If you ever need a first-edition Spider-Man comic book authenticated and graded, you might as well call on Hov.
Jay-Z’s Roc Nation has invested in Blackstone’s acquisiton of the Certified Collectibles Group—a company that authenticates collectibles like comic books, magazines, trading cards, and other items. The $500 million transaction, announced by the private equity firm Thursday, also sees investors in Fanatics founder Michael Rubin, Philadelphia 76ers basketball operations president Daryl Morey, NBA star Andre Iguodala, and several others.
According to estimations by CCG, as reported by Business Insider, the company has certified over 62 million collectibles with a fair market value of $50 billion. Other authentication services in the game include Beckett and PSA. Blackstone, which Bloomberg identified as “the world’s largest alternative investment firm,” saw its shares rise 0.3 percent Friday.
“When I established CCG, I had a vision that we would transform collectibles into an asset class that is trusted by collectors, dealers and investors around the world,” said CCG founder Mark Salzberg in a release. “It has been incredible to be a part of this journey as we achieved and then exceeded these goals. I am excited to join with Blackstone as we enter the next phase of growth for CCG and the collectibles market.”
Insider reports that the funds managed by Blackstone’s Tactical Operations business will acquire a majority stake in CCG, as Blackstone looks to increase CCG’s “digital presence, add employees, and branch CCG’s geographic reach.”
Outside of the most recent Roc Nation investment, Jay has made plenty of financial moves as of late. Back in May, Hov’s Marcy Venture Partners was among several backers that invested $19 million in NFT marketplace Bitski. And earlier this year, he created a $10 million fund to invest in minority-owned cannabis startups.
