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Hedge Funds Target Film Productions
Hedge funds have gone Hollywood. Chasing high returns, money managers are plunking down hundreds of millions of dollars to finance films such as 'Superman Returns' and 'Nanny McPhee.' At the same time, the influx of money from hedge funds and private-equity firms is reshaping film-financing deals, leading entertainment lawyers toward lucrative transactions and new clients who might want a little glamour-by-association. [Editor's Note: Hedge funds are typically private partnerships in which general partners manage limited partners' investments and seek large profits from higher-risk investments.]
'All of a sudden, we've become the focus of East Coast money looking for high returns,' says Michael Mayerson, L.A.-based co-chairman of Loeb & Loeb's entertainment group. 'Almost every weekend, there's a movie in the box office backed with hedge-fund money.'
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