Grammy Award-winning Nelly Furtado hits the right note with Blackstone for her comeback catalog | Economic news

Grammy-winning singer Nelly Furtado is set to become the latest international music star to reap rich rewards from her catalog as she strikes a deal with a company backed by private equity giant Blackstone.

Sky News has learned that Furtado, a Canadian whose hits include I’m Like a Bird, is set to sign a deal to sell her collection of songs to Hipgnosis Song Management (HSM).

The value of the deal was unclear on Thursday, but analysts speculated it could be worth around $50 million.

This will be HSM’s second acquisition since Blackstone announced its partnership with Merck Mercuriadis, founder of the London-listed Hipgnosis Songs Fund, in November.

The first agreement was reached last month with the estate of the late Leonard Cohen.

HSM’s deal with Furtado will be the latest in a storm of music rights acquisitions as financial investors are increasingly drawn to the stable, long-term returns provided by music royalties.

The explosion in demand for streaming services has boosted interest in listening to old hit songs.

In recent months, Pimco, the world’s largest bond fund, and KKR, Blackstone’s private equity rival, have entered the sector with new ventures.

Some of the vehicles backed by these investors are expected to seek public listings in due course.

HSM declined to comment.