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Hipgnosis raises another £190m to spend on music catalogues


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Hipgnosis Songs Fund’s appetite for buying up catalogues is voracious, and thankfully for the company, that’s still being matched (well, nearly matched in the case we’re about to tell you about) by the appetite of investors for funding it.

Earlier this week, Hipgnosis announced a proposed share placing to raise another £250m. The company also offered some details on its plans for the money.

“The Investment Adviser has identified and secured exclusivity on approximately 50 Catalogues that are in line with the Company’s investment policy with an aggregate acquisition value of approximately £250 million representing a blended acquisition multiple of 18.3x historic annual income,” it claimed, adding that was also in talks on further catalogues “with an aggregate consideration of more than £1 billion”.

Anyway, the results of this placing were announced yesterday, and while Hipgnosis didn’t raise £250m, it did pull in £190m in 72 hours.

Stuart Dredge

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