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 type MarcyPen Capital Partners, a MarcyPen spokesperson confirmed to TechCrunch.
The newly fashioned MarcyPen Capital Partners has $900 million in property below administration, in response to 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 transferring alongside. Before merging with Marcy Venture Partners, Pendulum Opportunities was seeking to elevate a $250 million Fund II, which it’s persevering with to take action now below the title MarcyPen Opportunities Fund II. It has already secured a little bit greater than $100 million, in response to 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 corporations 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 corporations like Greenwood Bank and hair model Adwoa Beauty, in response to PitchBook.
