Jay-Z’s Marcy Enterprise Companions merges with Pendulum Holdings funding arm

Jay-Z’s enterprise capital agency, Marcy Enterprise Companions, has merged with one other Black-owned funding agency, Pendulum Alternatives, the funding arm of Pendulum Holdings, to kind MarcyPen Capital Companions, a spokesperson for MarcyPen at TechCrunch.

The brand new agency MarcyPen Capital Companions has belongings beneath administration of $900 million, in response to PitchBook.

The MarcyPen spokesperson declined to remark additional on the matter. private equity industry database Prequin And files filed with the California Secretary of State point out that the merger was finalized round September.

It appears to be like like MarcyPen is already shifting ahead. Earlier than merging with Marcy Enterprise Companions, Pendulum Alternatives sought to boost a $250 million Fund II, which it now continues to do as MarcyPen Alternatives Fund II. He has already obtained a little bit over $100 million, in response to a filing with the SEC.

Jay-Z, Jay Brown and Larry Marcus based Marcy Enterprise Companions in 2018. Brown is a co-founder of Roc Nation, whereas Marcus beforehand co-founded Walden VC, which invested in Pandora Radio and theater ticket firm TodayTix. Collectively, the trio ran Marcy Enterprise Companions, which backed quite a few corporations together with Partake Meals, the company web3 Spatial Labsand Rihanna’s lingerie line Savage x Fenty.

Pendulum, in the meantime, was based in 2019 by Robbie Robinson, an advisor to the Obama household and his spouse D’Rita. Pendulum has backed corporations like Greenwood Financial institution and hair model Adwoa Magnificence, in response to PitchBook.