diff --git a/CMakeLists.txt b/CMakeLists.txt
index f8c93d5bac3a563da1ab73de2d0e9e8220c5666d..5c3b008e6b47b833dc4ae6f1b394d11f1becf35a 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,7 +11,7 @@
 
 cmake_minimum_required(VERSION 3.15)
 
-project(Phys VERSION 27.7
+project(Phys VERSION 27.8
         LANGUAGES CXX C)
 
 # Enable testing with CTest/CDash
diff --git a/ReleaseNotes/v27r8.md b/ReleaseNotes/v27r8.md
new file mode 100644
index 0000000000000000000000000000000000000000..b1ad7429d6dd6c2f99fbb319ea42a11e5280c3c0
--- /dev/null
+++ b/ReleaseNotes/v27r8.md
@@ -0,0 +1,17 @@
+2024-01-22 Phys v27r8
+===
+
+This version uses Rec v25r5, Lbcom v24r5, LHCb v46r5, Gaudi v36r16, LCG 103 with ROOT 6.28.00.
+
+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 [v27r7](../-/tags/v27r7), with the following changes:
+
+### Fixes ~"bug fix" ~workaround
+
+- Set covariance matrix in SVTagger for proper ipchi2 calculation, !1083 (@ichahrou)
+- Add output to jet builder algorithm, !1080 (@masmith)
+
+### Enhancements ~enhancement
+
+- Use pytest instead of nosetests, !1081 (@clemenci)
+- Fixes for LCG 104, gcc13, C++20 etc., !1082 (@clemenci)