Pophouse Entertainment Group, an entertainment and music investment firm co-founded by ABBA’s Bjorn Ulvaeus, closed its debut fund Pophouse Fund (No.1) at more than €1 billion ($1.1 billion).
The fund reached its hard cap and is one of the largest first-time private equity funds to be raised in Europe in the past 10 years, a news release said. The firm has also raised more than €200 million in secured capital through co-investment vehicles. It raised capital from pension funds, endowments, sovereign wealth funds and family offices, the news release said. Investors could not immediately be identified.
The fund acquires music catalogs and intellectual property. The fund is about 30% deployed, with artist partnerships including rock band KISS, Cyndi Lauper, as well as Swedish artists Avicii and Swedish House Mafia.
Pophouse was founded by Ulvaeus and Conni Jonsson, founder of Swedish private equity firm EQT.
“Facing unprecedented disruption caused by streaming and technology, music intellectual property presents a differentiated, lifetime opportunity for investors,” Jonsson said in the release. “We are reshaping the entertainment industry by applying an active, value-add approach that unlocks future generations for fandom.”
