Irving Azoff’s Iconic Artists Group has secured a strategic investment from HPS Investment Partners (HPS), an investment firm with $107 billion in assets under management.

The investment from HPS, together with senior debt financing from third parties, provides Iconic with access to $1 billion of capital.

With HPS’ support, Iconic will further solidify its position as the trusted partner of choice for artists and their estates seeking to maximize the value of their portfolios and ensure their music continues to inspire and resonate with audiences for generations to come.

Iconic has also finalized what it calls a wide-ranging cross-media partnership with legendary artist Rod Stewart to “acquire, develop, and expand his six-decade musical legacy to new generations of fans”.

A two-time inductee into the Rock & Roll Hall of Fame and one of music’s best-selling artists, Iconic says that the “landmark arrangement encompasses Stewart’s songs spanning his monumental solo career, as well as tenure in two iconic groups, the Faces and Jeff Beck Group”.