Scooter Braun, the Hollywood super agent known for his high-profile clients like Justin Bieber, Ariana Grande, and Demi Lovato, is experiencing a challenging year. Not only has he reportedly lost some of his famous clients, but he is also facing difficulties with his co-founders at TQ Ventures, an investment fund he helped launch in 2018. Sources reveal that Andrew Marks and Schuster Tanger, his co-founders, have expressed doubts about Braun’s future involvement in TQ.
Initially, Marks and Tanger were optimistic about Braun’s celebrity connections and how they could complement their financial expertise, potentially benefiting their portfolio companies through investments and marketing assistance. However, they have now reevaluated Braun’s contribution, stating that he did not meet their expectations. It remains uncertain whether Braun’s stake in the upcoming fund will be reduced or eliminated entirely. As only a small portion of the firm’s recent fund has been deployed so far, there is still time to make a final decision.
Those close to Braun argue that TQ relied on his reputation to raise capital and gain access to lucrative deals. Now that they have established their own standing, they may be ready to discard Braun. A source defends Braun, claiming that Marks and Tanger betrayed him after utilizing his name to raise funds and secure deals.
Marks began his career at Blackstone before transitioning to Blue Ridge Capital, while Tanger worked at Goldman Sachs and later joined Dan Loeb’s Third Point Capital. Despite their impressive backgrounds, it is unclear how successful the fund, which focuses on early-stage and growth startups, has been. Launched before the COVID-19 pandemic, the fund operated in a time when cryptocurrency and consumer packaged goods valuations were soaring. Some notable investments by TQ include Liquid IV, a popular electrolyte mix, the trendy makeup brand Kosas, and the men’s health powerhouse Roman. However, other investments mentioned on their website, such as Clubhouse and BeReal, experienced initial popularity during the pandemic but have since declined.
In a podcast interview in April, Braun praised his co-founders, highlighting their ability to support founders during challenging times. He revealed that they had raised $500 million for their latest fund. However, the situation has since deteriorated. Meanwhile, Braun continues to manage artists through his company, SB Projects, and has personally invested in companies like Uber, Spotify, Casper, Waze, Dropbox, and Pinterest.
Spokespersons for Braun and TQ have declined to comment on the matter. It is worth noting that Braun has been embroiled in a longstanding conflict with Taylor Swift, who accuses him of refusing to sell her the rights to her own master recordings and instead selling them to a private equity firm. Braun denies these allegations.
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