News Release

Music Industry Veterans Hank Forsyth and Dan McCarroll Partner with Carlyle Global Credit to Launch Litmus Music

  • Partnership to Focus on Acquiring and Managing Music Rights for Publishing and Recorded Music
  • Carlyle Global Credit Initially Committing $500 Million to the Partnership

NEW YORK – Music industry veterans Hank Forsyth and Dan McCarroll, together with Carlyle’s (NASDAQ: CG) Global Credit platform, today announced the launch of Litmus Music. 

Litmus will acquire and manage music rights, including both music publishing and recorded music, across genres, geographies and vintages. Carlyle Global Credit has initially committed $500 million in both equity and debt, alongside capital committed by management, which will be used to launch the business and fund the pursuit of a robust pipeline of music rights targets. 

Litmus’ founding members bring significant music industry experience, both operationally and artistically, with deep connections to record labels, distribution, artist management and the artists themselves. The partnership will focus on creating value for artists and investors through the thoughtful management of music.

Hank Forsyth, Co-Founder and Chief Executive Officer of Litmus, said, “Music is as important in society as it has ever been, and its impact and value are being felt more and more. It is an honor to partner with Dan and form what we have talked about for years – a music business and team built on integrity and trust. These core Litmus values are shared by Carlyle, and we believe they are the best partners to support our team as we start this journey.”

Dan McCarroll, Co-Founder and Chief Creative Officer of Litmus, said, "Music has been the driving force of my life and I have the greatest respect for the writers and artists who make it and the fans who cherish it. It is thrilling to be starting Litmus with the partnership of Hank and Carlyle. Our incredible team is all about collaboration and building a collection of ageless music assets and unforgettable songs that will continue to enrich people’s lives for years to come."

Matt Settle, Managing Director with Carlyle Global Credit, said, “Our partnership with Hank and Dan, two highly regarded executives in the music industry, underscores the value we see in music rights, driven by strong tailwinds and the uncorrelated nature of the asset class. Streaming and other new mediums have enabled more ways than ever to consume content, and we believe Litmus has the right mix of skills, experience and connectivity to develop a successful and differentiated business, and to care for works that people have spent their lifetimes creating.”

Hank Forsyth has held various executive roles at Warner Chappell Music, EMI Music, and Blue Note Records over the last 20 years. At Warner Chappell, as EVP, he worked closely with the team to develop the Company’s strategy and led business and process initiatives globally.  As the GM of Blue Note, he played a central role in revitalizing the legendary label in partnership with its President, Don Was. Forsyth previously spent more than ten years with EMI Group and EMI Music Publishing in operations and strategy. He began his career as an equity analyst at Salomon Brothers and Donaldson, Lufkin & Jenrette in New York and London.

Dan McCarroll has been president of Warner Brothers Records and Capitol Records and has held executive roles at Amazon Music and EMI Music Publishing. Prior to his executive career, he spent 20 years as a touring and studio musician. He is known in particular for his personal approach to making records, and for his natural ability to forge strong ties with artists and their representatives. He has worked closely with an incredibly diverse list of artists throughout the years, among them are Bo Diddley, Katy Perry, Tom Petty, Keith Urban, Dua Lipa, Duran Duran, Elton John, Ciara, Sheryl Crow, Mac Miller, Andra Day, Lloyd Cole, Sam Smith, Stevie Nicks, Gary Clark Jr., and Brian Wilson.
Carlyle Global Credit is investing capital for this transaction from its Credit Opportunities strategy, which has deployed $2.2 billion in and around the media and entertainment space since 2018. Carlyle Global Credit brings to the partnership the ability to structure bespoke financial solutions for partners and artists. 

* * * 

About Litmus
Litmus Music is focused on acquiring and managing music rights, including both music publishing and recorded music, across multiple genres, geographies and vintages. With offices in Los Angeles and New York, Litmus was founded in 2022 by Hank Forsyth and Dan McCarroll, along with Carlyle Global Credit, which initially committed $500 million in both equity and debt, alongside capital committed by management. 

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of assets under management as of June 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further information is available at Follow Carlyle on Twitter @OneCarlyle.
Media Contacts
Christa Zipf 

Litmus Music
Kate Jackson