For institutional investors
Disciplined credit. Creative judgement. Returns structured for allocators.
MatchCut is producer, financier and equity investor under one roof. We deploy wholesale capital across the full film value chain, with a credit framework designed for institutional oversight and structural alpha that passive capital cannot replicate.
Strategy
A single framework, four positions.
We are capital-structure agnostic within a single investment committee. Where a project calls for senior debt secured by pre-sales, we provide it. Where it calls for slate equity with a distribution overlay, we provide that. The discipline is the same in both cases: a written credit memo, priced risk, and an exit before the camera rolls.
Mandates are sized to allocator needs. Separate managed accounts, co-investment vehicles and wholesale unit trusts are all available.
What integration changes
Structural alpha. Not marketing language.
The alpha in film finance sits upstream of the financing decision. It sits in the script polish that lifts the sales estimate, the location choice that unlocks a state stacking incentive, the cast attachment that turns an A$8m feature into a A$12m one with international pre-sales. A pure financier accepts these decisions as inputs. MatchCut makes them. For LPs, that shows up in four concrete ways on the return profile.
Lower loss rates on the senior book
When our production team has shaped the project, the portfolio is higher-completion-probability, better-bonded and more thoroughly QAPE-opined. A senior secured book with embedded production oversight can plausibly run at half the realised loss rate of a comparable passive book.
Higher returns on the hybrid sleeve
Where we participate in equity, gap or mezzanine positions, the upside is captured at the project level. A fund that has shaped the project to be more commercially viable captures a disproportionate share of that uplift.
Information advantage that compounds
Passive capital relies on producer-supplied information at deal evaluation. Integrated capital sees the project from inception, observes production from the inside, and assesses the distribution outcome with first-hand data. Across a portfolio, that advantage compounds into a measurably better underwriting record.
Reduced principal-agent risk
The classic problem in film finance is the producer’s incentives diverging from the financier’s at multiple points (budget inflation, scope creep, deferred fees, backend stacking). When the fund is co-producer, those misalignments collapse. The LP is not relying on a counterparty to optimise; the fund optimises itself.
How we deploy capital
The capital stack, start to finish.
Equity
Direct equity participation in individual projects and slates, typically alongside strategic co-financiers and distribution partners.
Senior debt
Production loans secured against pre-sales, tax credits and distribution minimums, structured with clear waterfalls and intercreditor terms.
Mezzanine
Gap, super-gap and completion facilities that sit between senior debt and equity, with blended coupon and upside participation.
P&A
Prints and advertising facilities released against distribution agreements, with recoupment tied to net theatrical and home-entertainment flows.
Risk framework
Credit discipline first.
Origination discipline
Every deal passes a written credit memo reviewed by the investment committee. We turn away the majority of projects we see.
Waterfall integrity
Recoupment positions, cross-collateral and intercreditor terms are documented before first draw. No exceptions at closing.
Completion & bonding
Senior and gap positions require a recognised completion guarantor. Production reporting is independent of the producer.
Distribution verification
Sales agency and MG structures are diligenced by territory. We stress-test distribution assumptions against independent comparables.
Reporting & governance
Built for allocator oversight.
Reporting
Quarterly statements with position-level disclosure and drawdown status.
Audit
Annual financial audit by a Big Four firm. Unitholder register maintained by independent registry.
Custody
Segregated trust accounts with a licensed custodian.
Trustee / RE
Independent responsible entity with AFSL coverage for wholesale product.
Who we work with
Wholesale clients only.
Australian superannuation funds
Family offices & private foundations
Wholesale unit trusts & fund-of-funds
Screen-sector co-financiers
Information on this page is provided to wholesale clients only within the meaning of section 761G of the Corporations Act 2001 (Cth) and is not intended for retail investors.
Investor relations
Have a confidential conversation.
We are happy to walk you through strategy, current exposures, and any information memoranda under a mutual NDA.