UK government backs £40m Edge fund

The fund, which is managed by Edge Investments, has been set up to encourage creative businesses to consider a wider range of sources of finance.

The new vehicle comes as the Institute of Chartered Accountants in England and Wales (ICAEW) and the Creative Industries Federation launch Creative industries – routes to finance, a guide to sources of funding for the arts. The publication includes information on public investment, philanthropic support, corporate partnerships and private capital, and advice on preparing for finance.

According to Edge, there are more than 160,000 UK businesses in creative industries and the sector is enjoying a high level of growth. The market accounts for around 10% of the UK economy and provides 2.55 million jobs. Furthermore, employment in this sector is growing four times faster than the economy as a whole, according to Edge.

The fund is targeting a minimum return of 3x over its 7-10-year lifespan.

Edge launched in 2006 and has so far raised nearly £200m. Previous investments include live events featuring Jennifer Lopez, Eric Clapton and the Rolling Stones, as well as children's entertainment shows The Clangers and games analytics business deltaDNA.

Investors
Edge Creative Enterprise Fund has received commitments from the British Business Bank as well as private sector funding from institutions and high-net-worth individuals.

Investments
The vehicle will seek to invest in small and medium-sized creative businesses. It will invest in companies with intellectual property representing economic value.

People
David Glick is the founder and CEO of Edge. Ken Cooper is managing director of venture capital at the British Business Bank. Michael Izza is CEO of ICAEW. John Kampfner is CEO of the Creative Industries Federation.

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