Is Larry Mestel about to raise a billion dollars? Don’t bet against it.
Mestel’s Primary Wave has 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 premium music assets that live up to the company’s billing as “the home of legends”.
You can listen to the MBW Podcast with Larry Mestel via SoundCloud above, or on Apple Podcasts, Google Podcasts, Spotify, Stitcher, iHeart etc. via this link.
Now, speaking on the MBW Podcast, Mestel reveals that Primary Wave is currently “finishing off” that $500m-plus second fund, while plotting an additional future raise that will be “significantly bigger” than those that have come before.
Mestel’s remaining tight-lipped on precisely what structure, and what number, this might involve. But take it from us: don’t be shocked if Primary Wave raises a third fund in the months ahead that boasts a ten-figure (or near-ten-figure) acquisitive war chest.
Want further evidence?
“We [currently] have close to $700 million of acquisitions in the pipeline,” reveals Mestel, who has been CEO of Primary Wave since the New York-headquartered company was founded in 2006.