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KKR Leads $500MM Debt Financing for HarbourView Equity Partners

March 14, 2024, 07:52 AM
Filed Under: Industry News

HarbourView Equity Partners (HarbourView) has secured approximately $500 million in debt financing through a private securitization backed by its diversified catalog of music royalties. Insurance vehicles and accounts managed by KKR, a leading global investment firm, led the financing and investment accounts advised by Kuvare Asset Management also participated in the transaction.

“We are grateful to KKR for working with us to deliver a flexible and innovative financing structure that will support HarbourView in expanding its reach,” said HarbourView Founder and CEO Sherrese Clarke Soares. “This capital will allow us to further our mission of investing in assets and companies driven by premier intellectual property while striving to ensure that creators are appropriately valued for their contributions to the world.”

“This transaction is a testament to the scale and versatility of our High-Grade Asset-Based Finance strategy, which is a fast-growing segment of our private credit business,” said Avi Korn and Chris Mellia, Co-Heads of U.S. Asset-Based Finance at KKR. “Music IP is one of many areas where we see opportunity and we are pleased to finance a scaled and high-quality portfolio in this space.”

KKR’s Asset-Based Finance (ABF) strategy focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns. KKR’s ABF platform began investing in 2016 and now has approximately $48 billion in ABF assets under management globally across its High-Grade ABF and Opportunistic ABF strategies.

Established in 2021, HarbourView Equity Partners has quickly solidified its position in the industry, amassing roughly $1.6 billion* in regulatory managed assets and establishing a distinctly diverse portfolio featuring thousands of titles spanning numerous genres, eras, and artists. The asset manager has acquired 50+ catalogs including Pat Benatar and Neil Giraldo, Fleetwood Mac’s Christine McVie, Wiz Khalifa, Brad Paisley, Jeremih, Nelly, Luis Fonsi, Eslabon Armado and more. Their diversified catalog features ~28,100+ songs across both master recordings and publishing income streams.

The financing further emphasizes HarbourView's commitment to delivering the best execution for its growing LP base and comes on the heels of numerous major deals, including its $300 million credit facility expansion announced in December 2023.

Guggenheim Securities, LLC served as sole structuring advisor, and Guggenheim Securities, LLC and Barclays acted as co-placement agents on this transaction.

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