Shot Tower Capital has engaged in an independent audit of Hipgnosis Songs Fund’s assets, lowering the valuation of its assets by 26%. This follows a report on March 18 that revealed a double-counting error in Hipgnosis’ accrued revenue, with the board announcing a 7.6% reduction to its operative net asset value (NAV). The report also finds that Hipgnosis Songs Fund’s acquisition underwriting was “below music industry standards.”
Source: Hipgnosis Songs Fund Audit Says Fund ‘Failed to Perform’