Paul Hastings Advises Primary Wave on Its $2.225 Billion Fourth Music Fund

Paul Hastings LLP advised Primary Wave Music, a strategic partner of Brookfield, on the formation of Primary Wave Music IP Fund 4, which held its final closing at $2.225 billion in total commitments, exceeding its original target of $1.5 billion and its hard cap of $2 billion. Backed by a diverse global investor base, including insurance companies, pension funds, sovereign wealth investors and others, Fund 4 is the largest dedicated closed-end music royalties fund in the industry to date. Paul Hastings also assisted in implementing a bespoke feeder fund for insurance capital and helping to establish a series of subscription line credit facilities for the fund complex.

Paul Hastings has a deep, long-standing relationship with Primary Wave, having represented the client in all of its prior fundraising activities and notably on its $2 billion strategic partnership with Brookfield in 2022, as well as advising on many significant music acquisitions and related transactions across the Primary Wave platform.

Investment Funds & Private Capital Partner Max Rosenberg led the Paul Hastings team, with associates Hailey Ullmann, Stanley Birch and Jake Bernstein. The team was supported by Ryan Swan and Zach Milloy (Funds Regulatory), Joseph Opich and Rob Wilson (Tax), Matthew Nemeth and Daniel Nicholas (Structured Credit), Lindsay Sparks (Finance) and Sidney Fohrman (Music).

More information can be found here.

About Paul Hastings

With widely recognized elite teams across 17 core practices, Paul Hastings is a premier law firm with a culture of excellence focused on providing intellectual capital and superior execution globally to the world’s leading investment banks, asset managers and corporations.