Pop music star Justin Bieber is reportedly getting near promoting his music catalog to an funding agency backed by non-public fairness large Blackstone (NYSE:BX) for $200M.

The deal between Bieber and Hipgnosis Songs Capital, which describes itself as the primary U.Ok. firm to present traders “a pure-play publicity to Songs and related musical mental property rights,” might embody each Bieber’s printed music and his recorded catalog, The Wall Road Journal reported, citing individuals accustomed to the matter.

Bieber is well-known for numerous songs, together with Despacito, Peaches, Child, Keep and lots of others.

A number of music artists have bought their catalogs in recent times in an effort to money in on their fame, together with Bob Dylan, Bruce Springsteen, Justin Timberlake and several other others.

Final yr, Blackstone (BX) invested $1B in Hipgnosis Track Administration, which was based by Elton John’s former supervisor Merck Mercuriadis. It then fashioned a partnership the place funds managed by Blackstone would initially present ~$1B to accumulate music rights and catalogs.

After the funding in HSM, the non-public fairness agency arrange Hipgnosis Songs Capital, which has already purchased $341M of again catalogs from Timberlake, Nile Rodgers, Leonard Cohen, Nelly Furtado, and Kenny Chesney.

In August, it was reported that Blackstone (BX) was among the many bidders vying for Pink Floyd’s catalog.

Searching for Alpha’s Liz Keische contributed to this story.