The Chernin Group has joined forces with private-equity firm KKR to invest in media and entertainment companies across Asia. The partners are launching Emerald Media, which will focus on providing growth capital ranging from $15 million-$75 million to take stakes in or ownership of media, entertainment and digital media businesses in the region.

Chernin Group Industry veterans Rajesh Kamat and Paul Aiello will head Emerald Media, which will have offices in Mumbai, Hong Kong and Singapore. The duo also will continue to manage the CA Media platform, the Asian media portfolio of the Chernin Group that includes assets in India and Indonesia. KKR has also acquired a significant minority stake in CA Media.

“This partnership provides TCG and its fellow investors in CA Media with KKR logoa unique opportunity to continue to work with a best in class management team and leading global investors at KKR in Asia,” said Peter Chernin, Chairman and CEO of TCG. Said Joseph Bae, Member of KKR & Managing Partner of KKR Asia: “The growing middle class in the region is using its discretionary income on Internet connectivity, but the industry itself is fragmented. Investing behind proven leaders in industries with high growth potential and partnering with them to grow their business is a cornerstone of KKR’s Asia strategy.”