The firm is called #MarcyVenturePartners, Business Insider reports. The fund is speculated to be a nod to the Marcy Houses, the Brooklyn projects he grew up in.

Jay’s new business follows reports that he had plans to set up a venture capital partnership with another San Francisco-based firm Sherpa Capital. He’s also known to dabble in other investments including his backing of the luggage company, #Away, and the private-jet company #JetSmarter.

This new firm will be an avenue to fund the ideas of striving black entrepreneurs who may not get those meetings with other firms!

TSR STAFF: Christina C! @cdelafresh