International Film Fund, a specialist private credit manager, has launched its inaugural institutional capital raise with a target of $50 million. The fund provides senior secured private credit to the global film and media industry, originating short-duration facilities against contracted receivables through what the firm describes as a "disciplined" underwriting process.

The strategy focuses on transactions associated with established studios, experienced producers, and mature commercial distribution frameworks. By lending against contracted receivables rather than projected box office performance, the fund positions itself in a niche segment of the asset-backed credit market where repayment is structurally defined at origination.

Castle Placement has been appointed as exclusive placement agent to manage the institutional fundraising process, handling investor enquiries and subscription documentation. The launch comes as institutional allocations to private credit continue to expand, with specialist strategies attracting attention from allocators seeking differentiated return streams and diversification beyond traditional direct lending.

"Historically, private credit has been underwritten on projected outcomes rather than defined repayment," said Andrew Greenough, founder and director of investment at International Film Fund. "Our mandate is narrow. We deploy capital only where repayment is established at origination and controlled through enforceable rights. For International Film Fund, if repayment is not defined at inception, it is not credit."

The fund's approach reflects a broader trend of specialist credit managers carving out defensible positions in niche asset classes as the European private credit market matures. While mainstream direct lending continues to dominate fundraising volumes, asset-backed strategies targeting underserved sectors are gaining traction with institutional investors looking to build more diversified credit portfolios.