Bieber’s manager forming $120m “super-coalition” venture

Justin Bieber’s manager Scooter Braun is putting together a $120 million music business investment fund venture with high profile musicians and managers, The New York Times revealed overnight.

Bieber, who also looks after Psy and Carly Rae Jepsen, is apparently in advanced talks with cashed-up names such as rapper Drake and his management, Lady Gaga’s former manager Troy Carter, and Shania Twain’s manager Jason Own.

The still-unnamed venture is planned to exploit the collective resources of its members and supporters to invest in tech companies, publishing and “other assets that historically have been outside the realm of managers,” according to The New York Times. Despite being part of the venture, the members remain autonomous.

It is being backed by Waddell & Reed Financial and could be boosted to $200 million. Board members include Hollywood producer Thomas Tull and BetterCloud founder David Politis. DreamWorks CEO Jeffrey Katzenberg is an informal adviser to the venture, the paper said.