Yu Dong, chairman of China-based film distributor Bona Film has launched a $100m media and entertainment fund that is set to be backed by Bona and Chia Tai.

China-based film distributor Bona Film’s chairman Yu Dong and Singapore-based private equity firm Tembusu Partners have launched a $100m venture fund, according to China Money Network.

Bona Film Group and agribusiness Chia Tai Group are expected to join as backers. Calvin Cheng, a Singapore-based media entrepreneur, put the fund together and is also a backer.

The fund will be based in Singapore and will focus on China’s media, content and related technology companies. It will have a five-year lifespan and will be formalised on March 31, 2015, with fundraising beginning shortly thereafter.

One of the fund’s goals will be to establish international co-operatiorn between China, Singapore and the US through co-productions and joint ventures.

Yu Dong said: “China’s media and entertainment industry is forecast to overtake Japan’s by 2018 to become the second largest in the world, only behind the US.

It is already the second largest film market in the world, and China’s TV industry is set to surpass the UK and Germany by 2016 to also become the second largest behind the US. This phenomenal growth in China will create many exciting investment opportunities.”