Jay-Z and mom Gloria Carter at Making the Ordinary Extraordinary carnival event

*Jay Z has raised $1 million for his scholarship foundation after hosting a lavish carnival-themed fundraiser in New York last week.

The benefit, titled Making The Ordinary Extraordinary, was held Thursday for the Shawn Carter Foundation, which provides funds to send underprivileged students to college. Guests paid $1,000-a-head to sip Armand de Brignac Champagne and snack on food from New York eaterie the Spotted Pig – which counts Jay as an investor – before enjoying party games and riding a ferris wheel at Manhattan’s Hudson River Park pier.

Guests included his pregnant wife Beyonce, his mother Gloria Carter and The Roots drummer/producer Ahmir ‘?uestlove’ Thompson, according to People.com.

Jay Z and his mother set up the foundation in 2002, with more than 750 scholarships being paid for through the effort so far.