Tulpa Movie
Slate I.
Structured European film capital. Six commercially positioned features, one integrated vehicle - engineered for portfolio behaviour, contractual investor priority, and institutional governance.
One vehicle.
Six positions.
A slate is a portfolio of films developed, financed, and governed inside one integrated structure - a Special Purpose Vehicle (SPV). Capital enters once. Exposure is distributed across six productions, release windows, and revenue streams.
Diversified Exposure
Six productions distribute risk across genre, market and release window.
Controlled Deployment
Capital released in stages - no funds against unsecured production risk.
Centralized Governance
Single SPV. Consolidated reporting. Defined investor-priority waterfall.
€33M Equity
Class A & Class B commitments enter the SPV.
Waterfall
Revenue returns through a contractual investor-priority structure.
Acknowledged.
Structurally addressed.
Like any asset class, film carries specific risks. TMS1 is structured to address them through portfolio construction, deployment discipline, and governance.
A single underperforming asset can determine the outcome of an investment.
Six productions inside one SPV distribute exposure across the portfolio. No single film determines the result.
Insufficient demand for the underlying asset reduces revenue potential.
All six films are commercially positioned - English-language, diversified genres, international distribution across multiple platforms and markets.
Productions may encounter delays, overruns, or personnel issues affecting performance.
Every production carries a completion bond. Capital is deployed in stages linked to defined milestones. One troubled production does not determine the slate.
Capital is committed for the full duration of slate execution - 5 to 7 years. No early exit mechanism.
Revenue distributions begin as individual films are released, with first distributions projected from year two.
An uncorrelated asset.
Film does not move with equities, real estate, or commodities. It is not tied to interest rates, inflation cycles, or market sentiment.
When economic conditions tighten, people cut restaurants, holidays, luxury spending. They do not cut movies - they watch more of them. Historically, film has held and in some cases grown during periods of broader economic contraction.
There is always a market for films - and the timing is only getting better for that demand.
A supply gap.
Sustained demand.
Major studios have reduced output, concentrating resources on fewer, larger productions. Streaming platforms built their subscriber bases on a steady flow of studio content - and that flow is contracting. They are actively sourcing alternatives.
One film can generate revenue across all of them throughout its commercial lifetime. Each window is a separate transaction with a separate buyer.
€33M.
Two classes. One SPV.
Both classes hold participation rights in the same vehicle, governed by the same documentation, with identical profit participation on a pari passu basis.
- Minimum commitment
- €3M
- Preferred return
- 25%
- Role
- Activates production
Class A commitments constitute the activation threshold. Production begins when €18M in Class A commitments is confirmed.
- Minimum commitment
- €500K
- Maximum commitment
- €3M
- Preferred return
- 20%
- Raise window
- 18 months
Runs parallel to early production. Allows a broader investor base without delaying production commencement.
Activation at €18M. Full capitalisation at €33M unlocks the complete concurrent production model - multiple films operating simultaneously across pre-production, production, and post.
24 capital events.
5 years of execution.
Six productions run concurrently across two production teams. Each draws capital across four defined milestones - roughly one capital draw every two to three months. No capital releases from escrow without confirmed completion of the preceding milestone.
Slate-scale
leverage.
Distribution is not passive. A completed film does not automatically find its audience or generate optimal returns. Tulpa actively manages this process across every film in the slate - from initial sales positioning through to revenue monitoring across all windows.
Operating six commercially positioned films inside one integrated structure creates recurring leverage in distribution negotiations. Buyers, platforms, and distributors who want access to one film in the slate are in a relationship with the entity producing all six.
Agreements are structured to maximise the share of revenues flowing back to the SPV as directly and transparently as commercially achievable.
Investor priority.
Contractually defined.
A Collection Account Manager - an independent third party - receives and administers all incoming revenue. Tulpa does not participate in profit at any stage until investor capital and preferred returns are fully realised.
Comparable to top-quartile PE.
In half the time.
Every figure is drawn from independent probabilistic modelling across thousands of simulated scenarios for each production and the full slate.
Profit Participation
Distributed at the slate level. The initial split is investor-majority - 80% investors, 20% Tulpa. As the slate generates revenue beyond defined milestones, participation phases toward equal distribution and ultimately toward producer-majority.
