Venture capital firm Ingenious is to invest in and co-promote a series of U.K. open-air concerts at stately British estates from 2008 through an agreement with The Rival Organisation.
The deal is Ingenious Live Venture Capitalist Trusts’ third since the investment fund launched in November 2006.
The Rival Organisation, based in the U.K. region of Oxfordshire, has promoted and organized various picnic concerts, including Petworth, Blickling Hall, and Holkham Hall, where a variety of acts, from Girls Aloud to Status Quo, have performed.
“The Rival Organisation has an established track record of delivering commercially successful open-air concerts and we are pleased to support its 2008 summer schedule and the roll-out of the format to new venues next year,” said Duncan Reid, Ingenious’ commercial director, in a statement.
Ingenious says its Live VCTs have raised more than £18 million ($36.7 million) during the 2006-2007 financial year, making it “one of the largest specialist venture capital trusts funds launched” during that period.
Live VCT 1 and 2 investments to-date have invested in the London-based Underage and Field Day festivals during August, plus the Knowsley Hall Music Festival in Liverpool in June.