FORTUNE — Vine Alternative Investments is raising $300 million for a new fund that would invest in film and television show royalty streams, Fortune has learned.
This would be the same size as Vine’s second fund, which had generated a 17% internal rate of return through last March (net to limited partners). Its debut vehicle, which began investing in May 2007 and was fully realized by January 2013, has a net IRR of 10.2%. In both cases, Vine argues that film and television royalty streams have a low correlation to… well, to just about everything else.
Vine has set a $400 million hard cap for the new fund, with a $5 million minimum investment for institutions.
To date, the New York-based firm has invested in more than 400 films, including Ace Ventura, Black Hawk Down, DreamGirls and Rent. Investment sizes have ranged from around $5 million to $45 million.
Vine is led by Jim Moore, a former structured finance banker at both Dresdner Kleinwort and J.P. Morgan (JPM). His partners include fellow Dresdner Kleinwort vets Bill Lambert and Stephen Kovach, plus Los Angeles-basedh Rob Amir, a former Rizvi Traverse managing director who also spent five years working on film biz dev at Sony.
Moore declined to comment, citing SEC prohibitions on solicitation.
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