Perfect World Pictures, the Chinese games to films company that is partnered with Universal Pictures, is putting together a $300 million (RMB2 billion) mergers and acquisitions fund. The target companies are entertainment and cultural firms.
It is launching the fund with Gopher Asset Management, part of Noah Holdings, a Chinese wealth management firm listed on the New York Stock Exchange. According to a regulatory filing, Perfect World said that it is providing the fund with $75 million (RMB500 million) of capital and Gopher raising the remaining $225 million (RMB1.5 billion.)
In February this year Perfect World announced a $250 million – $500 million commitment to bankroll a slate of upcoming movies from Universal.
Rong Cheng, Perfect World’s president, last month spoke of the company’s interest in Hollywood. “We are looking for projects. We want to work with (American) companies more than to buy them,” he said during the Shanghai International Film Festival.