SINGAPORE - Three partners from China and Singapore launched a $100 million private equity fund in Singapore on Wednesday targeted at China's growing media and entertainment industry.

It was believed to be the first non-renminbi denominated fund dedicated to investments in China's media entertainment industry, the partners said.

The fund, which is to be based in Singapore, was jointly launched by Yu Dong, founder and chairman of NASDAQ-listed Bona Film Group Limited, Singapore private equity fund Tembusu Partners and media entrepreneur Calvin Cheng.

Singapore's Minister for Culture, Community and Youth and the Second Minister for Communications and Information Lawrence Wong witnessed the signing of the memorandum of understanding between the three parties.

The partners said that the fund will leverage on Singapore's legal framework and status as a financial hub to attract investors from and outside the region.

"China's media and entertainment industry is forecast to overtake Japan's by 2018, and become the second-largest in the world, behind only the United States," Yu said.

China's film market is now the second largest in the world, and its TV industry is set to surpass that of Britain and Germany by 2016.