The fund is looking to raise £10 million and is targeting 22.7 per cent in annual returns after tax.

It follows the first Vindemia EIS Fund, which closed in July 2011. Investors in such funds can qualify for benefits from the Enterprise Investment Scheme, including 30 per cent income tax relief on investments of up to £500,000 .

The new fund has a minimum investment level of £10,000 and closes for investment on 2 April 2012. Peter Lunzer will act as the principal wine trader, investing in specialist EIS-qualifying companies trading in mature fine wines.

The market gyrations of 2011 did not have any real impact on the top-end luxury market because of internationalisation and the demand that extends from Asia to South America according to Nobles Crus, the Luxembourg-based specialist wine investment fund. It is expected that this positive trend will continue in the coming year.