A group that includes key players from the music industry and Wall Street has reportedly launched a new investment fund that aims to help finance tours, album production, music videos and more for emerging artists. Dubbed the Unison Fund, principals include concert booker Tom Windish, investment managers AGI Partners, artist management group Tmwrk and consultants Mtheory, The Wall Street Journal reports.
According to the report, investors have committed $25 million for its initial fund, which is expected to close by September. The fund hopes to raise to roughly $250 million more in the coming months from connection within the music industry. “For newer and midlevel acts, the fund could represent a source of financing apart from record labels, which these days generally demand a piece of an artist’s touring, merchandise and other ancillary revenue in addition to ownership of their recordings,” the WSJ notes.
Notably, the Unison Fund is said to be considering acquiring festival assets from SFX Entertainment, the bankrupt dance music promoter that is eyeing former AEG executive Randy Phillips as CEO.
The new venture is not to be confused with the Unison Benevolent Fund, a Canadian charity that provides counseling and emergency relief services to the region’s music community.