Ensuring a permanent legacy of British contemporary design, the Design Fund announced the launch of a second acquisition fund (the first was announced last June), continuing the partnership into 2012-2013.

Details will be unveiled at the V&A on Tuesday, March 13 by the fund's founder Yana Peel, who will co-host a dinner for leading international design patrons and professionals, with V&A director Martin Roth. The evening will be supported by Phillips de Pury & Company.

"It is a great pleasure to be engaging the design community in such a meaningful effort to benefit the Victoria and Albert Museum," said Peel. "The fund enables the acquisition of leading contemporary design of our time, reflecting Britain's role as a leader in creativity and innovation."

"Design influences every area of our lives and we embrace this superb initiative in helping the V&A's collection to reflect the very best in contemporary design, which will in turn inspire the designers of the future," said Roth.

Francis Sultana, chair of the Design Fund Patrons, added: "The fund will have a long term commitment to the continuing growth of the National Collection of Art and Design to benefit all visitors to the museum, through the involvement of private patrons and their support in this initiative."

This follows the success of the inaugural campaign, established in March of last year in partnership with London Design Festival, which harnessed £100,000 from the private domain, resulting in the largest gift to date for contemporary acquisitions at the V&A. The launch acquisitions, including works by Fredrikson Stallard, nendo, BCXSY, Platform and Satyendra Pakhalé, were displayed in the Museum during the London Design Festival in September 2011 and will continue to form part of various future exhibitions at the V&A.

Coinciding with the launch, the V&A's major spring exhibition British Design 1948-2012: Innovation in the Modern Age will open from 31 March - 12 August 2012.

Simon de Pury, Chairman of Phillips de Pury & Company said, "We have a groundbreaking Design department at Phillips de Pury and Company. We greatly believe in the Design Fund to Benefit the V&A and are thrilled to support it."