Pink Floyd Drummer Joins Classic-Car Investment Fund

Just the Facts:

• Pink Floyd drummer Nick Mason has joined forces with IGA Automobile LP, a group of investors who intend to buy $150 million worth of rare collectible cars.
• Mason, an auto enthusiast and well-known car collector, is on the advisory board of the fund, which is considered the first to focus on classic cars.
• Investors need to commit a minimum of $500,000 to invest in the fund. It is closed to U.S. investors.

LONDON — Pink Floyd drummer Nick Mason hopes to drum up profits by joining forces with a U.K.-based investment that intends to buy up to $150 million worth of rare collectible cars.

Mason, an auto enthusiast and well-known car collector, has joined famed designer Gordon Murray on the advisory board of IGA Automobile LP, which is believed to be the first investment fund of its type. Its investment focus is the world's rarest and most desirable collector cars.

According to a statement released by IGA, "Investment in this fund will benefit from the active management of assets by a team of industry professionals and specialist experts." Mason was out of town and unavailable for comment, his firm Ten-Tenths told Inside Line.

Investors need to commit a minimum of $500,000 to invest in the fund. It is closed to U.S. investors but IGA intends to offer a similar product to U.S. citizens in the future, possibly by the creation of a separate fund.

"This is the first classic-car fund that's purely for financial returns, rather than passion," Nick Lancaster told Bloomberg News. Lancaster is the director of the Guernsey-registered fund and founder of Lancaster PLC, one of the largest retail automotive chains in the U.K. He began courting investors January 2. "We're looking for a straightforward in-and-out return on our assets," he said.

Not only is Mason famous for being a founding member of Pink Floyd, but also for his exquisite personal classic-car collection, which includes vehicles from a 1901 Panhard to his beloved Ferrari, a 250 GTO. He also pens a column for Octane magazine, is a trustee and chairman of the advisory committee to the National Motor Museum and is president of the Guild of Motoring Writers. He has five Le Mans 24 Hours races under his belt and is a frequent participant in the annual Goodwood Festival of Speed.

"We feel confident about this subsection because of its rarity value," Lancaster told Bloombeerg. "We're looking for iconic cars with low series production that have been prepared for competition. These are in private collections and rarely come up for sale."

Inside Line says: Money, it's a gas. — Rene Wisely, Correspondent