Jay-Z and Larry Marcus Launch Investment Firm

On June 16, Jay-Z and Beyoncé released a surprise album titled "Everything Is Love." Apparently Jay-Z was planning another surprise for the month of June.

According to regulatory filings in California, Jay-Z and Roc Nation President Jay Brown are partnering with Walden Venture Capital’s managing director Larry Marcus on a new investment platform named Marcy Venture Partners. Marcus is a Silicon Valley  venture capitalist who has previously invested in SoundCloud and Pandora Media Inc. (P).

The name of the fund presumably alludes to Jay-Z’s childhood home: the Marcy Houses, a public housing complex in Brooklyn. The rapper has mentioned the complex multiple times in his lyrics.

Jay-Z's Previous Experience

Jay-Z has experience with venture capital, as he has backed multiple companies ranging from luggage company Away to the brokerage app Robinhood.

Last year, Axios reported that Jay-Z and Jay Brown were planning to launch a VC firm with Sherpa Capital. Troubles at Sherpa paired with Roc Nation launching a startup platform kept those plans from happening. (See also: Why Jay-Z Removed Most of his Music from Spotify.)

Jay-Z's Career and Personal Life

Jay-Z, born Shawn Carter, has a net worth of roughly $900 million, according to Forbes magazine's 2018 "Hip-Hop's Wealthiest Artists" ranking, meaning Jay-Z is the richest mogul to rise from hip-hop.

As of June 2018, Jay-Z has joined Puma Basketball as president. The presidency is a huge development for the company’s relaunch, though Jay-Z has been in business with Puma for more than a year. The brand dressed him in Puma sneakers and apparel for his 2017 tour promoting his “4:44” album.

Jay-Z has 14 No. 1 albums, according to the Billboard 200, and 21 Grammy Awards. He sold his successful apparel line in 2007. He also owns the entertainment company Roc Nation and sports management agency Roc Nation Sports. He owns or has owned stakes in a number of other businesses, including nightclubs and the champagne brand Armand de Brignac, as well as Tidal, a music-streaming service. (See also: From Poverty to Power: Celebrities Who Started With Nothing.)

Jay-Z is married to fellow investor, entrepreneur and singer Beyoncé. Together, they have a daughter named Blue Ivy and twins named Sir and Rumi.