Sydney, Australia-based Colonial First State Global Asset Management has raised more than US$130 million in new investments for its FS Media Works Fund I, bringing the fund to an initial close.

According to the firm, the fund, launched earlier this year, has attracted international end investors including a number of North American institutional investors and private wealth managers, in addition to First State's parent company, the Commonwealth Bank of Australia.

The fund invests in a diversified portfolio of media copyrights and related rights, which are capable of generating consistent long-term cash flows. Underpinning the fund are stable music publishing catalogues that have a robust and sustainable royalty stream. These include all the music copyright assets originally assembled through the former DreamWorks Music Publishing and Wind-up Entertainment catalogues—previously one of the largest independently owned and operated record labels in the U.S.

Both was acquired by First State Media Group during 2007 and the wind-up deal included the rights for First State Media Group to acquire the future publishing assets from certain artists, providing the potential for future earnings growth.

“Music copyright assets are attractive for investors because they generate steady, reliable global streams of income, and have low correlation to market activity and other asset classes,” said Steve McMellon, managing director of First State Media Group. “The long term of protection afforded to copyright works provides investors with an ideal match for their long term liabilities.”

The firm currently manages some US$94 billion in traditional and alternatives assets.