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(Alliance News) - Hipgnosis Songs Fund Ltd said Tuesday its investment manager, Hipgnosis Song Management Ltd, has signed a partnership with US private equity firm Blackstone Inc
As part of the deal, Blackstone will put up USD1 billion to allow Hipgnosis to buy music rights and manage catalogues. Blackstone also will take an ownership stake in Hipgnosis Song Management.
Merck Mercuriadis, chief executive of Hipgnosis Song Management, said: "Hipgnosis Song Management has firmly established songs as an asset class. This new partnership with Blackstone will deliver financial strength to invest in proven songs as well as grow our song management team and bring additional sophistication to HSM, enabling us to create greater value to our stakeholders including our songwriters and shareholders in Hipgnosis Songs Fund.
"Given the strength of our pipeline, we see the initial commitment as just the start of a long-term partnership between Blackstone and Hipgnosis that will also include co-investment with Hipgnosis Songs Fund."
Shares in Hipgnosis Songs Fund were 1.3% higher in London on Tuesday at 121.75 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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