Sherrese Clarke Soares, who has been leading acquisition fund Tempo Music’s excursion into buying music assets, has left the firm with the intention of starting her own venture, according to an e-mail she has sent out to friends and colleagues Friday (Jan. 29).
Tempo Music, fielded by Providence Equity Partners and fueled by about $1 billion in funding, began acquiring music assets last year, including buying select copyrights of songwriters like Jeff Bhasker, Shane McAnally and Ben Rector. The company also partnered with Warner Music Group to provide infrastructure support helping to manage acquired assets, with WMG also having the option of taking an equity position in Tempo.