Jay-Z is expanding his efforts in venture capital, according to paperwork filed with the state of California sometime last month.
Along with Walden Venture Capital’s managing director, Lawrence Marcus, and Roc Nation’s president, Jay Brown, the rapper, whose real name is Shawn Carter, is creating a fund called Marcy Venture Partners.
The fund’s name may be a nod to Carter’s upbringing in the Marcy Houses, the public-housing complex in Brooklyn that Carter has been repeatedly mentioned in his lyrics.
This could mean a lot for black entrepreneurs trying to get funding for their start ups. JAY-Z has always been for improving the culture. I can see black entrepreneurs benefiting from this move by Hov.
This isn’t the first time the greatest rapper of all time has turned his eye to venture capital. Carter has backed several high-profile companies in recent years including the luggage company Away, the brokerage app Robinhood, and the private-jet company JetSmarter.
Last year, the news website Axios reported that Carter was planning to launch a VC fund along with the San Francisco-based venture firm Sherpa Capital. Plans for the fund failed to materialize after reported complications with Sherpa, though the new filing reveals that the delays haven’t caused Carter to lose his interest in investing.
Representatives for Carter did not immediately respond to a request for comment.