 15-20 if more private equity was attracted from investors.

VIP 3 was launched last year and raised Euros 8m by the end of 2002, which was invested in co-producing Jonathan Hensleigh's Marvel comic adaptation The Punisher with VIP's second fund.

In a new development, Schmid revealed that VIP and Munich-based production house Screencraft were near to closing a deal to board the fund's first German-language project.

"We want to shoot and spend money in Germany to help make the German film industry stronger and more competitive internationally," Schmid said.