Merck Mercuriadis’ Hipgnosis Songs has raised another $299.1m as its latest placement has been oversubscribed. It’s Hipgnosis’ biggest equity raise to date.

The company expects it will spend the net proceeds of the issue within three months.

“Our mantra is that proven songs produce predictable and reliable income and are a highly investable uncorrelated asset class that can rival gold,” Mercuriadis said.

“In line with our current performance we will do our utmost to continue to deliver strong results for our investors by buying extraordinarily successful proven songs by culturally important artists and managing them with great responsibility.

"At the same time we will use the influence of our great songs and financial wherewithal to bring reform to the way the songwriter is remunerated. The songwriter is unjustly at the bottom of the traditional music business economic equation; our intention is to take the songwriter to the top.”