London-based media advisory service the Edge Group is launching a venture capital trust that will invest in the live British music business. Edge Performance will work with various smaller promoters w
London-based media advisory service the Edge Group is launching a venture capital trust that will invest in the live British music business.
The initiative, Edge Performance VCT, is a tax efficient investment scheme intended for individual investors, catering for levels ranging from £5,000 to £200,000 per person. Up to £30 million ($52 million) is targeted to be raised with the VCT, which is available only to U.K. tax-payers.
Edge Performance will work with various smaller promoters who will collaborate with leading concert promoters such as AEG Live U.K. and independent U.K. concert promoter SJM.
"I'm very excited by the live scene because it's booming and there's so many tremendous British bands out there that play live and do it properly," says Edge Group founder David Glick. "It's a natural extension for Edge Group to manage investments in the music business."
Former Emap chairman and HMV Group non-executive chairman Sir Robin Miller will chair the VCT board. He sits on a board comprising Eric Clapton's manager Michael Eaton; Frank Presland, manager of Elton John and James Blunt; Eagle Rock Entertainment deputy chairman Julian Paul and Glick.
Live Aid and Live 8 promoter Harvey Goldsmith and media private equity specialist Gordon Power provide investment input.
"We anticipate that Edge will be making a significant investment in the live music sector," comments Miller in a statement.
The VCT offer is sponsored and promoted by British financial advisory service Smith & Williamson.
Glick, a veteran music industry attorney, established the Edge Group in Feb. 2004 as a "one-stop shop" advisory service for the entertainment, media, sports and fashion industries. The firm subsequently launched a corporate finance house.
Previously, Glick was head of entertainment at Mishcon de Reya and founded Eatons Solicitors with Michael Eaton before that.