Glick urges industry to look to private sector

12:17 | Thursday April 22, 2010

Entertainment industry investment and advisory group Edge has revealed that its specialist entertainment funds – the Edge Performance VCT (EPVCT) and the Edge Performance EIS – together raised £32.1m in their latest fundraising round, nearly three times last year’s total.

It makes the 2009/2010 fundraising round Edge’s most successful yet and brings the total raised by Edge since it launched four years ago to £88m.

“We originally set out to offer 10 million £1 VCT shares, but in February we increased that to 20 million and then subsequently to 30 million and we’re filled that,” says Edge founder David Glick.

Edge’s fundraising makes it the second most successful VCT of any type in the UK, but Glick is anxious to stress that the fund is not just for live music investment.

“We do everything in entertainment and media, so we’re looking at quality music deals across the board, not just in live,” he states.

Edge’s announcement comes just days after music industry lobbying group UK Music highlighted access to finance as one of the UK music industry’s greatest challenges.

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

Indeed, Edge’s reputation has been built on the quality of an executive team which includes impresario Harvey Goldsmith, former Sony Music business affairs head Alasdair George, VCT pioneer Gordon Power, Elton John manager Frank Presland, former Emap and HMV Group chairman Sir Robin Miller and DJ Pete Tong.

“Access to the best people is a key advantage in a people business like entertainment,” says Glick. “We believe that our background in the entertainment business not only gives us access to better opportunities, but also enables us to evaluate them better than our competitors. This year’s fundraising success suggests the investment community agrees with us.”

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

However, encouraging other music related businesses to come to Edge, Glick adds, “We have £88m to spend and we’re looking at a lot of great things to get involved in, but I’d like more. There are great opportunities in music at the moment and there are lots of fantastic entrepreneurs out there: Edge would like to back them.”