Jay-Z is expanding his venture capital efforts according to new paperwork that was filed with the state of California last month, reports Business Insider.
Along with Roc Nation’s president, Jay Brown, and Walden Venture Capital’s managing director, Lawrence Marcus, the trio are creating an investment firm called, Marcy Venture Partners.
The fund’s name is unmistakably a nod to Jay-Z’s upbringing in the Marcy Houses, a public-housing complex in Bedford-Stuyvesant, Brooklyn, which he has proudly rapped about throughout his music career.
Furthermore, it’s also worth noting that this isn’t the first venture capital that Jay-Z (Shawn Carter) has pursued, as he has already backed several high-profile companies in recent years including the luggage company Away, brokerage app Robinhood, and private-jet company JetSmarter.
For the full story, head on over to Business Insider.
In related news, Jay-Z is now the president of PUMA basketball.