Round Hill Music has announced the successful close of its third private fund, Round Hill Music Royalty Fund III, with total equity commitments of $291 million (£219m).
It is Round Hill Music’s largest fund to date.
The close of the funding round follows the publisher’s IPO and flotation on the London Stock Exchange last week, which raised $282m (£212m).
To date, Fund III has deployed more than $200m on deals, adding hit songs performed by The Goo Goo Dolls, Matchbox Twenty, Rob Thomas, Black Sabbath, The Dropkick Murphy’s, Daughtry, Craig David, Kiss, Limp Bizkit, Blues Traveler, Bruno Mars, Skid Row, Bachman Turner Overdrive, Night Ranger and more. Since inception, Round Hill Music has acquired rights to over 128,000 songs.
Round Hill Music said it received strong support from its existing investor base of leading endowments, foundations, and pension funds, while also adding select new US institutional investors.
Josh Gruss, CEO of Round Hill Music, said: “We are grateful for the continued confidence and strong support we received for Fund III from a diverse group of new and existing high caliber investors. Round Hill Music has continued to distinguish itself as a leader in the music royalty space by acquiring blue chip songs with enduring long-term popularity. We are pleased to serve as the partner of choice for songwriters and other third parties, attracting a talented team with a deep knowledge of the investment and music industries.
“Against the backdrop of the global pandemic and the structural shift of streaming and synchronisation, the music royalty asset class has gathered pace and continues to show strong growth, while also proving resilient in difficult economic environments. As experienced investors in music rights, our objective continues to be to provide investors with regular and growing income and capital returns from investment primarily in high quality, music intellectual property.”
Neil Gillis, Round Hill Music’s president, added: “We were able to raise our largest fund to date amid the Covid-19 pandemic due to continuing favourable market conditions, including improved copyright law, a surge in streaming subscription services, and increased synchronization opportunities. For more than a decade, Round Hill Music has generated strong risk-adjusted returns for our investors and we look forward to continued innovation as we seek to capitalize on great tailwinds for our business.”
FocusPoint served as the exclusive placement agent for North America.
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