The Next Narrative Africa Fund, which has a total of $40 million, will focus on investing in films with budgets ranging from $1 million to $5 million per project. The fund will take equity stakes in some of the films it finances, while in other instances, it will offer grants.
Over the next four years, the fund aims to raise and allocate the full $40 million, with plans for an initial closing in the first quarter of 2025 and a final closing by the end of the fourth quarter of 2025. Initial investments are anticipated to occur within the same year.
This fund represents a significant opportunity for investment as interest in Africa's film and audiovisual sector continues to rise. The film industries in Nigeria, particularly Nollywood, and South Africa have gained considerable attention, achieving box office success and delivering substantial returns to investors, with some Nollywood stakeholders reporting returns of up to three times their investment. Notably, Netflix has invested approximately $178 million in film production across the continent since 2016.
The Next Narrative Africa Fund will prioritize investments in commercially viable projects that possess global appeal and are primarily produced in Africa. These projects will address important themes such as gender and racial equity, democracy and governance, climate change, health, and inclusive economic growth.
“Africans, both on the continent and in the diaspora, have historically played a pivotal role in shaping global culture. We are thrilled to support creatives who aim not only to entertain but also to inspire and promote a new narrative about Africa and its people,” stated Akunna Cook, CEO and Founder of Next Narrative Africa.
An advisory board composed of entertainment executives, filmmakers, film distributors, and experts in narrative change will guide the fund. Notable members include Darcy Heusel from Neon, Areej Noor of Statement Films, Dominic Buchanan of Home Team, and Chin Okeke of Misan Partners. The fund will also invest in the broader film and television ecosystem, including necessary infrastructure.