The Edge Group's Performance Venture Capital Trust (VCT) is investing £1 million ($2 million) in a new live promotion company headed by David Dorrell, the veteran music producer and manager.

Edge Performance is acquiring a 50% stake in Dorrell's new company Hear No Evil Promotions Ltd, which has entered into co-promotion arrangements with British concert promoter SJM Limited. SJM will also be a shareholder in the company.

Dorrell cut his teeth in the industry first as a journalist at the New Musical Express (NME) in the early '80s, before crossing over into dance music production. He was a member of M/A/R/R/S, which had a U.K. chart-topping hit with "Pump Up The Volume," now considered a clubbing classic.

Dorrell, who has also worked with such acts as U2, Janet Jackson, Tina Turner, Bush, Dirty Vegas, currently currently guides the career of the Pet Shop Boys.

Edge's investment in Hear No Evil Promotions is the first of the VCT's investments from the "C" share fund it raised last year.

The Edge Performance VCT has raised more than £25 million ($50 million), and aims to increase its funds under management by a further £20 million ($40 million) by the end of this tax year.

London-based Edge Group, the media advisory service firm founded by David Glick, recently announced its intentions to raise its stakes in the live music industry through the launch of the Enterprise Investment Scheme (EIS), which plans to raise up to £10 million ($20 million).

The EIS cash would be invested in at least four unquoted events companies, each of which would contract with established live events presenters to promote events in the music, theater, exhibition and other live events industries.