Metallica have signed up to an investment fund to purchase acts’ music.
The metal legends have teamed up with former Morgan Stanley investment banker Paul Donahue and others for the Worldwired IP Fund; an acquisition venture that will look to buy other intellectual property forms besides just music.
The Worldwired IP Fund, which cribs its name from Metallica’s recent world tours, starts with assets between $300-$500 million (£237.9m -£396.5m), according to Variety. The idea is to purchase song catalogs and drive up their values.
Donahue is an advisory board member of Metallica’s charitable All Within My Hands Foundation. Also reported to be involved in the fund are former Fender Guitars president Matt Janopaul and ex-Sony/ATV co-president Rick Krim.
Elsewhere, Metallica have been continued to give widely to charity. Their latest move under their All Within My Hands Foundation came in the form of a $295,000 donation for coronavirus relief grants.
The grant is to be split between five charities: Feeding America, Direct Relief, Crew Nation, MusiCares and the USBG National Charity Foundation.
Over the past year, Metallica have given to a range of charitable causes. In January, the band contributed $750,000 to the Australian bushfire relief effort. During their 2019 European tour, the band donated a total of €1.5 million to several local charities.