Cinecitt Holding, a company set up by the ministry of fine arts in 1998, is launching a special private equity fund for new cinema productions in Italy, called Cinefund. The fund is expected to receive a first 25 million of support from Cinecitt Holding and other backers, including credit institutions such as Cariplo and Variverona. The total working equity is set to rise to 60 million once up and running. An advisory board, set up by Cinecitt Holding, will be charged with evaluating upcoming Italian productions and selecting those eligible for support. Cinefund will provide up to 20 per cent of the total costs or a maximum of 2 million but, unlike previous schemes, this will be granted on commercial terms only. Of the 130 films made in Italy last year, 10 per cent of them turned in a profit. Cinefund will target winning productions and has set its sights big both Woody Allen and Francis Ford Coppola have already been mentioned as possible collaborators on future movie projects.