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(Reuters) – Personal fairness behemoth Apollo International Administration (NYSE:) has invested $700 million in high-profile file label Sony (NYSE:) Music Group, permitting its shoppers a chance to put money into “excessive grade” different belongings.
Apollo didn’t reveal the phrases of the take care of Sony, which works with artists comparable to Lil Nas X and Celine Dion.
Booming demand for different investments has boosted the attraction of the music trade as traders look past conventional belongings comparable to shares and bonds, making it a well-liked asset class for Wall Road companies in recent times.
Heavyweights of the monetary world are cashing in on the profitable streaming rights and money flows the trade affords.
“This funding permits our shoppers to put money into excessive grade securities whereas serving to Sony to execute its enterprise plans,” mentioned Jamshid Ehsani, a accomplice at Apollo mentioned on Friday.
Apollo had additionally backed media and entertainment-focused funding agency HarbourView Fairness Companions in 2021.
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