'Despacito' hitmaker Luis Fonsi has sold his catalog to HarborView Equity Partners.
It’s the first publicly announced acquisition by HarborView Equity Partners, the 4-month old firm started by. The firm is already living up to its slogan as an alternative asset management company, investing in the Latin music market instead of the rock catalogs that most of the private equity investors coming into the music asset market seem to chase.
HarborView says it is seeking investment opportunities in the media and entertainment space and besides music assets, the firm says it has expertise in film, TV, and sports. Moreover, the company counts Apollo Global Management as a strategic relationship with that firm’s clients and funds serving as lead investor in HarborView.
“We are extremely excited to acquire the chart-topping, multi-platinum selling catalog of world renowned artist Luis Fonsi,” Clarke Soares, who previously founded Tempo Music and before that headed up the entertainment, media and sports structured solution platform at Morgan Stanley, said in a statement.
Born in Puerto Rico and raised in Orlando, the bilingual Fonsi has released 10 albums to date since issuing his debut albumin 1998 on Universal Music Latino. Fonsi didn’t author songs in the set, but gradually emerged as a songwriter through the years, eventually writing or co-writing his biggest hits. They include “Aquí Estoy Yo,” which spent two weeks at No. 1 on Billboard’sBut his biggest hit by far is “Despacito,” originally credited to him, Ender and Daddy Yankee.
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