NEW YORK (CelebrityAccess MediaWire) — Scooter Braun, the manager to artists such as Justin Bieber, Psy and Carly Rae Jepsen, is teaming up with a number of other managers, artists and financial backers to launch a new investment fund aimed at the music industry.
The venture is anticipated to pool the resources of its members and investors to find investment opportunities in arenas such as technology, publishing and other areas that have been traditionally outside of the realm of management. Managers involved would remain mostly autonomoous with most deals covering only 50% of the manager's business.
According to the New York Times, Braun is in late stage negotiations over the venture with a number of individuals, including singer Drake and his manager; Troy Carter, who until recently oversaw Lady Gaga's career; and veteran manager Jason Owen, who reps artists such as Shania Twain and Little Big Town.
While the name of Braun's new venture has yet to be released, the New York Times reported that its board of directors includes Hollywood producer Thomas Tull, and BetterCloud founder David Politis. DreamWorks Animation CEO Jeffrey Katzenberg is said to be acting as an advisor.
The venture has reportedly already raised $120 million in capital from funds managed by investment management Waddell & Reed Financial and has an additional commitment of $80 million if certain conditions are met. – Staff Writers