Update: Round Hill raises $282m for Hipgnosis competitor fund

Falls short of $375m target

The Round Hill Music Royalty Fund has raised $282m from its initial public offering, falling short of its $375m target.

With shares expected to begin trading on 13 November, the fund aims to provide investors with an attractive level of regular and growing income, and capital returns from investment primarily in high quality, music intellectual property. The company will buy catalogues of musical compositions and songs, through investing into the songwriter's copyright interest, as well as the rights to the recording of the composition and all other ancillary rights. Downing to launch renewables and infrastructure trust Round Hill CEO Josh Gruss said the firm was "encouraged by the strong level of s...