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Global provider of funds, corporate and trust services, Estera, has helped Hipgnosis Songs Fund significantly exceed its fundraising target.
Hipgnosis Songs Fund is a Guernsey-registered fund investing in songs and musical intellectual property rights trading on the Specialist Fund Segment of the London Stock Exchange.
It was founded by Merck Mercuriadis who formerly managed Beyonce, Elton John, Morissey, Iron Maiden and Guns N' Roses.
Having raised more than £200m with its initial fundraising in July 2018, the fund announced a placing on 12 April with a target of £100m for the acquisition of further significant music catalogues. Owing to increased institutional demand from existing investors, the placing was oversubscribed in record time and attracted approximately £141.5m.
Estera's team has experience overseeing a full service provision to a wide variety of funds. It has supported the investment adviser The Family (Music) Limited since inception and has administered Hipgnosis Songs since launch.
"As the first-ever LSE music royalty fund, Hipgnosis Songs was incredibly innovative and it continues to break new ground with this stellar fundraise," said Director at Estera International Fund Managers in Guernsey, Mariana Enevoldsen. "We are thrilled to continue to support the investment adviser and the fund as they move forward, proving the power of music investment."
Mr Mercuriadis added: "Less than a year ago, we set out to demonstrate to the financial community that proven hit songs were as predictable and reliable, and therefore as investible, as gold or oil. Having raised over £140m today and almost £350m since the IPO, I am delighted that we have this tremendous early support from best-in-class investors as this is not only a vote of confidence in Hipgnosis, it is an acknowledgement of the power of hit songs all over the world.
"Thanks to streaming the music industry, once again, has its best days in front of it and our aim is to highlight the fact that great songs, and their creators, are its most valuable currency while delivering a great return for our investors."
Pictured top: Mariana Enevoldsen.
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