Morning!
Music: HarbourView Equity Partners acquired Big Loud Mountain Music’s share of Florida Georgia Line’s music catalog, continuing its acquisition spree since its founding with an anchor commitment from Apollo Global Management. Florida Georgia Line sold more than 26 million tracks and 3.5 million albums. The duo was formed in 2010 by Brian Kelly and Tyler Hubbard. Check it out on PE Hub.
HarbourView is led by Sherrese Clarke Soares, one of our featured Women in Private Equity this year. Soares partnered with Apollo on the launching of HarbourView structured as a fund-of-one, with Apollo contributing $1 billion.
The firm’s initial focus is on investments in music royalties but has plans to expand into other areas of entertainment content. Clarke Soares also has aspirations to expand fundraising to a broader group of investors. “$1 billion is a great way to start; our goal is to build an institution,” she said in a previous interview.
Growthy: With all the pain in growth-tech, it seems counterintuitive that firms are launching new funds to target that exact strategy. And yet, news from WSJ today that SoftBank Group is considering launching a third Vision Fund.
The company would use its own cash for the massive pool if it decides to go forward, according to WSJ. It’s also considering putting additional money into Vision Fund II, instead of launching a new fund. The second pool is currently underperforming and those losses will reduce compensation for staff working on the fund, WSJ said.
Fund II accelerated spending right around the peak of valuations on investments like Klarna Holdings, WSJ said. Read more here.
Movement: The laconic Rod James over at Secondaries Investor has had some interesting coverage of late, namely a number of folks leaving their roles. The latest comes from advisor M2O, where Jake Stuiver, who led the firm’s LP secondaries practice, has left. It’s not clear why or if he is heading to a new place.
Stuiver joined M2O in February 2021 from Evercore. Stuiver’s departure follows that of Mike Custar, the head of the firm’s secondaries advisory business, who left earlier this year and joined mid-market investment bank William Blair to start up a GP-led advisory biz. Read more on SI.
That’s it for me! Hit me up as always with tips n’ gossip, feedback or story ideas at cwitkowsky@buyoutsinsider.com or find me on LinkedIn.
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