Ingenious Media Investments has launched the third generation of its Shelley Media Fun.

Shelley Media Fund 3, which aims to raise up to £15m, will be open to UK residents and trusts.

The fund will invest in Enterprise Investment Scheme-qualifying entertainment companies producing films, TV programmes and video games.

The fund aims to provide investors with an average pre-tax annual return of 14%for a targeted three to four year investment window. Participants will have to invest at least £10,000 and subject to availability, the fund will be open to investors until April 5.

Dylan Jones, Investment Director at Ingenious Media Investments Limited, said: “The central focus of the fund will be on enhancing the absolute value of each investment. The fund will only invest in companies engaging on commercially attractive projects where production funding is fully covered by an entitlement to minimum contracted revenue streams. We are confident that this approach supported by Ingenious’ long established expertise in media investment, will help us to achieve the returns that we are targeting for the fund.”