NEW YORK and ROWAYTON, Conn., July 13, 2021 (GLOBE NEWSWIRE) -- Lyric Capital Group, a leading music private equity firm focused on investing in music royalties, is pleased to announce the closing of a $130 million investment with the support of new and existing limited partners. Eaton Partners, one of the largest placement agents and financial advisory firms and a wholly-owned subsidiary of Stifel Financial Corp. (NYSE: SF), acted as exclusive financial advisor and placement agent for the transaction.
The acquisition, a single-artist catalog, is a masters, publishing, and video portfolio built by a renowned singer, songwriter, and producer whose works span over 20 years. This iconic portfolio consists of numerous #1 U.S. singles, #1 U.S. albums, and many global awards from major music institutions. Closing of the transformative transaction coincided with the financing in June 2021.
This investment comes 2 ½ years after Eaton advised Lyric on the acquisition of the Spirit Music Group portfolio in January 2019. With this acquisition, Lyric has now closed on more than $500 million of third-party capital, which has been used to acquire music royalties and other music-driven intellectual property at attractive values.
Lyric is a New York-based music royalties private equity firm that was founded by Jon Singer and Ross Cameron, who have been investing together since 2011. Lyric executes on a specialized mandate within the music sector, applying more than 25 years of proprietary music royalty data and investment discipline to provide investors with consistent yield, downside protection, and private equity-like returns.
“The emergence of music streaming coupled with a favorable regulatory backdrop has propelled the music royalty industry into a highly desirable asset class,” said Mr. Singer, Managing Partner at Lyric Capital Group. “With our $1 billion-plus, proprietarily sourced pipeline and value-oriented approach, we believe we are well-positioned to capture the momentum of an exciting sector.”
“Eaton Partners has been a vital cog to Lyric’s growth, helping us take another major step towards realizing our long-term vision,” added Mr. Cameron, Partner at Lyric Capital Group.
“During one of the music industry’s most exciting periods, Eaton was elated to work with Lyric through this investment and assist Lyric’s acquisition of this truly iconic music catalog,” said Peter Martenson, Partner at Eaton Partners. “We believe Lyric has cemented itself as a market leader within the music royalty investment arena and we are pleased to have continued the opportunity to partner with the Lyric team. Congratulations to Jon and Ross on their successful journey thus far and on this tremendous investment.”
Ropes & Gray acted as fund counsel; Akin Gump acted as tax counsel.
In addition to advising on and executing general partner (GP)-led secondary transactions, Eaton’s GP Advisory, Secondaries & Directs group focuses on supporting GPs through its direct capital raise services. Over the last two years, Eaton has advised GPs and companies on over $2 billion of secondary and direct investment transactions.
About Lyric Capital Group
Lyric Capital Group is a private equity firm focused on investing in music royalties. Lyric was founded by Jon Singer and Ross Cameron, two former executives of Spirit Music Group, a leading independent music publishing platform. Singer and Cameron launched Lyric and its initial fund in connection with completing a management-led acquisition of Spirit in 2018. With several hundred million dollars of committed capital currently under management, Lyric seeks to acquire new royalty generating assets from songwriters, artists, or other sources that complement its existing portfolio of copyrights.
About Eaton Partners
Eaton Partners, a Stifel Company, is one of the world’s leading fund advisory and capital placement agents, having raised more than $114 billion across more than 160 highly differentiated alternative investment funds and offerings. Founded in 1983, Eaton advises and raises institutional capital for investment managers across alternative strategies – private equity, private credit, real assets, real estate, and hedge funds/public market – in both the primary and secondary private fund markets. Eaton Partners maintains offices and operates throughout North America, Europe, and Asia.
Eaton Partners is a division of Stifel, Nicolaus & Company, Incorporated, Member SIPC and NYSE. Eaton Partners subsidiary Eaton Partners (UK) LLP is authorized and regulated by the Financial Conduct Authority (FCA). Eaton Partners subsidiary Eaton Partners Advisors (HK) Limited is approved as a Type 1-licensed company under the Securities and Futures Commission (SFC) in Hong Kong. Eaton Partners and the Eaton Partners logo are trademarks of Eaton Partners, LLC, a limited liability company. ® Eaton Partners, 2021. For more information, please visit https://eaton-partners.com/.
About Stifel
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.
Media Contacts
Neil Shapiro, +1 (212) 271-3447
shapiron@stifel.com
Jeff Preis, +1 (212) 271-3749
preisj@stifel.com