CINEMA SICAR is a regulated investment scheme dedicated to international films.

CINEMA SICAR, through its fully owned film production company Grand Duchy Films, invests in a limited number of movies with high commercial potential. Films targeting global distribution forms the core of the portfolio.

GRAND DUCHY FILMS invests in films at each stage of their lifecycle : development, production and distribution. This approach ensures adequate risk diversification.

The Sicar team combines experience in the film industry and financial expertise. Key European producers and movie industry professionals support the active management of the fund. They open the gates to access the deal flow.

This Innovative film financing model offers a new approach that maximizes investors returns. We lower budget & costs thanks to the European tax incentives and subsidies (cost decrease from 25% to 50%). We also optimise the revenues/budget ratio and return on investment.

A film is a valuable and profitable asset

Movies generate sizeable cash flows at each phase of their lifecycle. These start from the development fee, then the international sales during production and with the distribution (cinema ticket sales, DVD retail sales, VOD and TV broadcasting) until the copyright is definitively sold after. With most of the revenues known in advance thanks to contractual arrangements, a movie can easily be valued at its fair value.

The film industry is facing many changes with a growing demand for films:
The SICAR will anticipate the upcoming reforms, especially when TV and Internet will soon merge:

Fund Target size : maximum of € 75 million
Term : 5 years

Management Fees : 1,5% per annum
Performance fees : 10% with high watermark
Expected ROI : +12%.



Movie financing takes place in 3 steps:

Investing at one, two or each of a movie's lifecycle allows to optimise the controls performed at each of these. It also enables to maximise profits whilst limiting risks.



GRAND DUCHY FILMS can invests in films at each stages of their lifecycle (development, production and distribution). This approach optimizes revenues.

As an active advisor and arranger, involved in all stages of the movies' lifecycle, GRAND DUCHY FILMS aims at:


Our fund is highly selective & proactive 

We will analyse scripts, budgets, costs and contractual arrangements to commit only to the most secure and profitable investments. 

Investment main policy

Working with premium talent: As in any private equity fund, selecting the production team is essential. Our fund aims to work with independent professionals having proven their capabilities in leading projects to profitable success. We focus on directors and actors based on their track records and their notoriety : they secure international revenues and also answer at the audience’s needs.

Adequate film budget: as for any company a key objective is to control costs and to improve traditional efficiency ratios. Financing Tier 2 budget movies with a sales potential and premium talent allows the fund to raise European subsidies into the film financing and to halve production costs.

Optimal revenues:  Financial and commercial criteria are dominant. The fund analyses the projects considering their commercial potential on the International market. On the main European territories (France, Germany, UK, Benelux) we will anticipate each segment of exploitation (cinema box-office, TV, DVD/VOD) in order to advance the local promotional costs and recoup the investments in first position on tickets sold, DVD/VOD revenues and TV sales.

Investment criteria
Film development
  • Selection criteria :  experience of team (actors, directors, scriptwriters); originality, marketability and quality of the script.
  • Fund actions : script evaluation, casting approval, budget evaluation (feasibility)

Film production
  • Selection criteria : budget level, financing structure and estimation of the international sales revenues (based on the film genre, cast, budget, similar films…).
  • Fund actions : cost control, marketing supervision and film quality.

Film distribution
  • Selection criteria : evaluation of the distribution revenues on each media and marketing costs evaluation. 
  • Fund actions : supervision of the distribution budget & marketing strategy.

Traditional film financing models oblige producers to sell all their rights. As a result, the film (as an asset) is indebted and this makes it impossible for investors to recoup their investment. By investing directly in the project from the very beginning, our fund optimizes profitability for all the investors… and each investment will be recouped in first position at each revenue phase.


The film industry is constantly expending

The film industry
is growing, due to an increasing demand for content and broadcasting means. Global box office for all films released in each country around the world reached $35.9 billion in 2013, up 4% over 2012’s total (up 22% over five years ago).

Luxembourg, the heart of European Films. 

Internet and Video-On-Demand services have revolutionised the film distribution; it has now entered into the global mass retail world. Luxembourg leads the way, with global players such as iTunes Europe or Amazon operating from the country.

More recently, the newly elected government has re-emphasized the Luxembourg long-term commitment towards the movie industry and its very favourable business environment.

Luxembourg, is today the perfect country to set up co-production, to develop a rights acquisition policy and to finance films internationally.


500+ films produced, sold and distributed

The SICAR has been designed thanks to the association of European producer and distributor David Grumbach and Luxembourg investment fund expert Christian Denizon.

The management team is composed of international consultants that represent top European producers, sales agents and distributors who have been successful over the last 25 years.

The Fund enables this dynamic team to enlarge their commercial success by proactively creating a union of experience and a networkthat will develop, produce and distribute films such as our previous films : PULP FICTION, CHOCOLAT; MULHOLLAND DRIVE, LIFE IS BEAUTIFUL, BUENA VISTA SOCIAL CLUB, TWILIGHT, AMERICAN PIE, QUARTET  …

  • David Grumbach

    BAC Films is one of the leading European labels for over 25 years, BAC Films specializes in the development, financing, production, and distribution of cutting edge films from around the world.

  • Christian Denizon

    CEO of FINEXIS SA, a regulated Luxembourg management company for investment funds & companies.

  • Jani Thiltges

    President of EAVE (European Audiovisual Entrepreneurs), producer in Luxembourg (Samsa Film) and Belgium (Artémis). Jani is an expert in film development and in European films.

