The rapper, real name Praskazrel Samuel Michel, is joining forces with businessman Frank White, Jr. and venture capitalist Shomik Dutta to found DuSable Capital Management Llc.
The trio hopes to oversee a $500 million (£333 million) to $1 billion fund which will concentrate on boosting green power in the U.S.
Michel tells New York Post gossip column Page Six, "I'm fascinated that as the most powerful country, we should be No. 1 in energy and infrastructure, and we're not. We're trying to do our part."
The new partners met during the original 2008 campaign to get President Obama into the White House, when White raised more than $10 million (£6.6 million) for his election coffers.