Yesterday I read in The Ringer that some musical artists are following Taylor Swift's lead and re-recording their own songs when the masters are owned by someone else.

• You may recall that Swift got upset when masters for her first six albums got acquired in 2019 by a PE-backed group fronted by music manager Scooter Braun, and decided to re-record them. Her masters were then resold to another private equity firm, Shamrock Capital Group.
• But private equity's musical interests are far bigger and broader than Taylor Swift, with entire funds dedicated to buying back catalogs. Sometimes the sellers are record labels, like in Swift's case, but often now it's the artists themselves.

Which got me to wondering: What prevents artists from cashing in via private equity, and then re-recording their music? And, if so, what exactly is private equity paying for?

There are two broad categories of music rights: The publishing rights, which include lyrics and score, and the recording rights, which include the original masters.

• Sometimes both are held by the same record company or artist, although often they're split up between multiple parties.
• Original recording contracts typically say that an artist cannot rerecord their music for a certain number of years after original release, often more than a decade, which may be why Swift is releasing her new versions gradually.

Most private equity music deals are for publishing rights, which aren't impacted by re-recordings, but there have been plenty of big recording rights deals too (plus deals with both rights).

• On those recording rights deals, many include a blanket prohibition on re-recordings (i.e., going well beyond the original record deals). For example, a source says that Blackstone-backed Hipgnosis includes such a provision in all of its agreements that include master recordings income.
• Round Hill Music, which does around 30% of its business on the recording side, usually includes re-record prohibitions but not always. CEO Josh Gruss says that he "wouldn't lose a minute of sleep" if such a clause was absent, because re-recordings are very difficult to execute — particularly for pre-digitization songs — and because most consumers still want to stream the original.
• "If someone sees a song with 50 million streams and one with 50,000 streams, which one are they going to pick?" He acknowledges that Swift's re-records are outperforming her originals, but believes her situation is unique — partially because of her massive marketing muscle.
• Another music rights investor adds: "There are certainly transactions where buyers have sought protections against re-recording ... but ... the strength of these provisions hasn't really been tested."

Arctos Partners is raising $4 billion for its first non-sports fund, which instead will focus on flexible capital solutions for private equity firms, Axios has learned.

Why it's the BFD: This reflects how one of private equity's fastest-growing segments is servicing private equity itself.

Details: Arctos announced the strategy this morning, called Arctos Keystone, including a leadership team comprised of John Stott (ex-McKinsey & Co., Landmark Partners), Michael Belsley (global head of liquidity solutions at Kirkland & Ellis), Charles Tingue (TDR Capital, Landmark) and Joe Corcoran (SRP, Blackstone).

• It plans to provide "growth capital, financing and liquidity solutions" to firms, funds and portfolio companies.

The bottom line: Arctos was founded to wrap a private equity framework around pro sports, taking stakes in teams and leagues. Now it's expanding by going back to where some of its partners began their careers.

🚑 Septerna, a South SF-based biotech focused on G protein-coupled receptors, raised $150m in Series B funding. RA Capital Management led, and was joined by Deep Track Capital, Goldman Sachs Asset Management, Vertex Ventures HC, Mirae Asset Financial Group, Driehaus Capital Management, Woodline Partners, Soleus Capital and insiders Third Rock Ventures, Samsara BioCapital, Invus, Catalio Capital Management, BVF Partners, Casdin Capital and Logos Capital. www.septerna.com

🌎 CarbonCure, a Canadian carbon removal startup focused on the concrete industry, raised US$80m. Blue Earth Capital led, and was joined by Breakthrough Energy Ventures, Taronga Ventures, Amazon’s Climate Pledge Fund, Microsoft Climate Innovation Fund, 2150, BH3 Growth Equity and Samsung Ventures. https://axios.link/3rmSFRz

🚑 Crossbow Therapeutics, a Cambridge, Mass.-based developer of cancer antibody therapies, raised $80m in Series A funding. MPM BioImpact and Pfizer Venturesco-led, and were joined by Polaris Partners, BVF Partners, Eli Lilly, Mirae Asset Venture Investment and Mirae Asset Capital. www.crossbowtx.com

• Aphea.Bio, a Belgian ag-tech focused on crop health and yield, raised €70m in Series C funding. Innovation Industries led, and was joined by Korys Investments, Bill & Melinda Gates Foundation, SFPIM, BNP Paribas Fortis, ECBF, Astanor and AIF. www.alphea.bio

• Collective, an SF-based provider of tax and other back-office software to freelancers, raised $50m from Gradient Ventures, Innovius Capital, The General Partnership, General Catalyst, QED, Expa and Better Tomorrow Ventures. https://axios.link/44i31R3

