Ingenious Ventures, a UK-based firm which specialises in Enterprise Investment Schemes – vehicles carrying tax reliefs designed to encourage investment into small unquoted companies – has launched its fourth Shelley Media Fund.

The Shelley Media Fund 4, which invests in companies producing film, television programmes and video games, is targeting a 13.6 per cent per annum return – which as it will be tax-free represents a gross equivalent return of 27.2 per cent p.a. for a 50 per cent taxpayer.

Firms such as Ingenious trumpet the benefits of EIS funds, highlighting the fact that investors can now reap even greater tax mitigation benefits thanks to a new uplift in income tax relief to 30 per cent against their 2011/12 income tax liabilities. Ingenious also points out that EIS qualifying investments which are held for more than two years should qualify for relief from UK inheritance tax.

Ingenious currently manages over 130 EIS qualifying media companies, and has raised over £250 million ($406 million) in funds. Overall the firm has some $10 billion in assets under management.