Together: New fund aimed at European independent production companies launched April 11th.

The European Union launched MediaInvest, a financial instrument aimed at supporting the audiovisual sector in Cannes in 2022 by former French Commissioner Thierry Breton.

MediaInvest intends to mobilise private investments totalling €400 million between 2022 and 2027. The initiative is managed by the European Investment Fund (EIF), and utilises guarantees and private equity funds. It differs from the grant-based Creative Europe MEDIA programme, although it receives partial funding from this source.

MediaInvest seeks to address concerns regarding the influence of US studios, streaming platforms, and private equity firms on Europe’s media industry. By facilitating investment, the programme aims to strengthen the European film and television sector in terms of scale, competitiveness, and international presence.

TOGETHER Fund Targets Producers

The brand new TOGETHER fund, managed by Paris-based Axio Capital, is the latest of MediaInvest participant. Officially launching on April 11, 2025, TOGETHER focuses on financing European independent production companies rather than individual projects. Co-founded by Alexandra Lebret and Antoine Bodet, the fund operates on a 10-year cycle, balancing investment deployment and returns. Its goal is to enable production companies to scale and develop long-term growth, while maintaining creative independence.

We met Alexandra Lebret to an Q&A:

What inspired you to leave European Producers Club (EPC) and set out the new adventures?

It was indeed really difficult to leave my loved-child EPC. Creating Together happened thank to a meeting and opportunity!

It was also a question of timing, and being able to value my extensive experience of the sector. I thought I could also bring something different to the independent sector. I have done macro economics and finance sutides in Paris, and I have the knowledge of handling economics and finance.

The EPC has grown very highly over the past 5 years, and leaving it on the verge of the success is very satisfying. I have built very strong relations with the European Commission team. They are fantastic persons, ready to listen. Even if we fought a lot with the streamers we always found ways to continue working together, creating common events, to remind to each other how much we are connected and indispensable to one another. That's one of my proud: To be able to fight on the regulatory side, each one of us defending its business model, but keeping the higher respect and wishes to continue to collaborate.

Over the years I build a capacity to build bridges. Between the European Commission and the real life of the industry. And I will do it now from the financing world to the production world. A new bridge, a new challenge.

The market is declining and turmoil is expected to hit EU from the west. How do you expect to find a niche for your investments?

What’s happening in the US is a chance for us in Europe. Europe has the creativity, the financial tools, the soft money: Every thing is here, it has just to be valued at the right price.

How can a production company from the Nordics approach your fund?

I have always been easy to reach and will continue to be. Building bridges mean being in dialogue with producers, learning to know them and them knowing what we do.

However we don't finance start up companies, but rather already established companies willing to go the the next step.

We are the independent fund for the independence growth of the independent production company! The only one today being truly European and addressing the European market.

TOGETHER operates as a minority investor, and aims to collaborate with producers across Europe. Its first agreement has been signed with Luxembourg-based Anton Capital.

Other funds being backed by MediaInvest.

IPR.VC and Slate Investments

IPR.VC FUND III, based in Finland, was among the first funds to benefit from MediaInvest. The fund launched in 2023 with €65 million, and received an additional €25 million investment from the EIF. Its strategy involves slate investments, funding portfolios of projects in collaboration with partners such as A24, XYZ Films, and MK2. Approximately 80% of its investments are allocated to film, and 20% to television. The EIF’s involvement has led to an increased focus on European content.

Recent investments include the Icelandic crime series Hildur. The fund plans to announce further European collaborations at the Cannes Film Festival. IPR.VC operates under a regulated private equity framework, and avoids tax incentives to ensure commercial viability.

LCV: Gap Financing Approach

Logical Content Venture (LCV), based in Paris and managed by Frédéric Fiore, was the first fund contracted under MediaInvest in 2023. LCV focuses on gap financing for individual feature films, which make up 80% of its portfolio, with selective investments in TV series. Its funding typically covers 20-25% of project budgets, ranging from €500,000 to several million euros.

Projects financed by LCV include Le Comte de Monte-Cristo and Emilia Pérez. The EIF’s €25 million contribution has attracted other investors, including French pension funds and insurance companies.

Implications for European Media

MediaInvest represents an effort by the EU to support the audiovisual sector through equity financing. Alongside the InvestEU Cultural and Creative Sector guarantee scheme, which facilitates debt financing, MediaInvest aims to create a more competitive and financially robust industry capable of producing content with international appeal. The programme is designed to enhance the scale and sustainability of European media enterprises.

The initiative continues to raise questions about the long-term effects on the industry and how commercial and independent content can coexist. MediaInvest signals a shift in the EU’s approach to creative industry support, focusing on financial mechanisms rather than traditional grant models.