  • Gerry Salucci

    Relationship manager of PADDOCK Fund Administration SA, a regulated Luxembourg central administration company for investment funds & companies.


  • Christian Baute

    Partner and Producer at Headline pictures. Headline just produced Quartet by Dustin Hoffman (gross income > USD 60 million in cinemas)

  • Mathieu Robinet

    COO of BAC Films, 
    Mathieu is a specialist in Film evaluation and film financing.

  • Patrick Quinet

    CEO of Artémis Production and Tax Shelter films funding in Belgium (European Audiovisual Entrepreneurs), 
    Patrick is the  also the president of the Belgian producer’s association.

  • Claude Waringo

    CEO of Samsa Film in Luxembourg and President of Luxembourg’s film academy, Claude is a specialist in European co-production.

  • Eric Chinchon

    CEO of MEBS Luxembourg, specialized in risk management and fund accounting he  focuses on advising major international asset management and financial groups in governance matters.

  • Gerry Salucci

    Relationship manager of PADDOCK Fund Administration SA, a regulated Luxembourg central administration company for investment funds & companies.


The fund will also work with several consultants. They will evaluate projects and will bring an amazing  deal flow.

  • Erica Motley, formerly the Vice President of International Acquisitions at United International Picture in London, Erica is now a film consultant in USA.
  • David Garett, CEO of Mr Smith Entertainment (UK) is an experienced sales agent that co-founded Summit Entertainment. He produced internationally successful hits such as the “Twilight” saga.


Dr P-A Delagardelle 


NATIXIS Luxembourg 


CINEMA SICAR, S.C.A., is a Luxembourg regulated investment company in risk capital (société d'investissement en capital à risque). It is incorporated as a partnership limited by shares (société en commandite par actions). Its registered office is at 25A boulevard Royal, L-2449 Luxembourg.

It is represented by its general partner, CINEMA GESTION S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée). The latter's registered office is also at 25A boulevard Royal, L-2449 Luxembourg, and is represented by its Board of managers.

GRAND DUCY FILMS is a movie production company fully owned by CINEMA SICAR, S.C.A. to invest in films.


Rights over a movie are not financial securities; it is not legally possible for a fund to invest directly in movies, which is why we have set up the production company named GRAND DUCHY FILMS.

This company will be established in Luxembourg and will be managed by our team. It will apply the investment strategy aiming at investing in about 45 movies over 3 years, maximum. This targets superior risk-reward patterns and the fund will require guaranteed transparency & reporting for each investment.

Investing in the movie sector provides direct access to the movies financed by the fund: besides legal and financial information sent by the fund, a letter is sent to investors every six months. Moreover, the fund can organize meetings with the actors and directors, and also offers invitations for premieres and festivals.

The management team pools sector-specific skills as well as management experience, they will be proactive with the film project team (project selection, scenario, casting, international sales evaluation, marketing costs optimization,…).


GRAND DUCHY FILMS can invests in films at each stages of their lifecycle (development, production and distribution). This approach optimizes revenues.

GRAND DUCHY FILMS’ investments, thanks to its investment policy, will become low-risk and recoupable at each stage of a film cycle in first position on each film revenues.

Thanks to an experienced team sharing the same vision, the funds turns into a unique film group creating synergies and a proactive international network.

Equity investment in films are today hardly profitable but financing actors, directors, producers and distribution companies allows to :

  • Have a higher risk-diversification; 
  • Optimize control over each movie lifecycle (development, production, international distribution, domestic exhibition) and maximise profits;
  • Ensure transparency in the financial accounting processes; 
  • Create a valuable rights' portfolio .
  • Automatic liquidity of 2 to 5 years for a movie.
CLASSIC financing model
  1. Bank loan / gap financing: 20%
  2. International distributor 30%
  3. Investors 35%
  4. Producer's investment 5%
  5. Subsidies 10%
GRAND DUCHY's financing model:
  1. Investors (grand duchy films) 35% 
  2. Presales 20% 
  3. Producer's investment 10% 
  4. Subsidies 35%
  • Upstream investment in order to structure the film financing;  
  • Amount invested answers the industry needs and gives advantages to each player that have the same interest; 
  • GRAND DUCHY recoup in first position and gives the best access in the waterfall revenues for its investors. We also gets copyrights; 
  • The film is less indebted (less presales, no gap financing), and European subsidies are maximized : the breakeven is much lower.
  • Having access to a profitable and specific asset class;
  • Retaining rights to the film; 
  • Increasing revenues; 
  • Access to a share of executive producer revenues.



25A Boulevard Royal
L-2449 Luxembourg
tel: +352 25 03 93 fax: +352 25 03 94  



25A Boulevard Royal
L-2449 Luxembourg
tel: +352 20 21 29 fax: +352 20 21 29 99


This document has been solely prepared for general information purposes. Nothing in it shall be relied upon for whatever reason. All data and information are illustrative only and may not be relied upon. Its authors do not make and representation or warranty, express or implied, as to the completeness or accuracy of this document or of any information contained therein. In particular, its authors shall have no liability, of any kind, in connection with the use made of it by its recipient(s).
This document is intended only to its recipient(s), and any further distribution or disclosure is prohibited, whatever the medium of such distribution or disclosure (paper, electronic...). The information contained in this document may does not constitute a solicitation to invest nor a sale offer, nor shall it be construed as a solicitation to invest or a sale offer.

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