The New York State Common Retirement Fund (NYS CRF) has invested $200 million in a Primary Wave Music fund dedicated to music royalties, according to its monthly transaction report for April 2025.
Primary Wave’s Music IP Fund IV, launched in September 2023, is the latest iteration of a platform that allows investors access to royalty streams sourced from the company’s substantial interest in catalogues of iconic artists such as Whitney Houston, Def Leppard and Smokey Robinson, among others.
