Goldman Sachs is understood to have raised approximately $270m in debt and equity for the venture, with the brothers said to be investing $15m of their own funds.
According to an offering document seen by Bloomberg News, the fund will be used to produce and market more than 30 films over the next six years. Productions will be filmed in Asia or showcase Asian themes and talent.
The fund will most likely handle the release of Wong Kar-wai's Cannes opener My Blueberry Nights and Come Drink With Me, a remake of the 1966 Hong Kong martial arts film being prepared by Quentin Tarantino.
Last year the brothers announced a Latin American film fund with Argentine businessman and arts patron Eduardo Costantini.