Principal investing, alongside clients.
The Firm invests as a principal in music catalogs, deal by deal.
Strategy.
Project EQINXX is the Firm's principal investment strategy. It acquires control positions in music catalogs on a deal-by-deal basis, alongside clients on a Corporate Finance mandate and, selectively, in opportunities of its own.
Acquirers deploying capital retain the Firm through Corporate Finance. Project EQINXX is the Firm's participation as a principal. The two lines are distinct.
The strategy underwrites publishing and recorded rights with streaming-driven income and a five-year earnings history, genre agnostic, deal by deal.
Acquirers work with Corporate Finance. Independent analysis of an asset sits with Financial and Valuation Advisory.
What the Firm buys.
Project EQINXX acquires music catalogs that meet the criteria below. Each transaction is underwritten on Royalty Source Intelligence before it clears, and the criteria are applied to the underwritten income of the catalog, not to reported collections.
Music publishing and recorded music rights, including income participations, held directly or within an operating company.
$1 million to $10 million per transaction, as single catalogs or portfolios.
Purchase prices of up to 10x net publisher's share or net label share, set by the underwritten durability of each catalog's income rather than by a fixed multiple.
Streaming-concentrated income with a demonstrated stable base. Performance, synchronization, and mechanical income are underwritten on their own durability.
A minimum of five years of verifiable, statement-level earnings.
Evidence of forward growth in the artist's profile, audience, or catalog usage, or in the market for the repertoire.
Genre agnostic. Domestic and international repertoire.
Control positions, structured deal by deal with investment partners and lenders, alongside Corporate Finance clients or, selectively, independently.