2 Nov 2020

Kobalt Portfolio of Catalogues Acquisition


 The Board of Hipgnosis Songs Fund Limited, the first and only UK listed investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce that the Company acquired, as at 30 September 2020, a portfolio of 42 Catalogues (the “Portfolio”) from Kobalt Music Copyrights S.à.r.l., an investment fund owned by family offices and institutional investors and advised by Kobalt Capital Limited, for a total consideration of $322.9 million (the “Acquisition”). The consideration, net of right to income, represents a blended acquisition multiple of 18.3x historic annual income and was funded with the net proceeds from the Company’s September equity fundraising together with the Company’s existing leverage facility.