Glenn Delgado Esq.
Founder · Chief Executive Officer
Music executive, attorney, and catalog acquisition pioneer. Reservoir Media, Virgin Records, Arista Records, and BMG Entertainment.
Reverb Acquisition Partnership · Fund I
Bridging the Gap
RAP Fund I acquires and scales a portfolio of durable, cash-flowing music catalogs overlooked by large institutional capital.
Investor overviewSeptember 2026
01 The strategy
From a songwriter’s income
to an institutional asset
We win below the institutional radar
Combining the sophistication of a large institutional buyer with the relationships, flexibility, and knowhow required to source and execute smaller, complex deals.
Repeatable drivers of value
01 / Source
Access opportunities through trusted relationships with labels, publishers, songwriters, attorneys, and managers.
02 / Curate
Select catalogs using decades of publishing and frontline music industry experience.
03 / Diligence
Evaluate each income stream and resolve legal and financial complexities.
04 / Exit at scale
Deliver diversified, institutional-ready libraries to long-term investors.
Fund I objectives
4–6Catalog acquisitions
<12×Target average entry multiple
>14×Target exit multiple
12 monthsroll-up cycle
Fund II objectives
12–18Catalog acquisitions
12×Target average entry multiple
16×Target exit multiple
24 monthsroll-up cycle
Target average song life greater than five years, with a focus on rapid return of capital. Multiples refer to trailing net publisher’s share (NPS) or net label share (NLS), as applicable. Objectives are not guaranteed.
02 The team
Team of experts
Music and finance professionals with decades of producing music and negotiating media deals with the biggest names in the industry. We were the first acquisition team at Reservoir Media and the former Head of Acquisitions at SONGS.
- Leadership at major labels
- Music publishing
- FP&A at major companies
- A&R
- Entertainment law
- Buy and sell side execution
- Deal structuring
- Asset management
- Portfolio and risk management
- Music catalog valuation
Harry Poloner
Founder · Head of Creative
Music publishing veteran and rights licensing expert. Reservoir Media, Sony Music Publishing, EMI, SONGS, and ASCAP.
Matthew Hedges CFA, CAIA
Founder · Chief Operating Officer
Institutional alternatives investor, portfolio manager, and public pension board member. Terrain Alternative Partners, Benchmark Plus, Tennessee Retirement, and Bear Stearns.
Perrie Jones
Head of Diligence · Fractional
Music finance specialist in valuation, forecasting, FP&A, and M&A. Hipgnosis Songs Group, Big Deal Music, and BMG.
03 Flagship acquisition
Project Ante:
A first look at the strategy
Under contract & in diligence · Closing targeted October 2026
A catalog of master recordings and publishing rights with full administrative control.
$2.7MCash purchase price
176Unique titles
9.3× / 10.0×Before / after full earn-out
100+Commercial sync placements
Acquisition multiples use the last three years’ average NPS/NLS.
Notable sync placements
Super Bowl / Tokyo Olympics / EA Sports / Fortnite
What supports the underwriting
- Ownership & control
- 100% master and publishing control
- Catalog maturity
- Seven-year weighted average song age
- Audience & genre
- 360K+ monthly Spotify listeners · Rock / Alternative Electronic Rock
- Core markets
- United States, United Kingdom, and Canada
- Distribution & collection
- Silver Side Productions, BMI, SESAC, and Songtrust
- Ongoing promotion
- Band actively performing
- Reserve & risk sharing
- $300K reserve held for six months; $200K earn-out on future sync income
- Reversion terms
- Co-publishing and administration shares by 2031
04 The pipeline
$60M+
Deal flow sourced
Our pipeline spans catalog sizes, genres, and stages of diligence.
Opportunities range from urban, pop, and rock to Christian, international, Latin American, country, and rap catalogs, progressing from initial queue through review, valuation, and contract.
Presented deal flow reflects the September 2026 presentation. It does not represent completed acquisitions or committed investments.
05 Timeline & structure
Fund I is just the start
- September 2026Initial launch
- November 2026Second close
- First half 2027Ramp portfolio
- Late Spring 2027Auction portfolio
- Summer 2027Launch RAP Fund II
RAP Fund I
Build the first portfolio
- $3M Founder shares
- $20M max partner capital capacity
- 60–80% LTV warehouse / acquisition facility
- $15–20M deployed over 12 months
RAP Fund II
Scale the opportunity
- $20–30M partner capital capacity
- $60–80M scale potential over two 24-month cycles
- Potential tax-advantaged rollover into an income-focused continuation vehicle
- Institutional buyer relationships primed
Timing, capacity, deployment, and rollover plans are targets and remain subject to execution and applicable terms.
06 Return profile
Hypothetical return scenarios
Illustrative net returns for the 12-month RAP Fund I across different entry and exit multiples.
Bull
+87%Net return10.5× average entry
14.0× exit
Base
+41%Net return11.0× average entry
13.0× exit
Bear
−16%Net return12.0× average entry
12.0× exit
Model assumptions: 12 months; $5M equity; $20M deployed; 75% loan-to-cost debt at a blended 10%; 0% management fee; 2% acquisition fee; 8% preferred return; 80/20 carried interest split.
These are hypothetical illustrations, not a forecast or a guarantee. Actual results may differ materially. Investors may lose capital.
07 Market liquidity
Deep capital supporting exit liquidity
Reverb’s exit strategy serves institutional demand for aggregated music rights.
$8B+
Announced private capital commitments eligible to acquire Reverb’s aggregated libraries of rights.
$5B+
Estimated music rights securitizations in 2025 under Rule 144A and Section 4(a)(2).
Market estimates as presented in the September 2026 fund deck. Available market capital does not assure a sale or a particular exit valuation.
08 Partner terms
Partner-friendly structure
0%Management fee
2%Acquisition fee
80/20Carried interest split
European waterfall
European waterfall
8%Compounding preferred return
Independent expertise Established infrastructure
- Carta
- Third-party administration
- EisnerAmper
- Fund audit
- Winstead PC
- Fund legal
- Perfect 5ifth Entertainment Services
- Internal valuation & royalty administration
- Gelfand, Rennert & Feldman
- External catalog valuation
- Law Office of Jeffrey B Gandel
- External catalog legal diligence