Three-Phase Capital Roadmap
From a joint venture
to a $1 billion ecosystem
A staged roadmap designed to evolve APEX from a joint-venture platform into a full-scale global media and entertainment ecosystem — a content creation hub built for long-term economic diversification, high-value jobs and international capital.
The APEX vision — from joint venture to a $1 billion media & entertainment ecosystem
PHASE I · OPEN
$40M
APEX Joint Venture
Open now. $20M of co-GP capital for 50% of the JV/GP on participating preferred terms (1.0× capital preference, 8% cumulative preferred, then residual 50/50), alongside APEX’s $20M contributed IP. The JV deploys $18M into the fund and retains $2M for cost of capital — making it the fund’s largest single investor at $38M.
PHASE II
$120M
APEX Film Fund
A regulated fund (Dubai / Abu Dhabi) focused on film equity, P&A financing and IP acquisition. $120M stated capitalization; $100M investable cash. Terms: 2/20 over an 8% preferred return on drawn LP capital, European waterfall (LP capital → 8% pref → GP cash → vested IP credit → 80/20), 10-year term.
PHASE III
Fund II
Successor Vehicles
Planned successor vehicles managed by the same JV/GP — studio infrastructure, debt financing facilities and further equity funds, building on the platform established by Phases I and II.
Phase II — the $120M APEX Film Fund: $82M external LP + $18M JV/GP cash + $20M contributed IP, of which $100M is investable cash. This is the vehicle investors underwrite today.
Fund Economics
The economics of
the fund.
Capitalization is $120M — $82M external LP + $18M JV/GP cash + $20M contributed IP — of which $100M is investable cash (the IP contribution is non-cash), against an external raise of ≈$82M.
Net LP IRR
39.4%
After 2% management / 20% carry over an 8% preferred return, on drawn capital
Downside band: 22–31% net LP IRR across stress cases. Gross portfolio IRR, pre-fee: 48.0%. See the downside scenarios below.
Average Annual Cash Yield
23.2%
Cumulative net cash ÷ 10 years ÷ $120M stated capitalization
LP TVPI / DPI 4.59× on $60.9M drawn. Library residual valued at zero — no terminal value assumed beyond Year 10.
Fund Performance — base case
Gross Portfolio IRR
48.0%
Slate cash flows, pre-fee
LP TVPI / DPI
4.59×
On $60.9M drawn · library at zero
10-yr LP Distributions
$280M
Cash returned to fund investors
Loss Ratio (base)
4%
2 of 53 titles below cost · 13% in stress
Capitalization & Terms
Stated Capitalization
$120M
$82M LP + $18M JV/GP cash + $20M IP
Investable Cash
$100M
IP contribution is non-cash
External Raise
≈$82M
Third-party LP commitments
Fees — Management / Carry
$20M / $51.9M
2/20 over an 8% preferred, 10 years
Waterfall. European waterfall on drawn LP capital: LP capital → 8% preferred return → GP cash → vested IP credit → 80/20 split. The $20M IP contribution is non-cash at management value and ranks behind LP capital and the preferred return.
The pipeline
The fund does not start empty. It begins with a deep, diversified pipeline of intellectual property already owned, optioned or otherwise controlled by the platform — not a blind pool assembled after closing.
Pipeline & portfolio policy
Projects in the Pipeline
50+
Owned, optioned or controlled — available to the fund
IP Assets in Hand
40+
Developed projects and rights already secured
In Production / Post
8
$100M+ combined budget, today
Avg Equity per Title
~$5M
Single-title cap $10M — diversification by design
Downside scenarios
Stress cases shown alongside the base case. We never present the base case on its own.
| Case | Net LP IRR | TVPI | Loss ratio |
|---|
| Base | 39.4% | 4.59× | 4% |
| Contingent 6 titles excluded | 30.8% | 3.30× | 4% |
| Production delay 12 mo / 24 mo | 36.3% / 31.9% | 4.22× / 3.58× | 4% / 9% |
| Budget overrun +10% / +20% | 34.5% / 30.8% | 3.97× / 4.14× | 6% / 13% |
| Revenue −10% / −20% / −30% | 34.0% / 28.0% / 22.5% | 3.77× / 3.03× / 2.57× | 6% / 13% / 13% |
| Combined downside (rev −20%, budget +10%, 12-mo delay) | 23.4% | 2.94× | 13% |
| Top-5 titles removed | 30.5% | 3.39× | 4% |
Across every stress case, net LP IRR lands in a 22–31% band — the combined downside (revenue −20%, budget +10%, 12-month delay) still returns 23.4% / 2.94×.
JV / GP economics
The co-GP round is open — $20M for 50% of the JV/GP on participating preferred terms.
Co-GP position & sponsor economics
Co-GP Investment
$20M
50% of the JV/GP · open now
Terms
1.0× + 8%
Participating preferred: 1.0× capital preference, 8% cumulative pref, then residual 50/50
Modeled Co-GP Return
18.6% / 3.02×
IRR · fund-level GP distributions only
Fees to the JV/GP (10y)
$20M / $51.9M
Management / carry
The co-GP return is a floor, not a ceiling — it counts fund-level GP distributions only and excludes management-company fee income, which is pending an operating budget. The JV deploys $18M into the fund and retains $2M for cost of capital, making it the fund’s largest single investor at $38M.
First-close mechanics
A first close of $20–30M inside the same fund — no SPV, same documents, same waterfall.
Timing & equalization
Year-1 Capital Need
$47.1M
Deployment gated to closed commitments
$25M First Close Funds
~6.4 months
Subsequent close required by month 6
Later Closers
Pro-rata
Fund prior calls, plus equalization at the 8% pref rate on drawn amounts
Equalization Paid To
First-close LPs
Compensates early capital at risk
