Canada-based fund buys Albert Grossman’s commission rights to Janis Joplin, Gordon Lightfoot recordings – Music Business Worldwide

Canada-based music buying fund, ICM Crescendo Music Royalty Fund, has acquired what it says is Albert Grossman’s “commission rights” to classic recordings performed by Janis Joplin and Gordon Lightfoot.

During his career, legendary manager Albert Grossman managed Bob Dylan, The Band, Janis Joplin, Gordon Lightfoot, Todd Rundgren, Peter, Paul and Mary, and several other iconic artists.

He also established Bearsville Record and Studios in Bearsville, NY. Sally Grossman, Alberts’ wife of many years, managed his estate after his death in 1986 and until her recent passing.

The ICM Crescendo Music Royalty Fund was formed through a partnership between Canada-headquartered ICM Asset Management and Crescendo Royalty Corporation in July 2020.

Founded in 2003, ICM Asset Management manages more than CAD $1.6 billion (USD $1.2bn) of assets across real estate, private equity / venture capital, and alternative income. In addition to its HQ in Calgary, Canada, the company has offices in Atlanta, Munich and Mexico City.

Crescendo Royalty Corporation says it has been acquiring royalties since 2017 with interest in hits like LaLaLa by pop star Shakira and Blame it on the Alcohol by Jamie Foxx.

According to ICM Crescendo Music Royalty Fund’s website, the fund’s objective is to “provide investors with an attractive level of income with the potential for capital growth from investments in predominantly music intellectual property rights”.

When ICM Crescendo Music Royalty Fund launched in 2020, David Vankka, a Partner and Portfolio Manager of ICM Asset Management noted that ICM has “been interested in the music business for a long time and are excited about the portfolio diversification benefits and high margin income that music royalties exhibit”.

Back in July 2020, the ICM Crescendo Music Royalty Fund appointed Grammy award-winning producer and songwriter Devo Harris as an advisor.

ICM notes that Harris was on the founding team of Kanye West‘s GOOD Music label, where he discovered, signed, and produced Emmy, Grammy, Oscar, Tony (EGOT) winner John Legend and has written for Kanye West, Britney Spears, Aretha Franklin, Nas, Common and more with over 10 million records sold.

The Fund has been quietly buying up rights since its launch. In addition to the Albert Grossman deal, the fund has recently bought the following:

• In May, it acquired rights to six albums of songs by American rock band, Sleeping With Sirens.
• In January, it acquired what it says was the “producer rights” from Chad Elliott for the songs If You Leave and Jumpin’ Jumpin by Destiny’s Child.
• In December 2021, it bought a catalog of pop and hip hop songs from engineer and producer Brian Kidd, such as Do You Know by Enrique Iglesias, All About Tonight by Pixie Lott, Dimelo by Enrique Iglesias and Can’t Get Enough by J Cole.
• In November, it acquired an interest in the writers share and co-publishing royalties of The Exclusives, an R&B and hip hop songwriting and production team who have collaborated with artists such as The Roots, DJ Khaled, Snoop Dogg and others.

According to ICM Crescendo Music Royalty Fund’s Q2 2022 report, the Fund’s net asset value was approximately CAD $39.9 million (USD $30.6m) as of June 30, 2022.

American singer Janis Joplin, had five singles reach the Billboard Hot 100, including Me and Bobby McGee, which reached No.1 in March 1971.

Some of her most popular songs include her cover versions of Piece of My Heart, Cry Baby, Down on Me, Ball and Chain, Summertime, and her original song and final recording, Mercedes Benz.

ICM says that Gordon Lightfoot is credited with helping to define the folk-pop sound of the 1960s and 1970s.

Lightfoot has topped the US Hot 100 charts with the hits If You Could Read My Mind, Sundown, Carefree Highway, Rainy Day People, and The Wreck of the Edmund Fitzgerald.Music Business Worldwide