Median buyout funds have historically delivered 13-16% net IRR, with top-quartile funds returning 18-20%. TMS1's projected IRR is comparable - with a shorter horizon, distributions beginning from year two, and a six-film diversified portfolio.
Source: Cambridge Associates US PE/VC Benchmark, Q4 2024.
FrameSage.
10,000+ simulations.
Projected returns are drawn from independent quantitative analysis by FrameSage - a third-party probabilistic modelling platform. TMS1 was analysed at both individual production and aggregated slate level across bear, base, and bull scenarios.
Return on investment — 10,000+ scenarios.
A diversified slate compresses downside while preserving meaningful upside — the shape of patient capital, not speculation.
+28% to +79% median base-case returns.
63%-88% probability of a positive outcome per production. Volatility intentionally differs - diversifying volatility profiles reduces dependency on any single outlier.
Downside compression relative to single-film exposure.
The total-ROI probability distribution narrows, break-even probability increases, and upside potential remains intact.
Institutional structure.
Not project-based chaos.
Capital is deployed progressively, not released against unsecured production risk. Independent accounting, third-party modelling oversight, and consolidated SPV reporting provide structured transparency.
Governance Framework
- -Separate Slate SPV (TMS1 AB)
- -Consolidated slate-level reporting
- -Transparent recoupment waterfall
- -Defined capital deployment stages
Deployment Logic
- -Script maturity
- -Packaging validation
- -Financing thresholds
- -Production readiness
Risk Containment
- -Six-film portfolio diversification
- -Genre optimisation (ROI-backed)
- -Selective pre-sales when value-accretive
- -Tax incentives accelerate recoupment, not budgets
“We do not finance films to get them made.
We finance films to return capital.”
Creative leadership.
Institutional execution.
TMS1 wasn't engineered in a boardroom. It was built by people with direct experience of where these systems succeed and where they break down.
Simon Kölle
Producer, composer and media entrepreneur with 50+ international awards. Initiator of Sweden's most comprehensive theatrical film ROI study (1965-2024). In TMS1 he leads the slate strategy, sets the creative and commercial thesis for each production, and chairs the investment committee that approves capital deployment.
Richard Jarnhed
Director and production executive with 35+ years across film and television, with studio PR experience spanning Universal, Paramount and MGM. In TMS1 he is responsible for creative quality across the portfolio, leads development on the first productions, and oversees packaging, casting and director relationships for the full slate.
Zishan Ahmad
Strategic operations executive specialised in governance architecture and decision-making frameworks. In TMS1 he owns the operating model of the SPV (TMS1 AB), runs the milestone-based deployment process, and ensures alignment between investors, producers and the collection-account structure.
Carl Kristoffersson
Production executive with credits across Netflix, Disney, Warner and SVT. In TMS1 he is accountable for production economics across the six-film portfolio: budgets, schedules, resource optimisation, delivery and the on-set financial controls that protect the recoupment waterfall.
Tyler M. Reid
Two decades of experience across features, documentaries and live events, with credits including Sentimental Value, Cairo Conspiracy and PLEASURE. In TMS1 he leads investor structuring, soft-money and tax-incentive optimisation, and assembles the non-equity capital stack that accelerates investor recoupment.
George Sallfeldt
Former CEO of Morningstar Sweden (17 years) with deep institutional capital-markets experience. In TMS1 he provides independent oversight of the financial model, validates the FrameSage scenario work, and advises on reporting standards for institutional and family-office investors.
Tulpa Movie Slate I
at a glance.
Capital
- Total Slate Budget
- €33M
- Target External Equity
- €18-20M
- Producer Development Capital
- €500K+
- Public Development Support
- €400K+ · Kulturbryggan
Investor Economics
- 01
- 100% Capital Return
- 02
- +20% Investor Premium
- 03
- 80% of Net Profits
Timeline
Downside exposure materially reduced through slate diversification and milestone deployment.
Full bear-case probability modelling available in Annex 02.
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full investor deck.
Detailed annexes, scenario modelling, governance documentation, and subscription terms available under NDA.