Chord Music Partners, the Universal Music Group-backed music acquisition company, has secured an investment from Searchlight Capital partners, the companies announced on Thursday.

Neither Chord nor Searchlight disclosed financial details of the investment such as how much Searchlight invested or how much of a stake in Chord it now owns, saying only that the deal will accelerate the Companys growth through the expansion of its recorded music and publishing catalogs, as well as enhance Chords ability to identify and execute new acquisition opportunities. Chord was founded in 2021 by investment companies KKR and Dundee Partners, with UMG buying a 25.8 percent stake in the company from KKR last year as the investment company exited. As The Hollywood Reporter first reported back in April, Chord bought a minority stake in country superstar Morgan Wallens catalog from record label Big Loud for about $200 million. Chords portfolio also includes music from The Weeknd, Lorde and David Guetta among others.

Searchlights expertise, network and ability to meaningfully contribute toward expandingChords premier IP portfolio make Searchlight an ideal strategic partner for our Companys next chapter, Dundee Partners Managing Principal and Chord co-founder Sam Hendel said in a statement. Were thrilled to welcome them into the fold and look forward to pursuing the increasingly exciting opportunity set within todays music landscape together.

The investment is just the latest move in the major label music acquisition world. Last month, Warner Music Group announced a $1.2 billion joint venture with Bain Capital to target music recordings and publishing catalogs.

TheChordteam have built an incredibly strong and diversified platform at the forefront of music investment and evolvedChordinto the desired home for the works and legacies of the worlds premier artists, Searchlight partner Darren Glatt said in a statement. Searchlight looks forward to contributing toChords next chapter of growth and value creation for both its artists and existing investors.