The Edge Group says it has defied the global credit crunch gloom afflicting the investment market by raising £21.5 million ($42.7 million) in the past year.

Edge Performance VCT has now doubled the size of its funds under management to £40 million ($79.5 million), which it says makes it the leading venture capital trust specializing in the live music and events sector. Edge now boasts a 10% market share across all investment sectors.

"We are very pleased that Edge has managed to outperform what was a very tough market this year for anyone trying to raise money, for obvious reasons," says Edge founder David Glick in a statement. "This wasn't a surprise to us. We always felt our combination of a de-risked investment - Edge offers an underpinned minimum return - into a growth market with attractive returns would prove increasingly attractive to investors as more risky investments seem less and less interesting in the current economic climate."

Glick adds: "This was our third fundraising round and word is clearly spreading about the high quality of our investments. It is a vote of confidence in Edge, but it is also a vote of confidence in the live music and events business."

Edge launched in 2006 as the first of a new generation of investment funds focusing on the music and entertainment industries. Its 'D' share issue, which aims to encourage investors into the sector, remains open until May 23, 2008.

The Edge Group has invested in joint ventures to stage shows by artists including The Good, The Bad and The Queen and Elvis Costello.

The overall VCT sector raised £219 million ($435 million) in the 2007-8 financial year, down from £267 million ($531 million) the previous year.