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Kobalt Sells Catalog Fund to New KKR Venture for $1.1 Billion




The portfolio, which will continue to be administered by Kobalt Music Publishing, includes over 62,000 copyrights. An investment group comprising of KKR and Dundee Partners, the investment office of the Hendel Family, have acquired the Kobalt Music Royalty Fund II for $1.1 billion, the two parties announced on Tuesday.


The acquirers have formed a platform called Chord Music Partners to manage the investments of the royalty fund, which was sold by Kobalt Capital Ltd. The music assets owned by the fund—which were not disclosed in the press release announcing the deal—will continue to be administered by Kobalt Music Publishing through a multi-year agreement, they said. In addition to those music assets, KKR will contribute other music assets it has acquired in the last year. According to the announcement, the strategy consulting firm mtheory was instrumental in the formation of Chord. Separately, KKR has announced a partnership with BMG to buy music assets in what was described as a $1 billion deal pipeline earlier this year.

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