US funding agency Shamrock Capital is finest recognized within the music trade for purchasing the copyrights to hits (akin to Taylor Swift’s first six albums, which it acquired for about $300 million in November 2021).
This week, Los Angeles-based Shamrock introduced it was promoting what it calls a “passive minority stake” in its enterprise.
In keeping with a press launch Printed Wednesday, October 26, this stake was acquired by RidgeLake Companions, a strategic partnership between Ottawa Avenue Personal Capital and Apogem Capital, and Bonaccord Capital Companions.
Shamrock Capital, which has, in keeping with its web site, $3.8 billion in belongings underneath administration, invests completely in media, leisure, communications and associated sectors by means of what it calls a “multi-fund technique centered on personal fairness investments , in addition to possession and financing of content material and media rights”.
The corporate was initially based in 1978 because the household funding firm of the late Roy E. Disney and has since advanced into an institution-backed firm.
In 2020, Reported MBW that Shamrock Capital had raised $400 million in a brand new fund – and that it supposed to spend that cash on leisure mental property, together with music copyrights.
In November of that yr, Shamrock hit a ≈$300 million contract to purchase grasp rights to Taylor Swift’s first six albums.
Previous to its acquisition of Swift’s masters, one of many greatest music-related acquisitions for Shamrock was in 2018, when the corporate acquired a music publishing catalog owned by Stargate – the authors of the successes of Rihanna, Beyoncé, Katy Perry and plenty of others.
Shamrock says the transaction introduced this week will present it with “long-term capital to help the continued progress and institutionalization of the platform.”
He added that there “can be no modifications” to the funding course of, day-to-day administration or operations of the enterprise.
In June 2021, the Los Angeles-based agency agency a $1 billion progress fund, known as Shamrock Capital Progress Fund V.
In July 2021, Shamrock raised a brand new $196 million fund to supply mortgage buildings to mental property house owners, i.e. advance sums to rights holders which they then repay (with curiosity) by way of future royalties.
In keeping with the press launch, RidgeLake is targeted on buying minority stakes in main middle-market personal fairness companies. Bonaccord, in the meantime, a subsidiary of P10, Inc., is a non-public fairness platform devoted to buying non-controlling stakes in mid-market personal fairness sponsors. Bonaccord Capital Companions has $41 billion in belongings underneath administration in keeping with its web site.
Evercore served as monetary advisor and Kirkland & Ellis LLP served as authorized advisor to Shamrock.
“RidgeLake and Bonaccord’s strategic funding in Shamrock is a crucial step within the continued growth of our enterprise.
Steve Royer, Shamrock Capital
Steve Royer, President of Shamrock Capital, stated, “RidgeLake and Bonaccord’s strategic funding in Shamrock is a crucial step within the continued growth of our enterprise.
“RidgeLake and its associates have invested in Shamrock since 2005 and have been trusted companions all through the expansion of our enterprise.
“We’re excited in regards to the alternative to develop our relationship with RidgeLake, and sit up for a profitable partnership with Bonaccord, as we imagine these firms are nicely aligned with our long-term imaginative and prescient for Shamrock.”
“The depth of Shamrock’s relationships and expertise in its core markets is unmatched and we imagine their capability to accomplice with rising firms, founders and creators all over the world will proceed to thrive within the years to come back. .”
Todd Milligan, RidgeLake Companions
Todd Milligan, co-head of RidgeLake Companions, added, “Shamrock’s depth of relationships and expertise in its core markets is unmatched and we imagine their capability to accomplice with rising firms, founders and creators all over the world will proceed to thrive within the years to come back. .
“We’re delighted to accomplice with Shamrock and sit up for supporting the profitable, long-term progress of their distinctive funding platform,” added Michael Lunt, Co-Head of RidgeLake Companions.
“We imagine in Shamrock’s imaginative and prescient and sit up for actively partnering with Shamrock to help its long-term strategic objectives.”
Ajay Chitkara, Bonaccord
Ajay Chitkara, Managing Accomplice at Bonaccord, stated: “We’re proud to put money into Shamrock Capital, an distinctive middle-market sponsor with a constant monitor report of investing in high-quality media, leisure and communications belongings. , delivering outcomes to its restricted purchasers. companions for over twenty years.
“We imagine in Shamrock’s imaginative and prescient and sit up for actively partnering with Shamrock to help its long-term strategic objectives.”
The music trade all over the world