QuotedData's James Carthew: What led up to SONG's takeover battle

Bidding war continues

clock • 6 min read

When Hipgnosis Songs Fund (SONG) launched back in July 2018, the world was a different place.

The investment companies sector was riding high – the median fund was trading on a 5.8% discount to net asset value (this figure was 14.5% at the end of March 2024), and including SONG there were 22 new issues that raised £3.6bn in 2018. The last IPO of any size was what is now Asia Energy Impact in December 2021, and that has been a disaster. Blackstone ups offer for Hipgnosis Songs Fund to $1.57bn The big shift since then has been in the economic backdrop – interest rates in the US were under 2% in July 2018 and in the UK, they were just 0.75%. Equity markets had been strong and ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week