Trimontium, an alternative asset manager founded by former Blackstone executive Vlado Spasov, has launched with $1.5 billion in assets under management, the firm announced last week.
The London-headquartered firm has named music rights among the types of assets it is targeting, although it did not name any specific deal.
According to a press release, since its debut, “Trimontium has executed and now manages multiple complex, bespoke, cross-border transactions across the US and Europe, demonstrating the breadth of the Firm’s platform across corporate capital solutions (blending debt, hybrid, and equity), structured and asset-backed credit, and alternative investments, including music rights”.
Trimontium says its target areas also include “uncorrelated” asset classes such as IP rights and royalties.
The company says it is “one of the largest first-time alternative asset managers based in Europe focused on flexible capital solutions to launch,” citing “available market data.”
The firm is backed by institutional partners in the US, Canada, Asia, and Australia that collectively manage more than $15 trillion in assets, according to the company.
Trimontium says it raised its initial funding without using placement agents.
Trimontium Capital Limited is an appointed representative of Capricorn Fund Managers Limited, which is regulated by the UK’s Financial Conduct Authority.
Founder and Chief Investment Officer Vlado Spasov previously held senior roles at Blackstone and Ares Management, focused on special situations and opportunistic credit, according to the company.
He more recently headed a capital solutions business at asset manager DWS, which he joined in 2024.
At DWS, Spasov led the firm’s co-investment in a Cutting Edge Group joint venture to co-own Warner Bros. Discovery’s film and TV music catalog, in a deal reported to be worth more than $1 billion.
“We purpose-built Trimontium to provide companies with high-quality, customized capital solutions where conventional financing falls short – spanning the full capital structure from senior debt and hybrid instruments to preferred equity.”
Vlado Spasov
“I have long held the conviction that flexible capital is one of the most undersupplied areas of the market,” said Spasov. “The gap between traditional sources of funding is large, widening, and increasingly underserved.”
“We purpose-built Trimontium to provide companies with high-quality, customized capital solutions where conventional financing falls short – spanning the full capital structure from senior debt and hybrid instruments to preferred equity.”
Spasov’s earlier employers Blackstone and Ares Management have also been active in music rights, part of a wider flow of institutional capital into the sector.
Blackstone acquired Hipgnosis Songs Fund for $1.58 billion in 2024, later folding it into a portfolio rebranded as Recognition Music Group.
It agreed in May 2026 to sell that catalog to Sony Music Publishing, in a deal reported to be worth between $3.5 billion and $4 billion.
Ares Management has separately backed music-rights investor GoldState Music alongside Northleaf Capital Partners.
Earlier in his career, Spasov held roles at Fortress Investment Group and Citigroup, the firm said.
The company describes Spasov as “one of the earliest practitioners of flexible capital solutions in Europe.”
Trimontium‘s founding team has worked together previously, with roles at firms including Goldman Sachs and Morgan Stanley, according to the company.
The firm takes its name from the Latin for Plovdiv, Spasov‘s birthplace in southern Bulgaria.
Trimontium is headquartered in London, has a presence in Luxembourg, and plans to expand to New York.
“We have assembled a team that has previously worked together, combining a depth and breadth of expertise with certainty and speed of execution – and have already executed multiple high-quality, bespoke transactions across asset classes and the capital structure, demonstrating that the demand for flexible capital solutions is as strong as we anticipated,” said Spasov.Music Business Worldwide