• Solaris, a German embedded finance platform, raised €38m in Series F funding from unidentified insiders at a $1.6b valuation (same as in 2021). https://axios.link/3JTtAEh

• Qover, a Brussels-based embedded insurance startup, raised $30m in Series C funding from Alven, Anthemis, Kreos Capital and Zurich Global Ventures. https://axios.link/3XN8UmX

• Raft, a London-based logistics platform for freight forwarders, raised $30m in Series B funding. Eight Roads led, and was joined by Moguntia Capital and insiders Bessemer Venture Partners, Episode 1, and Dynamo Ventures. https://axios.link/3rt49Tp

• Savvy, a SaaS security startup, raised $30m. Canaan Partners led, and was joined by Cyberstarts and Lightspeed Venture Partners. https://axios.link/3Y1xilb

• Jirav, an SF-based financial planning and analysis startup, raised $20m in Series B funding. Cota Capital led, and was joined by Born Capital, Alumni Ventures and insiders Information Venture Partners and Bluefish Ventures. https://axios.link/3XPpyma

• Pano AI, an SF-based wildfire detection startup, raised $20m in Series A extension funding. Valor Equity Partners led, and was joined by Salesforce Ventures and T-Mobile Ventures. https://axios.link/3XMnk75

⚡ Rocsys, a Dutch EV charging automation startup, raised around $18m in Series A funding (plus $18m in debt). SEB Greentech VC led, and was joined by Graduate Entrepreneur, European Investment Bank and Forward.One. https://axios.link/43ntQ5f

• Woodio, a Helsinki-based sustainable wood developer, raised €16.3m co-led by UB Forest Industry Green Growth Fund and the European Innovation Council. https://axios.link/43kVBey

🚑 Sonio, a Paris-based prenatal screening startup, raised $14m in Series A funding co-led by Cross Border Impact Ventures and Elaia, per Axios Pro. https://axios.link/3NNP2vj

• Verity, a Swiss autonomous inventory drone developer, raised $11m in Series B extension funding. A.P. Moller led, and was joined by Qualcomm Ventures. https://axios.link/3Oamgqr

• Nami, a Singaporean sensing platform for the IoT market, raised $10.5m in Series A funding from Verizon Ventures, Amavi Capital, INSPiRE and Aconterra. www.nami.ai

• SpecterOps, an Alexandria, Va.-based cybersecurity startup, raised $8.5m in Series A funding led by Ballistic Ventures. https://axios.link/3pzojuI

• Ivy, an API for instant bank payments, raised €7m in seed funding led by Creandum. https://axios.link/3XTh0un

• Outverse, a London-based community platform for SaaS companies, raised $6m in seed funding. Wing VC led, and was joined by Notion Capital, Seedcamp, Connect Ventures, and Tiny VC. https://axios.link/44D4FN1

• Narval, a Paris-based web3 wallet governance platform, raised $4m in seed funding. BlockTower VC led, and was joined by Fabric Ventures, Frst Capital, a16z, Cherry Crypto, Motier Ventures and Bpifrance. https://axios.link/43lq7Fj

• U Fintech Hub, a South Korean remittances company, raised $4m led by Forest Partners. https://axios.link/3JNBrTy

• House Numbers, a Sparks, Nev.-based wealth management platform for homeowners, raised $3.75m seed funding led by Resolute Ventures, per Axios Pro. https://axios.link/3rmRLEF

• Sourcetable, an SF-based spreadsheet startup, raised $3m in seed funding led by Bee Partners. https://axios.link/3D8vjla

• Bain Capital and Carlyle are among suitors for a control stake in Adani Capital, the shadow bank of India’s Adani Group, per Bloomberg. https://axios.link/43h7XEB

🚑 Clinisupplies, a British portfolio company of KKR, acquired Great Bear Healthcare, a British maker of continence products. www.clinisupplies.co.uk

• Environmental Lights, a Dallas-based portfolio company of Pfingsten, acquired City Theatrical, a Carlstadt, N.J.-based maker of LED lighting and related products for stage, film and live events. www.evenironmentallights.com

• Law Business Research, a London-based portfolio company of Levine Leichtman Capital Partners, acquired MBL Seminars, a London-based provider of business information, analysis tools and networking for legal markets. www.lbresearch.com

• Renovus Capital Partners acquired KP Labs, provider of legal industry tech solutions with offices in SF and LA. www.kplabs.com

• Sverica Capital Management invested in Zyston, a Dallas-based provider of security posture and program management maturity solutions. www.zyston.com

