Hipgnosis (HPGSF), a music rights investment and management company, announced the successful completion of a $1.47B master trust music rights asset-backed securities deal, Lyra 24-2. This transaction represents Hipgnosis Song Assets’ second music royalty secularization, after a $222M issuance in 2022. The 2024 deal is backed by royalties from the $2.36B music rights portfolio acquired as part of the take-private of Hipgnosis Songs Fund, a U.K. music royalties investment trust, which comprises 138 catalogues across more than 45,000 songs. Blackstone (BX) has been investing in the music royalties asset class since 2021, and in July 2024, with the SONG transaction, completed one of the largest music take-privates ever, demonstrating continued and strong conviction in the asset class. MUFG Securities was the structuring lead with Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko as joint bookrunner. Blackstone Capital Markets served as a co-manager.
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