The European Investment Fund (EIF) is investing €25 million in Together (TGT), a French fund managed by Axio Capital that will support the growth and internationalisation of SMEs and Small Mid-Caps active in the production, distribution and broadcasting of audiovisual content across the EU-27 and EFTA countries. With an initial capitalization of €58 million, TGT is designed to transcend national funding barriers and provide essential financial support to European producers. The fund is backed by MediaInvest, part of InvestEU and managed by the EIF, and brings together private and public investors.
TGT is designed to help independent production companies scale and strengthen their market presence while maintaining their independence. Currently, growth opportunities in the industry are primarily driven by integrated audiovisual groups, leaving few options for independent players. TGT aims to change this by acting as a capital growth fund, supporting companies that have already demonstrated their ability to deliver high-quality content.
The fund will focus primarily on scripted content, ensuring that European producers can continue to create compelling stories with global appeal and retain intellectual property rights. A distinguishing feature of TGT is its role as a minority shareholder, recognizing the importance of allowing producers to retain control over their businesses. TGT offers hands-on strategic support, leveraging the expertise of its dedicated team, led by Alexandra Lebret and Antoine Bodet, to provide market insights and financial guidance. The goal is to actively contribute to the growth and long-term sustainability of the companies in which TGT invests.
The commitment by the EIF, which is part of the European Investment Bank (EIB) Group, is designed to help TGT attract other financial backers and reach its target size of €100 million. The goal is to boost investments in a sector that has traditionally faced market obstacles to financing, enabling TGT to offer institutional investors access to media content asset investments through standard LP/GP fund structures.
"By supporting TGT, we are enabling European producers to keep offering high-quality content to a global audience, thereby strengthening Europe's cultural and creative industries”, said EIB Group Vice-President Ambroise Fayolle.
Marjut Falkstedt, EIF Chief Executive, added: “Europe's cultural and creative sectors play an important role in our identity, the cultural backbone of our societies, and our creative prowess. At the same time, they have a strong business and economic dimension as well. That’s why this investment, backed by the InvestEU's MediaInvest programme, is so important. Cultural actors often face significant difficulties in accessing finance, but the use of equity investments by the EU is changing that, contributing to the development of a stronger European content market.”
"TGT is built on a fundamental principle: the producer is the talent, explained Alexandra Lebret, partner in Axio capital. 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."
"The market presents significant value creation opportunities, added Antoine Bodet, partner in Axio Capital. TGT is launching at a pivotal moment for independent European producers, positioning itself as a true catalyst for their development and long-term success. 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."
The transaction comes under the European Commission´s initiative known as the InvestEU MediaInvest equity investment instrument. It aims to mobilise private investors and support total investments in Europe’s audiovisual sector of €400 million over the period 2022-2027.
The investment in TGT by the EIF aligns with its mission to support the competitiveness, digital independence and strategic autonomy of the European Union's cultural and creative sectors.