🚑 Genesis MedTech, a Singaporean medical device maker, picked Citic, Goldman Sachs and Morgan Stanley to lead a Hong Kong IPO that could raise up to $500m, per Bloomberg. Backers include General Atlantic, Citic Capital and Sequoia Capital China. https://axios.link/3Da5Yas

⚡ Oklo, a nuclear fission startup chaired by OpenAI CEO Sam Altman, agreed to go public at an implied $850m pre-money valuation via AltC Acquisition Corp. (NYSE: ALCC), a SPAC led by Altman and Churchill Capital. Oklo's VC backers include DCVC, Armada Investment, Trust Ventures and Draper Associates. https://axios.link/3D4wTVn

🚑 Adare Pharma Solutions, a Lawrenceville, N.J.-based portfolio company of Thomas H. Lee Partners and Frazier Healthcare Partners, sold postbiotics manufacturer Adare Biome to Dutch beauty and nutrition retailer DSM-Firmenich for €275m. https://axios.link/3D7kuzU

• JD Sports (LSE: JD) agreed to acquire Spanish sports retailer Iberian Sports Retail for €500m from Balaiko Firaja Invest and Sonae Holdings. https://axios.link/44C4AJr

• KKR is seeking a buyer for its 70% stake in Chinese commercial lighting manufacturer NVC Lighting, per Bloomberg. https://axios.link/3XJ5Vft

• Quadrant Private Equity is seeking a buyer for Australian gym chain Fitness and Lifestyle, which could fetch around A$1b, per The Australian. www.litlg.com

⚡ Berkshire Hathaway Energy will pay $3.3b for Dominion Energy’s (NYSE: D) stake in a Maryland LNG project, in which Brookfield Infrastructure Partners will continue to hold the remaining 25%. https://axios.link/3pFth9d

• Endeavor (NYSE: EDR) invested in Velvet Hammer, the non-scripted production company recently launched by ex-Warner Bros. Discovery execs Jennifer O'Connell and Rebecca Quinn. https://axios.link/46C8Zhq

🚑 Molina Healthcare (NYSE: MOH) agreed to buy Bright Health's (NYSE: NHG) California health plans for $600m in cash. https://axios.link/3JNkcSs

• Siemens hired BNP Paribas to find a buyer for Innomotics, a motors and large drives business that could fetch €3b, per Bloomberg. https://axios.link/43dRMIl

⚡ TransAlta (TSX: TO) agreed to buy the shares it doesn’t already hold in TransAlta Renewables(TSX RNW) for C$1.38b. https://axios.link/3rg0et4

• TreeHouse Foods (NYSE: THS) agreed to buy the coffee facility and delivery business of Northlake Texas-based Farmer Brothers for $100m. https://axios.link/3D70dKP

⚡ Copenhagen Infrastructure Partners is targeting €12b for a renewable energy fund, and already has closed on €5.6b, per Bloomberg. https://axios.link/43qsGWt

• Kanbrick, a private equity firm led by former Berkshire Hathaway execs Tracy Britt Cool and Brian Humphrey, has secured more than $200m for its $250m-targeted debut fund, per Buyouts. https://axios.link/3pGfGhK

🚑 Sheridan Capital Partners, a lower mid-market private equity firm focused on health care, raised $575m for its third fund. www.sheridancp.com

• Marco Caggiano is leaving JPMorgan, where he led North American M&A, to join Morgan Stanley, per Reuters. https://axios.link/3XTw9vJ

• John China, former president of SVB Capital, is joining JPMorgan as co-head of innovation economy for commercial banking. https://axios.link/3D8Nlnm

• Shane Clifford joined Carlyle as head of private wealth strategy. He previously was with Franklin Templeton. www.carlyle.com

• Golub Capital promoted Spyro Alexopoulos to co-head of direct lending, and Matthew Fulk to senior managing director and head of originations. www.golubcapital.com

• Alex Hartz joined Shine Capital as a partner. He previously was a partner with SciFi VC. https://axios.link/46LFoCq

• Ryan Petersen, founder and former CEO of Flexport, joined Founders Fund as a partner. https://axios.link/44F7Yn6

• Chad Plotke joined GoldenTree Asset Management as a principal. He previously was with PIMCO. www.goldentree.com

• Thomas Roh joined BTIG as a managing director focused on debt capital advisory. He previously was with Odeon Capital Management. www.btig.com

• William Blair named Michael Trimberger as CFO, succeeding Jon Zindel (transitioning into senior adviser role). www.williamblair.com

American consumers are expecting inflation to cool, according to new data from the New York Fed.

• Meanwhile, China could be heading toward deflation.