Jay-Z's venture capital firm, Mercy Venture Partners, has merged with another black-owned investment firm, Pendulum Opportunities, the investment arm of Pendulum Holdings, to form MercyPen Capital Partners, a MercyPen spokesperson said. A representative confirmed this to TechCrunch.
The newly formed MercyPen Capital Partners has $900 million in assets under management, according to PitchBook.
A MercyPen spokesperson declined to comment further on the matter, but records filed with the private equity industry database PreQuinn and the California Secretary of State indicate the merger was completed around September. has been done.
It looks like MarcyPen is already moving forward. Prior to merging with Marcy Venture Partners, Pendulum Opportunities sought to raise $250 million in Fund II, which it continues to raise under the name MarcyPen Opportunities Fund II. The company has already secured just over $100 million, according to an SEC filing.
Jay-Z, Jay Brown, and Larry Marcus founded Marcy Venture Partners in 2018. Brown is a co-founder of Roc Nation, while Marcus is a co-founder of Walden VC, which previously invested in Pandora Radio and theater ticketing company TodayTix. Together, the trio ran Mercy Venture Partners, which backed numerous companies including Partake Foods, Web3 company Spatial Labs, and Rihanna's lingerie line Savage x Fenty.
Pendulum, meanwhile, was founded in 2019 by Obama family adviser Robbie Robinson and his wife Drita. According to Pitchbook, Pendulum has backed companies such as Greenwood Bank and hair brand Adwoa Beauty.