NEW YORK (CelebrityAccess) — The New York-based private equity investor Lyric Capital announced the successful capital raise for its second music royalty fund with more than $800 million to acquire music rights.
The second fund launched with total commitments of approximately $410 million from a diverse group of investors. They also raised senior debt financing, bringing their total available capital for acquisitions to more than $800 million, the company said.
Lyric already owns Spirit Music Group with a catalog of more than 100,000 owned and managed copyrights and master recordings that spans 9 decades and multiple genres. The company’s repertoire includes more than 800 charted hits and 200 number one siongs by artists such as The Who, Jay-Z, Ed Sheeran, Taylor Swift, Charles Mingus, Tom Petty, Frank Sinatra, Tim McGraw, and Eminem, among numerous others.
“I couldn’t be more excited about completing our latest fundraise with the participation of existing and new investors which validates our unique and collaborative approach to acquiring high-quality assets from recording artists and songwriters,” said Jon Singer, Managing Partner, and Co-Founder at Lyric Capital, and Chairman Spirit Music Group. “Thanks to our relationships and proven reputation as good stewards of legendary song catalogs and recordings, we have a robust pipeline of proprietary opportunities and the capital to pursue them,” continued Mr. Singer.
“Since inception, Lyric Capital has transacted on over $800 million to develop outstanding catalogs of music, in partnership with artists and songwriters. Our disciplined investment approach is informed by our ownership of Spirit Music Group and supported by 25 years of proprietary music royalty data providing us with an unmatched insight when acquiring and managing copyrights,” said Ross Cameron, Partner, and Co-Founder at Lyric Capital. “We are very pleased to close our second fund and thank our investors for their continued support of our unique platform,” continued Mr. Cameron.
Eaton Partners served as the exclusive placement agent and Ropes & Gray LLP served as legal counsel.