Fund launches & closures

First State targets $350m for music royalty fund

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Specialist media-related strategy aims to deliver steady and non-correlated returns

First State Media Group, a specialist investment arm of Commonwealth Bank of Australia subsidiary First State Investments, is in the process of raising a second tranche of capital for its FS Media Works Fund - a novel alternative investment strategy based on music publishing copyrights and royalties.


James Drake


Having raised $130 million at its initial close in November last year, with commitments from major international pension funds and other institutional investors, the firm is now looking to take the fund's size up to a maximum of