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New York-based personal fairness agency Lyric Capital Group, guardian firm of Spirit Music Group, has efficiently closed its second fund, with complete commitments of roughly $410 million.
As well as, the agency additionally raised senior debt financing to carry Lyric’s new deployable capital to over $800 million.
Lyric says that it exceeded its funding goal, with “help from a various group of recent and current institutional buyers”.
Commenting on the information, Jon Singer, Managing Accomplice and Co-Founder at Lyric Capital, and Chairman of Spirit Music Group, mentioned: “Because of {our relationships} and confirmed popularity pretty much as good stewards of legendary tune catalogs and recordings, now we have a strong pipeline of proprietary alternatives and the capital to pursue them.”
Lyric Capital Group was based in 2019 by Jon Singer and Ross Cameron.
Lyric’s newest fundraise follows the information in October 2021 that the agency had struck a $500 million strategic alliance with Northleaf Capital.
Since that deal, Toronto-based Northleaf has used Spirit Music Group’s music property to help the increase of a $303.8 million bond providing.
The Spirit Music Group portfolio is essentially made up of mature music royalty property managed by Lyric Capital Group and represents mixed catalogs totaling over 100,000 songs.
The corporate’s repertoire contains hits recorded by such artists as The Who, Ed Sheeran, John Legend, Chicago, The Go-Go’s, Religion Hill, Tim McGraw, Camilla Cabello, Jay-Z, Ricky Martin, Brad Paisley, Toto, Madonna, Jason Aldean, Graham Nash, T.Rex, Charles Mingus, Carrie Underwood, Taylor Swift, Billy Squier, Chaka Khan, Whitney Houston, Eminem, Elvis, Frank Sinatra, Eminem, Salt-N-Pepa, Electrical Gentle Orchestra, Tom Petty, The Touring Wilburys, and extra.
In February final 12 months, Spirit Music Group acquired the recorded music catalog of multi-Platinum nation famous person, Jason Aldean, in a $100 million-plus deal.
Lyric’s new $800 million increase marks the newest proof that the music rights acquisition area is hotting up once more, and follows a string of latest big-money offers and investments.
Earlier this month, Los Angeles-based funding firm Shamrock Capital, greatest recognized for shopping for the grasp rights to Taylor Swift’s first six studio albums from Massive Machine, raised greater than $600 million in commitments for its third fairness fund.
In the meantime, in October, Major Wave introduced a brand new $2 billion take care of Brookfield Capital.
Plus, in January, Korea-based Ok-pop and media big Kakao Leisure secured an funding value round $1 billion from sovereign wealth funds, a part of which it plans to make use of to develop its music operation through acquisition. (Kakao, like HYBE, has this month introduced that it’s acquired a minority stake in SM Leisure.)
“I couldn’t be extra enthusiastic about finishing our newest fundraise with the participation of current and new buyers which validates our distinctive and collaborative strategy to buying high-quality property from recording artists and songwriters.”
Jon Singer, Lyric Capital and Spirit Music Group
Jon Singer, Managing Accomplice, and Co-Founder at Lyric Capital, and Chairman Spirit Music Group, mentioned: “I couldn’t be extra enthusiastic about finishing our newest fundraise with the participation of current and new buyers which validates our distinctive and collaborative strategy to buying high-quality property from recording artists and songwriters.”
“We’re very happy to shut our second fund and thank our buyers for his or her continued help of our distinctive platform.”
Ross Cameron, Lyric Capital
Ross Cameron, Accomplice, and Co-Founder at Lyric Capital, added: “Since inception, Lyric Capital has transacted on over $800 million to develop excellent catalogs of music, in partnership with artists and songwriters.
“Our disciplined funding strategy is knowledgeable by our possession of Spirit Music Group and supported by 25 years of proprietary music royalty knowledge offering us with an unmatched perception when buying and managing copyrights.
“We’re very happy to shut our second fund and thank our buyers for his or her continued help of our distinctive platform.”
Eaton Companions served because the unique placement agent and Ropes & Grey LLP served as authorized counsel. Truist (previously SunTrust) and Pinnacle have been co-leads on the debt syndication for Lyric Capital Group.Music Enterprise Worldwide
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