Media holding company Chernin Group and investment firm KKR launched a new fund yesterday, dubbed Emerald Media, to invest in Asia-based media and entertainment companies.
KKR will provide up to $300m through its Asian Fund II, while Chernin has only been revealed to be a minority investor without its financial commitment being detailed.
Concurrently, KKR has acquired a minority stake in CA Media, Chernin’s existing Asian media portfolio.
Emerald Media will invest between $15m and $75m and will seek both minority and majority stakes in startups across the media, entertainment and digital media sectors.
Emerald Media will be headed by Paul Aiello and Rajesh Kamat and will operate offices in Hong Kong, Mumbai and Singapore. Aiello will also retain his position as chief executive of CA Media, while Kamat will also continue to serve as chief operating officer of CA Media.
Kamat said: “The media and entertainment sector is on the cusp of a strong growth phase – driven by media convergence, an attractive investment environment, and rising discretionary spends.
“With the building blocks for growth in place, there is a significant opportunity to create a diversified portfolio of assets in this space, building on our accomplishments and ongoing work with CA Media and the Chernin Group.”