diff --git a/CMakeLists.txt b/CMakeLists.txt
index e5bda7a519014cc65b65d063de76b94de38ddd18..5c657dca1d5c6b3271e09498d3dddd5770ccfab8 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,7 +11,7 @@
 
 cmake_minimum_required(VERSION 3.15)
 
-project(Phys VERSION 27.0
+project(Phys VERSION 27.1
         LANGUAGES CXX C)
 
 # Enable testing with CTest/CDash
diff --git a/ReleaseNotes/v27r1.md b/ReleaseNotes/v27r1.md
new file mode 100644
index 0000000000000000000000000000000000000000..b17f1cf8f0d8ab2ec143b42c6c805d025cba342b
--- /dev/null
+++ b/ReleaseNotes/v27r1.md
@@ -0,0 +1,13 @@
+2022-03-21 Phys v27r1
+===
+
+This version uses Rec v25r0, Lbcom v24r0, LHCb v46r0, Gaudi v36r2 and LCG101 with ROOT 6.24.06.
+
+This version is released on `run2-patches` branch and is intended for use with Run1 or Run2 data. For Run3, use a version released on `master` branch
+Built relative to Phys [v27r0](../-/tags/v27r0), with the following changes:
+
+### Enhancements ~enhancement
+
+- ~PID | No PID container for down muons, !1038 (@fredi)
+- ~"Flavour tagging" | Deepsets for IFT, !1007 (@nnolte)
+