Rapper Jay-Z is getting into the venture capital game, news site Axios reported today, citing a regulatory filing in California. Silicon Valley VC Larry Marcus, known for his stakes in SoundHound and Pandora, will partner with Jay-Z and his longtime business partner Jay Brown, president of Jay-Z’s entertainment group Roc Nation.
The new investment group will be called Marcy Venture Partners, a nod to New York’s Marcy Houses, the public housing complex where Shawn “Jay-Z” Carter grew up.
This isn’t the first time the self-proclaimed best rapper alive has dipped a toe in the startup investment pool. Roc Nation was previously reported to be launching a platform for entrepreneurs, though the deal fell apart, according to tech news site TechCrunch.
But the rapper, producer, and all-around mogul has long been successful in a number of business ventures. In addition to Roc Nation, which includes a record label and sports management division, Jay-Z owns luxury Champagne brand Armand de Brignac. He’s an investor in Uber, and along with his superstar spouse Beyoncé, Jay-Z is also part owner of music streaming service Tidal.
Last year, it was reported that Jay-Z and Beyoncé are now worth a combined $1 billion dollars.