Apex Group Ltd (Apex), a global financial services provider, has been appointed by Barometer Capital Management (Barometer Capital), to provide administration services to the Barometer Global Music Royalty Fund.
Barometer Capital has partnered with the Kilometre Music Group (Kilometre), a music rights management company, to launch the Fund, a limited partnership with a targeted size of USD200 million that will invest in a diversified portfolio of music copyrights. The Fund will seek to generate income and capital gains by acquiring catalogs of high quality, globally successful, enduring music copyrights and royalty streams with a focus on Canadian creators.
Apex has been mandated by Barometer Capital to provide fund administration and transfer agency services to the Fund. Apex’s model, underpinned by market leading technology platforms allows Apex to provide middle and back office services to support pioneering and highly successful new structures. This appointment is yet further evidence of Apex’s commitment to providing an adaptable single source solution for the most innovative funds operating at the leading edge of the financial services ecosystem.
John Bohan, Co-founder and Country Head Business Development (Ireland) at Apex Group, says: “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. 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.”
Greg Guichon, Chairman at Barometer Capital, adds: “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. By outsourcing fund administration and transfer agency requirements to a reliable third party, we are able to focus on the job at hand. We are delighted to be working with Apex and have been impressed by their international expertise, adaptability and flexible approach to structuring solutions to meet the specific requirements of our fund.”
Michael McCarty, Co-Founder at Kilometre, says: “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. 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.”
