The fund was backed by a global investor base spanning insurance companies<\/strong>, pension<\/strong> funds<\/strong>, endowments<\/strong>, and large<\/strong> family<\/strong> offices<\/strong>, according to a press release, which also noted that Primary Wave is a strategic partner of financial giant Brookfield<\/strong> Asset<\/strong> Management<\/strong>.<\/p>\n The fundraise comes at a moment of rapid expansion for\u00a0Primary Wave<\/strong>.<\/p>\n In March, the Larry Mestel-led firm announced a definitive agreement to acquire Kobalt<\/a>, one of the world’s largest independent music publishing and technology platforms, from Francisco Partners<\/strong>. That transaction, which includes an investment from Brookfield<\/strong>, is expected to close in Q3 2026.<\/p>\n Primary Wave<\/strong> said the new fund reflects “the deepening institutional recognition of music intellectual property (IP) as a differentiated and scalable asset class and specifically Primary Wave’s ability to partner with unique artists and enhance the value of those rights.”<\/p>\n Fund 4<\/strong> has already invested $700 million<\/strong> across more than 65<\/strong> single-artist catalogs, including The Notorious B.I.G.<\/strong><\/a>, Village People<\/strong><\/a>, Neil Sedaka<\/strong><\/a>, Itzhak Perlman<\/strong><\/a>, Ric Ocasek<\/strong><\/a>, The Cars<\/strong><\/a>, Robert “Kool” Bell<\/strong>, Gilberto Gil<\/strong><\/a>, Thin Lizzy<\/strong><\/a>, and Dave Brubeck<\/strong><\/a>.<\/p>\n “This fundraise validates both the platform we have built at Primary Wave and our conviction that an active, aggressive hands-on approach to marketing music is what drives superior long-term returns for our investors and growth in value to our artists.”<\/p>\n Larry Mestel<\/strong>, Primary Wave Music<\/span><\/p><\/blockquote>\n “This fundraise validates both the platform we have built at Primary Wave and our conviction that an active, aggressive hands-on approach to marketing music is what drives superior long-term returns for our investors and growth in value to our artists,” said Larry Mestel<\/strong>, CEO of Primary Wave Music.<\/p>\n “The success of this fundraise reflects both the strength of their strategy and the growing role of music royalties within institutional portfolios.”<\/p>\n Craig Noble<\/strong>, Brookfield<\/strong><\/span><\/p><\/blockquote>\n Craig Noble<\/strong>, CEO of Brookfield<\/strong>‘s Credit business, added: “Primary Wave has built a category-defining platform in music IP, with a clear track record of sourcing, scaling, and enhancing high-quality assets.<\/p>\n “The success of this fundraise reflects both the strength of their strategy and the growing role of music royalties within institutional portfolios. We are excited about our long-term partnership with the company.”<\/p>\n “We are thrilled with this exceptional result, and most importantly with the group of thought leading global institutional investors which has joined us in Fund 4.”<\/p>\n Bill Cisneros<\/strong>, Primary Wave IP Investment Management<\/span><\/p><\/blockquote>\n Bill Cisneros<\/strong>, President of Primary Wave IP Investment Management, added: “We are thrilled with this exceptional result, and most importantly with the group of thought leading global institutional investors which has joined us in Fund 4.”<\/p>\n The $2.225 billion<\/strong> close marks a significant escalation in Primary Wave<\/strong>‘s fundraising trajectory.<\/p>\n The firm raised approximately $300 million<\/strong> for its first fund in 2016<\/strong><\/a>, with investors including BlackRock<\/strong>, followed by a $500 million<\/strong> second fund in 2019<\/strong><\/a>.<\/p>\n Its third fund launched in 2021. MBW’s sources suggested at the time that it was backed with $800 million in capital. (The launch of Fund 3 coincided with a\u00a0$375 million<\/strong> investment from Oaktree Capital<\/a>).<\/p>\n Fund 4<\/strong> is the latest vintage of the firm’s flagship strategy, which focuses on acquiring music rights and enhancing their value through Primary Wave<\/strong>‘s platform encompassing marketing and branding, sync licensing, digital distribution, content development, and immersive experiences.<\/p>\n Primary Wave<\/strong>‘s acquisition firepower was supercharged in 2022<\/strong> by a $2 billion<\/strong> partnership with Brookfield Asset Management<\/a>, which saw the financial giant take a minority interest in the New York-headquartered publisher and commit $1.7 billion<\/strong> to a permanent capital vehicle for music rights acquisitions.<\/p>\n Brookfield Asset Management<\/strong>\u00a0manages over $1 trillion<\/strong> of assets across infrastructure, energy, private equity, real estate, and credit.<\/p>\n Primary Wave<\/strong>\u00a0was founded by\u00a0Mestel<\/strong>\u00a0in\u00a02006<\/strong>. Its portfolio spans rights in the music of\u00a0Prince<\/strong><\/a>,\u00a0Bob Marley<\/strong><\/a>,\u00a0Whitney Houston<\/strong><\/a>,\u00a0Stevie Nicks<\/strong><\/a>,\u00a0James Brown<\/strong>,\u00a0Smokey Robinson<\/strong>,\u00a0Ray Charles<\/strong>,\u00a0Def Leppard<\/strong><\/a>, and\u00a0Aerosmith<\/strong>, among many others. The company says the songs represented across its catalog include over\u00a01,000<\/strong>\u00a0Top 10 singles and over\u00a0400<\/strong>\u00a0No.1 hits.<\/p>\n Earlier this year,\u00a0Primary Wave<\/strong>\u00a0made a strategic investment in music financing platform RUN<\/a>, which provides advances of up to\u00a0$25 million<\/strong> per transaction to artists and songwriters \u2014 signaling the firm’s expansion beyond catalog acquisition into the music financing infrastructure.<\/p>\n The firm has also been expanding its geographic footprint.<\/p>\n In March,\u00a0Primary Wave<\/strong>\u00a0made a strategic investment in Vietnam’s POPS Music<\/a>, which claims to manage more than\u00a045,000<\/strong>\u00a0recordings across Southeast Asia, with plans to accelerate catalog acquisitions in the region.<\/p>\n![](\"https:\/\/www.musicbusinessworldwide.com\/files\/2024\/02\/larry-mestel-80x47.jpg\")
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