London-based investment group Edge said its specialist entertainment funds raised $49.6 million in their latest fundraising round.

The entertainment industry investment and advisory group said the amount was almost three times last year's total. The total raised for the funds - the Edge Performance VCT (EPVCT) and the Edge Performance EIS - makes the 2009-10 round Edge's most successful yet.

Edge has raised $135 million since it launched four years. The Edge Performance funds now have almost $50 million more to invest in the music, live events and the entertainment industry, confirmed Edge Group founder David Glick.

"Too many great businesses in the entertainment industry struggle for want of the investment they need to grow," said Glick in a statement. "Edge's success in raising funds for the sector will allow us to play an increasing role in helping good executives reach their potential."

EPVCT originally set out to offer 10 million shares but in February it increased this to 20 million and then subsequently to 30 million.

Glick said Edge benefited from increased popularity of VCT investments this year, but also increased its market share.

"Key to our success has been the timely, above target, return in June last year of cash to holders of EPVCT's original 2006 Ordinary share issue," he said. "When we started out, investors had long believed that the entertainment business was too risky a business to countenance. By leveraging our industry knowledge and targeting our investment on executives with a real track record we believe we have gone a long way towards reshaping that perception."

As well as Glick, the executive team also includes promoter and manager Harvey Goldsmith, former Sony Music business affairs head Alasdair George, and former Emap and HMV Group chairman Sir Robin Miller.

Companies in which Edge Performance VCT has invested have promoted more than 200 live concerts since December 2006, featuring artists such as Kanye West, Backstreet Boys, Eric Clapton and recent Grammy Award winner Jeff Beck.