London-based media investment and advisory group Ingenious is backing its first live music event.

The two music venture capital trusts (VCTs) of Ingenious will jointly-invest in the Knowsley Hall Music Festival this summer, a new Liverpool, England rock festival which aims to draw a combined audience of 80,000.

The Who and Keane will headline the June 23-24 event, with The Coral, the Zutons and The View listed among the support acts.

The finance deal is a joint investment with promoters Cream Holdings Limited and Loud Sound Events Limited. Cream and Loud Sound Events will co-promote the event with the VCTs.

The festival, says Ingenious commercial director Duncan Reid, "will be a phenomenal addition to the festival circuit. This investment illustrates the current high demand in the U.K. for live events and the increasing demand from promoters and event organizers to enter discussions with Ingenious."

Ingenious says the venture reinforces the potential of Ingenious Live VCT 1 and 2, which are continuing their fundraising goal of £50 million ($97 million) to invest in the live events sector targeting concerts, festivals, conferences, trade fairs, exhibitions, sporting events and theater.

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