13 November 2020

Carey Olsen advises Round Hill on London listing of music royalty fund

Carey Olsen's investment funds team in Guernsey has advised Round Hill Music Royalty Fund Limited (the Fund) on today's successful listing on the Specialist Fund Segment of the Main Market of the London Stock Exchange, opening up British and US musical heritage to investors.

The Fund, which raised US$282 million on launch, will be managed by New York based music publishing company Round Hill Music LP, and will continue the firm's strategy of investing in high-quality and established music royalties.

The firm has identified pipeline investments comprising intellectual property rights for over 120,000 songs, including hits by The Beatles, The Rolling Stones and James Brown. This is the fourth fund for the firm and has been backed by M&G Investment Management as a cornerstone investor.

Working alongside Gowling WLG (onshore counsel) and Cenkos Securities (sole bookrunner and financial adviser), Carey Olsen advised on the Guernsey legal and regulatory aspects of the Guernsey-incorporated fund. The team was led by partner Tony Lane, assisted by counsel Andrew Tually and associate Olivia Hamilton-Russell.

Tony said: "We are delighted to have supported Round Hill on the launch of its first listed fund. Round Hill's decision to choose Guernsey and to list in London is a reflection of investor appetite for the dynamic and innovative nature of the music royalty sector driven in part by the rapidly-expanding music streaming market, and also of Guernsey's expertise in the establishment and operation of funds of this nature."