Ingenious raising two new VCTs

The firm intends to raise a £4.2m live music investment vehicle, Impresario Festivals, and UK live events investment fund Entertainment VCT H Share, a vehicle hard-capped at £25m.

The GP plans to capitalise on the global concert and music festival market, which is expected to be worth £10bn by 2016.

Impresario Festivals is a new company established by Ingenious to own, develop and produce live music festivals in the UK and internationally. Entertainment VCT H Share aims to raise up to £25m to be split equally between the GP's two entertainment VCTs, Ingenious Entertainment VCT 1 and Ingenious Entertainment VCT 2.

Investors
Ingenious is making its own cornerstone investment of £2m in Impresario. 

Investments
Impresario Festivals will invest in music festivals in the UK and internationally and develop new niche brands. The company has pre-agreed the acquisition of Rewind Festival, a 1980s music festival series, which generated a profit in excess of £1.1m in 2012.

Ingenious will invest alongside, and on equal terms with, Impresario. The VC plans to deliver returns to investors through a proposed annual dividend and through capital growth.

The Entertainment VCTs invest broadly across the UK live events market including music festivals, trade fairs, exhibitions, sporting events and theatrical productions. Investments held in the portfolio include festivals Field Day and Shakedown, and exhibitions such as Taste of Christmas and Golf Live.

Both Impresario Festivals and the Entertainment VCTs will invest in music festivals, though they will each make investments at different stages in the life cycle and as such will not be co-investing, the VC said in a statement.

People
Paul Bedford is a senior investment director at Ingenious Investments.  

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