Jay-Z is set to hold a carnival-themed benefit fundraiser for the Shawn Carter Scholarship Foundation.

The '99 Problems' rapper will host the lavish event on September 29 at Pier 54 on West and 13th Streets in New York in aid of his charity - which is spearheaded by his mother Gloria Carter and aims to financially assist individuals facing socio-economic hardships to help further their education - with tickets set to be available at $1,000 each.

An array of calorific treats will be available at the event and there will be classic carnival rides, as well as lavish prizes such as Gibson guitars, tickets for the New Jersey Nets basketball team and a Hubolt watch.

Last year, Jay - real name Shawn Carter - set up a charity auction on eBay to sell five unique pairs of Air Force One trainers from Nike, with 100 per cent of the proceeds given to his foundation.

The hip-hop star previously teamed up with sportswear company Reebok to auction shoes designed by his wife Beyonce Knowles - who recently announced she is pregnant - Tyra Banks, Queen Latifah, Joy Bryant and Black Eyed Peas singer Fergie with all proceeds donated to the Shawn Carter Scholarship Foundation.