Agencies, investors partner for $275m Unison Fund
Cash-starved SFX Entertainment may have found a willing buyer for its festival properties in the form of the Unison Fund, a planned investment fund backed by the Windish Agency, artist-management company Tmrwk, music consultancy Mtheory and private-equity firm AGI Partners.
Although considering buying into festivals, the fund’s chief activity will be financing tours, albums, videos and other ventures for emerging artists, reports The Wall Street Journal’s Hannah Karp, and has so far secured US$25 million from investors. It reportedly hopes to raise an additional $250m, preferably from wealthy individuals with “experience or connections in the music industry”.
The fund will finanace tours, albums, videos and other ventures for emerging artists
Tmwrk – which was owned by SFX until January, when it paid $3.6m to buy itself out – previously collaborated with Mtheory last year to fund Peace is the Mission by Major Lazer, a band led by Tmrwk client Diplo.
IQ has contacted Tom Windish for comment.
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