Jay-Z’s got 99 problems, but a VC fund ain’t one

Rap mogul Jay-Z and two partners appear to have held a final close on $85 million for their first venture fund, Marcy Venture Partners Fund.

Music mogul Jay-Z has raised $85 million for his first venture fund, Marcy Venture Partners in San Francisco.

In a filing with the SEC, Marcy Venture Partners said it raised the capital from 54 investors. The document shows a “date of first sale” of February 22, 2019, indicating it took roughly a year to complete the fundraising.

This appears to be the final close for the fund. MVP previously filed a Form D with the SEC in February 2019 stating that it had raised $75 million from an undisclosed number of investors.

The world first learned of Jay-Z’s venture capital ambitions in May 2017 after MVP filed registration papers with the California Secretary of State.

In addition to Jay-Z, whose legal name is Shawn C. Carter, the managers of the general partnership are Lawrence “Larry” Marcus and Laurence “Jay” Brown Jr. Marcus is managing director of Walden Venture Capital, and Brown is co-founder along with Jay-Z of entertainment company Roc Nation.

MVP’s website does not disclose portfolio companies. CrunchBase shows that MVP has invested in at least six companies: Hipcamp, Hungry Marketplace, Partake Foods, Pela, Wheels and Savage X Fenty, a lingerie brand co-founded by singer and longtime Jay-Z friend Rihanna.

The website states: “The firm has a passion for building game-changing consumer businesses and mass-market brands that resonate with culture across products and services, media and technology. We combine unique access, instincts, deep networks, operating and venture capital expertise to be long term partners in growth.”