With an initial capitalisation of €58 million, the fund aims to overcome national barriers and provide strategic financial support to production firms across the continent

Alexandra Lebret and Antoine Bodet, who lead the Together Fund team

On 14 April, the European Investment Fund (EIF) officially confirmed a €25 million commitment to Together Fund (TGT), marking the launch of Europe’s first equity fund specifically targeting independent production companies.

With an initial capitalisation of €58 million, the fund is designed to overcome national barriers and provide long-term, strategic financial support to production outfits across the continent. The initiative is supported by MediaInvest via the EIF, and brings together both private and public investors.

Following the disruption caused by the COVID-19 pandemic and amidst the evolving landscape of the peak TV era, the European audiovisual industry is gradually regaining stability. However, while some markets have experienced consolidation, European production remains highly fragmented and increasingly at the mercy of a concentrated field of content buyers. This imbalance, paired with a sustained demand for fresh content, highlights the urgent need to reinforce the capital base of Europe’s independent production sector.

TGT aims to help independent companies scale their operations and strengthen their market position while preserving their editorial autonomy. In a landscape increasingly dominated by vertically integrated media groups, independent producers often struggle to access the capital necessary for expansion. Acting as a capital growth fund, TGT seeks to invest in companies that have already demonstrated creative and commercial viability – primarily focusing on scripted content with global appeal.

The fund will adopt a selective investment approach, targeting production companies with a proven track record and a clear vision for growth. Importantly, TGT will act as a minority shareholder, allowing founders and producers to retain control over their companies. Alongside financial backing, the fund offers hands-on strategic support, leveraging the expertise of its dedicated team – led by Alexandra Lebret and Antoine Bodet – to provide market insights and guidance throughout the investment lifecycle. The fund will run for ten years, including a five-year investment period followed by a five-year exit strategy, ensuring a structured path to sustainable development.

TGT’s broader ambition is to contribute to a more robust and competitive European production landscape – one capable of attracting international partners and expanding its global footprint. By facilitating long-term capital growth, the fund aims to boost the international visibility and export potential of European content.

Lebret, managing partner of TGT, commented: “TGT is built on a fundamental principle: the producer is the talent. They are the driving force that brings together other creative talents. The fund will invest in these producers, providing the financial backing necessary for them to implement a sustainable growth strategy for their companies.”

Bodet added: “The market presents significant value creation opportunities. TGT is launching at a pivotal moment for independent European producers, positioning itself as a true catalyst for their development and long-term success.”

AXIO Capital, the asset management firm behind TGT, is an AMF-accredited entity specialising in investments in French SMEs with revenues ranging from €5 million to €100 million. The company structures tailor-made growth and buyout capital operations across all sectors, with a strong focus on addressing the unique challenges faced by each business.