Barometer Capital launches Canadian music rights fund

Toronto-based Barometer Capital has partnered with music rights company Kilometre Music Group to launch a fund with a target size of $200 million in order to invest in a diversified portfolio of music copyrights. The Barometer Global Music Royalty Fund LP is relying on Apex Group as its fund administrator and transfer agency service provider. The fund will invest in catalogs of high quality, globally successful, enduring music copyrights and royalty streams with a focus on Canadian creators. Private equity funds in the U.S., such as KKR, MidOcean and Round Hill, have focused on music royalty stream deals over the past year. “Recorded music is currently generating double digit revenue growth, with streaming expected to drive a twofold increase in total music royalty revenues over the next decade,” said Greg Guichon, chairman at Barometer Capital, which has more than $1 billion in AUM. “By outsourcing fund administration and transfer agency requirements to a reliable third party, we are able to focus on the job at hand.” Guichon said he was impressed with Apex’s international expertise, adaptability and flexible approach to structuring solutions to meet the fund’s requirements. Apex in turn chalks up the success to its technology platforms. “Music royalties are undoubtedly considered one of the most attractive and fast-growing alternative assets for 2021 as investors seek non-equity correlated returns during ongoing market volatility,” commented John Bohan, co-founder and country head business development (Ireland) at Apex Group. “By providing robust and reliable fund administration and transfer agency services, we will support Barometer Global Music Royalty Fund LP throughout its lifecycle, allowing Kilometre’s impressive management team to focus on securing a high-quality pipeline of proprietary opportunities and ultimately to generate predictable, stable cash flow to its investors.” Kilometer Music Group was co-founded by Michael McCarty, who is known for working with Canadian artists such as Drake, Alesia Cara, The Weeknd, Shawn Mendez, Frank Dukes, Mudah Beats, Keith Power, Andrew Lockington, Bryan Adams and Sarah McLachlan. “For over five decades Canadian artists, songwriters, producers and beat makers have been ‘punching above their weight’ in generating music that has resonated in markets around the world,” said McCarty. “A portfolio of these songs, and their rights would be the envy of any music rights company in the world, and a great investment. We look forward to working with Apex who will play an important role in enabling Barometer Global Music Royalty Fund LP to successfully acquire a significant portion of these globally successful and enduring music copyrights.”

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