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Jay Z’s venture capital firm Marcy Venture Partners has merged with Pendulum Opportunities, the investment arm of Pendulum Holding, another Black-owned investment firm, to form MarcyPen Capital Partners, a MarcyPen spokesperson confirmed to TechCrunch.
The newly formed MarcyPen Capital Partners has $900 million in assets under management, according to Pitchbook.
A spokesperson for MarcyPen declined to comment further on the matter, however private capital-industrial base Prequin and notes are provided It indicates that the merger with the California Secretary of State was completed in September.
MarcyPen is already moving forward. Before merging with Marcy Venture Partners, Pendulum Opportunities was looking to raise a $250 million Fund II and is now pursuing it under the name MarcyPen Opportunities Fund II. According to information, he has already secured a little more than 100 million dollars SEC filing.
Jay Z, Jay Brown and Larry Marcus founded Marcy Venture Partners in 2018. Brown co-founded RocNation, Marcus previously co-founded Walden VC, which invested in Pandora Radio and theater ticket company TodayTix. Together, the trio ran Marcy Venture Partners, which backed numerous companies, including Parte Foods. web3 company Spatial Labsand Rihanna’s underwear line Savage x Fenty.
Pendulum was founded in 2019 by Robbie Robinson. consultant To the Obama family and his wife D’Rita. According to Pitchbook, Pendulum has backed companies such as Greenwood Bank and hair brand Adwoa Beauty.
