UK music-publishing fund Kobalt Capital has raised $600m through equity and debt offerings to purchase further copyrights.
Kobalt said it had closed its second managed fund to invest in music copyright, with a capacity of $600m, raised through $345m of equity commitments and the remainder as debt.
This latest funding round is being led by UK pension fund, RPMI Railpen (Railpen), among other institutional investors.
“Having crossed six years of activity in the first fund we have made over 100 investments and delivered attractive returns to our investors. With the backing of prominent institutional investors, it validates our strategy and outlook for a robust music industry that is trending upward,” said Johan Ahlström, chief executive of Kobalt Capital.
The earlier $350m fund raising in 2011 enabled Kobalt to acquire rights from the likes of The B52s along with songs by pop icons such as Sinead O’Connor.