Financial services specilalist Estera has supported Hipgnosis Songs Fund with its first fundraise, which has significantly exceeded its target.
Hipgnosis Songs Fund is a Guernsey-registered fund that invests in songs and musical intellectual property rights and trades on the Specialist Fund Segment of London Stock Exchange. It was founded by Merck Mercuriadis, the former manager of Beyoncé, Elton John, Morrissey, Iron Maiden and Guns N’ Roses.
Having raised over £200m with its initial fundraising in July 2018, Hipgnosis Songs 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 has supported Hipgnosis' investment adviser, The Family (Music), since its inception and has administered Hipgnosis Songs since launch.