Colonial First State Global Asset Management Lands Over US$130 Million in New Investments for its
Media Copyright Fund
SYDNEY, Nov. 18/Medianet International-AsiaNet/ --
Colonial First State Global Asset Management has announced over US$130 million of new investments into
its FS Media Works Fund I, L.P. – bringing the fund to an initial close.
The First State Media Works Fund I, L.P ("Fund"), launched earlier this year, has attracted high profile
international end investors including a leading Australian based investment manager and a number of major
North American institutional investors and private wealth managers, in addition to the Commonwealth Bank
of Australia.
The Fund has over 26,000(1) works containing rock, country, pop and alternative genres, and includes iconic
works such as "Disco Inferno", "Somebody to Love", and "Monster Mash", and the back catalogues of artists
such as The Carpenters, John Denver, Evanescence, George Benson and Creed.
CEO of Colonial First State Global Asset Management, Mark Lazberger, said he was pleased that in these
volatile and uncertain markets the fund has been able to raise this level of long term capital from such a
diverse group of international investors, and for such an innovative and alternative investment strategy.
"The support Colonial First State Global Asset Management has received from these prominent investors is
testament to the benefits of owning quality media copyrights, the team we have assembled to execute such a
unique strategy, and to the forward-thinking of these investors
"We now look forward to building on this success," Mr Lazberger said.
The Fund has ultimate capacity of up to US$350 million and aims to generate minimum returns of 15% per
annum over the life of the fund, net of fees.
The structure of the Fund is a closed end English Limited Partnership with a Jersey General Partner, which
invests in a diversified portfolio of media copyrights and related rights which are capable of generating
consistent long term cash flows.
Underpinning the Fund are stable music publishing catalogues that have a robust and sustainable royalty
stream. These include all the music copyright assets originally assembled through the former DreamWorks
Music Publishing LLC and Wind-up Entertainment Inc. catalogues - previously one of the largest
independently owned and operated record labels in the United States. Both were acquired by First State
Media Group ("FSMG") during 2007 and, in particular, the Wind-up deal included the rights for FSMG to
acquire the future publishing assets from certain artists, providing the potential for future earnings growth.
FSMG is the investment advisor to the Fund, utilising an international team of over 30 experienced music
industry professionals to actively increase revenues derived from the underlying portfolio of assets.
Steve McMellon, Managing Director of First State Media Group, said music copyright assets are attractive for
investors because they generate steady, reliable global streams of income, and have low correlation to
market activity and other asset classes.
"The long term of protection afforded to copyright works provides investors with an ideal match for their long
term liabilities," Mr McMellon said.
"We see value uplift for music copyrights coming from active management across other media, extensive
and efficient global administration and exploitation of asset price inefficiencies in a music publishing industry
which generates upwards of US$6.5 billion in cash flow per annum.
"The Fund has already invested substantially all of the commitments raised in the initial close, and will now
seek additional capital to take advantage of a substantial pipeline of attractive investments within the space,"
Mr McMellon said.
FSMG has a well-established global platform of copyright administration companies to undertake 'on-the
ground' collection of royalties. This enables it to directly monitor and administer the worldwide payment of
royalties, considerably improving the speed, transparency and accuracy of cash flows to investors.
- Ends -
(1) Source: First State Investments Date:13/10/2008
About First State Media Group
First State Media Group (FSMG) specializes in the acquisition and management of media copyrights and
related assets. FSMG was formed in 2006 as a joint venture between Colonial First State Global Asset
Management and a management team led by Steve D. McMellon. Combining funds management
capabilities with the deep investment and industry experience of key staff, FSMG is an integrated and
specialist manager of media copyright assets.
First State Media Group's specialist capabilities encompass the financing, sourcing, valuation, taxation
structuring, and value management of media copyright assets, as well as the administration of copyrights
assets including registration of title and royalty collection and monitoring. FSMG presently has offices and
wholly owned music publishing operations in Ireland, the United Kingdom, the United States, Netherlands,
Germany, France, Spain, Sweden and Australia. The music publishing operations have been branded under
the "S1 Songs" and "State One Music" names.
Important Information
This press release is intended for information only, aimed solely at the media and should not be relied upon
by private investors or Advisers. Press release not for distribution in the United States. The content of this
document should not be construed as a financial promotion under the FSA Conduct of Business rules.
Issued by First State Investments International Limited, authorised and regulated by the Financial Services
Authority, registration number 122512. Registered number SC079063 Scotland. Registered office: 23 St
Andrew Square, Edinburgh, EH2 1BB. FSII is a subsidiary of the Commonwealth Bank of Australia ("CBA")
and is a company within the Colonial First State Global Asset Management division of CBA.
Media contact:
Evnike Ens
Communications Manager
Phone: +61-2-9303-3677
Email: eens@colonialfirststate.com.au
SOURCE: Colonial First State Global Asset Management
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