LONDON (Reuters) - Hipgnosis Songs Fund, which invests in songs and musical intellectual property rights, plans to raise 200 million pounds ($264 million) on the London Stock Exchange, it said on Wednesday.
The company was set up by Merck Mercuriadis who has managed artists including Elton John and Beyonce and counts U.S. producer and songwriter Nile Rogers among its advisory board.
The company is targeting 10 percent or more per annum total net asset value returns over the medium term, net of fees, and a 5 percent annual dividend yield.
Its shares will trade on the Specialist Fund Segment of the London Stock Exchange’s main market from July 11.
($1 = 0.7564 pounds)
Reporting by Dasha Afanasieva; editing by Jason Neely