Music investment fund Hipgnosis wants to raise £250m so it can go on a spending spree
Hipgnosis wants to raise £250m so it can go on a spending spree.
The music investment fund, which bulk-buys songs and their copyrights, said the money would allow it to snap up another 50 music catalogues.
It also has its eye on more song collections that are worth around £1billion. Investors who own Hipgnosis shares get returns through royalties the music generates.
On the right track: The fund was started in 2018 by music industry executive Merck Mercuriadis, who previously managed performers including Beyonce (pictured)
The fund has a catalogue of more than 13,000 tracks and was started in 2018 by music industry executive Merck Mercuriadis, who previously managed performers including Beyonce and Elton John. Mercuriadis, 56, has said ‘music is as valuable as gold and oil, probably more so’.
Hipgnosis will sell 215.5m shares for 116p each.
It will offer retail investors shares for the same price, which could raise a further £4m. Mercuriadis said: ‘We have made a significant impact on the songwriting community over the last two-plus years and the overwhelming love and support we have from these great creators has led to further opportunities.’