Is Larry Mestel about to raise a billion dollars? Don't bet against it.
Mestel's Primary Wave has already raised over $800m in the past four years via two IP funds: a $300m fund in 2016, backed by Black Rock, and a further $500m-plus fund launched last year.
This money has been used by Primary Wave to acquire assets that live up to the company's billing as "the home of legends".
As such, Primary Wave now owns substantial stakes in the song catalogs of the likes of Ray Charles, Bob Marley, Whitney Houston, Smokey Robinson and the Four Seasons.
Now, Mestel tells the MBW Podcast that Primary Wave is plotting an additional raise of equity that will be "significantly bigger" than those that have come before – although he's remaining tight-lipped on what form this might take.
Other topics covered in this discussion between Mestel and MBW founder, Tim Ingham, include Primary Wave's record label-esque approach to marketing, why the firm might consider a fundraise on the stock exchange, and the fiercely competitive modern music rights acquisition marketplace.