EXCLUSIVE: Magnetic Labs, the indie producer-financier founded by Adam Mirels and Robbie Mirels, is launching a private equity fund, which it says will “significantly expand the company’s financing capabilities alongside its established development and production businesses”.
The company didn’t disclose the backers of the fund, but it is said to be in the $50M range and is made up of a consortium of investors largely from outside the film world.
The fund has completed initial investments, including true-crime biopic The Leader, directed by Michael J. Gallagher, starring Vera Farmiga and Tim Blake Nelson, and the survival thriller Coyotes (pictured), starring Justin Long and Kate Bosworth.
Founded by the Mirels brothers, Magnetic Labs — previously 141 Entertainment — has producing credits including Ingrid Goes West, Mona Lisa and the Blood Moon, Susie Searches, Marjorie Prime, and The Feeling That the Time for Doing Something Has Passed.
The company has made recent internal promotions with Nicola Smith becoming Chief Operating Officer, overseeing operations and strategic growth initiatives. Tyler Gould has been elevated to Chief Investment Officer, where he will lead the deployment and strategy of the new credit fund; and Austin Breslow has been named Head of Development.
Magnetic Labs Co-founder Robbie Mirels said: “Most film lenders are beholden to the institutions behind their credit — and independent producers pay the price in rigid terms and slow timelines. As producers ourselves, we understand the realities of production and the speed and flexibility that independent films demand. This fund is our commitment to being in production’s corner as they bring their stories to the screen.”
Co-founder Adam Mirels added: “This new fund is a gamechanger for Magnetic Labs, giving us the firepower to back more films than ever before. With a stronger financing platform, a growing development slate and this stellar new tea, we’re entering an exciting new phase of expansion.”
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