The story follows a group of friends who are catapulted into the middle of a diamond heist that turns deadly.
Veteran stuntman Mike Gunther ("Live Free or Die Hard," "Takers") will write and direct "Set Up," which will be exec produced by Fred Malmberg ("Conan").
The action movie is the first project announced under the $200 million film fund that Jackson and Randall Emmett's company Cheetah Vision recently teamed on with George Furla's Hedge Fund Film Partners. Entrepreneur Richard Jackson is providing most of the equity for the 10-picture deal, the terms of which call for Grindstone Entertainment/Lionsgate to handle domestic distribution.
Willis' upcoming action movie "Catch 44" was also produced by Jackson, as well as Emmett and Furla's other company, Emmett/Furla Films, which previously worked with Willis and Curtis Jackson on "16 Blocks" and "Righteous Kill," respectively.
Willis currently stars in Summit Entertainment's "Red," which is proving its legs at the box office, where it has grossed over $71 million domestically.
Hannibal Films is shopping "Set Up" to foreign buyers at AFM.