Jay-Z’s enterprise capital agency, Marcy Venture Partners, has merged with one other Black-owned funding agency, Pendulum Holdings’ funding arm Pendulum Opportunities, to kind MarcyPen Capital Partners, a MarcyPen spokesperson confirmed to TechCrunch.
The newly fashioned MarcyPen Capital Partners has $900 million in belongings beneath administration, in accordance with PitchBook.
MarcyPen’s spokesperson declined to remark additional on the matter, nevertheless, personal equity-industry database Prequin and information filed with the California Secretary of State point out the merger was finalized round September.
It appears MarcyPen is already shifting alongside. Before merging with Marcy Venture Partners, Pendulum Opportunities was trying to elevate a $250 million Fund II, which it’s persevering with to take action now beneath the identify MarcyPen Opportunities Fund II. It has already secured a little bit greater than $100 million, in accordance with an SEC submitting.
Jay-Z, Jay Brown, and Larry Marcus based Marcy Venture Partners in 2018. Brown is a co-founder of Roc Nation, whereas Marcus beforehand co-founded Walden VC, which invested in Pandora Radio and theatre ticket firm TodayTix. Together, the trio ran Marcy Venture Partners, which backed quite a few firms together with Partake Foods, the web3 firm Spatial Labs, and Rihanna’s lingerie line Savage x Fenty.
Pendulum, in the meantime, was based again in 2019 by Robbie Robinson, an advisor to the Obama household, and his spouse D’Rita. Pendulum has backed firms like Greenwood Bank and hair model Adwoa Beauty, in accordance with PitchBook.
