Another massive music deal, as Spirit Music Group parent strikes $500m alliance with Northleaf Capital Partners


Spirit Music Group owner Lyric Capital Group and global investment firm Northleaf Capital Partners have struck a strategic alliance, through which funds managed by Northleaf hold an interest in certain music royalty catalogs managed by Lyric, led by Jon Singer, Managing Partner, and Ross Cameron, Partner.

Northleaf led the USD $500 million investment in which global investment group Caisse de dépôt et placement du Québec (CDPQ) was a significant co-investor. 

Toronto-based Northleaf, whose portfolio includes more than 400 active investments in 40 countries, has more than $18 billion in private equity, private credit and infrastructure commitments under management.

Jon Singer continues his role as Chairman of Spirit Music Group, while Lyric Capital Group will continue to oversee all aspects of the Spirit Music Group catalog.

New York-based Spirit says that the strategic alliance will allow it “to continue to build upon its already impressive legacy of evergreen copyrights and present day hit songs”. 

The Spirit Music Group portfolio is largely made up of mature music royalty assets managed by Lyric Capital Group and represents combined catalogs totaling over 100,000 songs.

Spirit says that “it is one of the largest and most diversified independent music portfolios”. It includes catalogs with over 800 charted hits and more than 200 No.1 songs.

In 2021, Spirit Music Group boasts four No.1 Country Airplay singles in a row with Waves by Luke Bryan; Things A Man Oughta Know by Lainey Wilson, Country Again by Thomas Rhett, and You Time by Scotty McCreery, as well as a publishing interest in the No.1 Billboard Hot 100 song Way 2 Sexy by Drake, which has over 200 million streams, and the No.4  Billboard Hot 100 song Champagne Poetry by  Drake, which has over 100 million streams.

“We are excited to have Northleaf on board who share our  vision.”  

Jon Singer, Lyric Capital Group

Said Jon Singer, Managing Partner, Lyric Capital Group: “From day one, Spirit has stayed committed to providing  unparalleled service to our songwriters and business partners and we’re proud that the health of our company reflects  that promise today.

“This strategic alliance allows us to continue to anticipate our clients’ needs in a constantly evolving  market and accelerate our growth strategy of investing in iconic catalogs, elevating new music and serving the needs of the songwriters who entrust us with their life’s work.

“We are excited to have Northleaf on board who share our  vision.”  

“Northleaf is the right long-term strategic partner for us as they bring strong creative sensibilities and private markets expertise as well as access to flexible capital to support our  growth strategies within the music royalty space.”

Ross Cameron, Lyric Capital Group

Said Ross Cameron, Partner, Lyric Capital Group: “Northleaf is the right long-term strategic partner for us as they bring strong creative sensibilities and private markets expertise as well as access to flexible capital to support our  growth strategies within the music royalty space.

Our team is honored to continue serving the incredible songwriters that make up the Spirit and Lyric family during this exciting time.” 

“This is a rapidly growing and uncorrelated asset class that provides our investors with predictable and growing cash flows.” 

Michael Morris, Northleaf

Said Michael Morris, Managing Director, Northleaf: “We are delighted to work with the team at Lyric. Our  collaboration represents a compelling opportunity in the music royalty space alongside a best-in-class operator.

“This  is a rapidly growing and uncorrelated asset class that provides our investors with predictable and growing cash flows.”

“We look forward to supporting the growth of this mature and  diverse song catalog of evergreen copyrights.”

Added Matthew Sparks, Northleaf

Added Matthew Sparks, Managing Director, Northleaf: “We look forward to supporting the growth of this mature and  diverse song catalog of evergreen copyrights.

“Northleaf will continue to expand our music royalty portfolio by adding  attractive assets with strong potential, building on our strategic approach and ability to provide flexible capital to  support ongoing growth.” 

“This first investment in music royalties under our Capital Solutions strategy will leverage the sector’s positive long-term trends and provide stable cash flows and attractive capital protection for our  clients.” 

Martin Laguerre, CDPQ

Said Martin Laguerre, Executive Vice-President and Head of Private Equity and Capital Solutions, CDPQ: “We are  pleased to invest alongside Northleaf in a diversified music royalties portfolio composed of firmly established assets  under the solid management of Lyric.

“This first investment in music royalties under our Capital Solutions strategy will leverage the sector’s positive long-term trends and provide stable cash flows and attractive capital protection for our  clients.” Music Business Worldwide



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