Canadian music icon The Weeknd has reportedly sealed a deal with Lyric Capital that will see the private equity investor invest more than $1 billion into his music catalog.

According to a report from Variety, the deal provides Lyric Capital with a stake in the catalog but allows The Weeknd and his team to maintain creative control over the artist’s IP.

News of the deal follows a report from Bloomberg in August that The Weeknd was seeking to raise more than $1 billion USD for his publishing rights and master recordings. At the time, Bloomberg noted that Lyric Capital was the leading contender for such a catalog deal.

According to Variety, following the deal, The Weeknd will continue his collaboration with Universal Music Group, with Universal Music Publishing continuing to oversee administration of the catalog.

“From the beginning of the meeting, it was clear to all at Lyric that Abel would not sell his catalog. He wanted to be more innovative and creative in the way we established a partnership. To that end, through this venture, we constructed and launched a new business model with Abel and his iconic catalog whereby Abel and his team have the freedom to execute their creative vision with the entirety of his rights, both publishing and masters. This unique catalog deal sets a new standard for artist equity and control,” a rep for The Weeknd told Variety.

Lyric Capital is focused on acquiring music royalties and acquired the extensive catalog of Spirit Music Group, which contains more than 100,000 compositions, in 2019.