Raleigh Music Publishing and ICM Crescendo Music Royalty Fund, a vehicle managed by Canada’s ICM Asset Management, have formed a joint venture to acquire music publishing catalogs. Under the agreement, ICM Crescendo will commit dedicated acquisition capital to catalogs sourced and administered by Raleigh.
Raleigh Music Publishing will gain an equity stake in the acquisitions through its catalog administration role. The two companies first worked together on the Kal Mann catalog, which includes Chubby Checker’s “Let’s Twist Again” and a sample share in House of Pain’s “Jump Around.”
The partnership, according to the announcement, combines “Raleigh Music’s deep operational expertise and long-standing relations with ICM Crescendo’s music copyright expertise, investment infrastructure and deep pockets.” The companies expect to announce multiple transactions in the near term, drawing on a pipeline developed by Raleigh through relationships with catalog owners, artist estates and music rights holders.
Raleigh’s catalog and leadership#
Raleigh Music is led by co-president Peter Raleigh, who previously led copyright teams at Cherry Lane and Imagem Music Publishing U.S., and co-president Steven Storch, who spent 21 years at Sony Music Publishing and served as its CFO before moving to Imagem.
Raleigh Music’s existing holdings include:
- Published works of Elvis Presley, including “Can’t Help Falling in Love,” “All Shook Up,” “A Little Less Conversation” and “Don’t Be Cruel”
- The George Gershwin catalog, including “Summertime” and “Rhapsody in Blue”
- The Alan J. Lerner catalog, encompassing standards from “My Fair Lady,” “Brigadoon” and “Gigi”
- The Tokens’ “The Lion Sleeps Tonight” and Tony Bennett’s “Blue Velvet”
“The American Songbook and the great songs of the 1950s and 1960s represent some of the most enduring creative achievement in our culture,” Raleigh said in a statement. “At Raleigh, we see ourselves first and foremost as stewards of that legacy. The families and heirs who entrust their songs to us do so because they know we genuinely love this music and will protect its copyrights, its integrity and its place in the world for generations to come. This partnership with ICM Crescendo allows us to extend that commitment to more of these extraordinary catalogs and to ensure that the songs that shaped American music continue to be heard, valued and cared for.”
ICM Crescendo’s portfolio and strategy#
ICM Crescendo Music Royalty Fund owns 6,500 songs across more than 50 catalogs representing over 500 artists. It is managed by ICM Asset Management, a Canadian alternative investment manager with more than $2 billion in assets.
Holdings listed by the fund include:
- Songs performed by Taylor Swift
- An Anuel AA catalog, including “Sola (Remix)” and “Nachos Pa Morir”
- Copyright and royalty interests in Lauren Daigle’s Grammy-award-winning, platinum-certified album Look Up Child
Past acquisitions include Adrian Belew’s publishing and performing rights organization (PRO) rights, and the Rebel Made publishing catalog, which includes A$AP Rocky’s “L$D,” Kelly Rowland’s “Motivation” and Usher’s “There Goes My Baby.”
“At ICM, we seek to partner with experienced operators who bring deep industry expertise and access to differentiated opportunities,” ICM Asset Management president and portfolio manager David Vankka said in a statement. “Raleigh has built an impressive track record of sourcing, acquiring and managing high-quality catalogs, making them a natural partner as we continue to grow our presence in the music royalties asset class. We look forward to building our existing relationship and pursuing additional opportunities together.”
“We are extremely excited to partner with David Vankka and the ICM team who, like Raleigh, understand and appreciate classic song catalogs. Partnering with ICM Crescendo gives us the capital to move decisively when… opportunities arise,” Storch said.
