Jay-Z and Beyonce hosted a fundraiser for President Obama last night at the 40/40 Club and raised a reported $4 million.

The dinner was a $40k per plate affair and took place at the new 40/40 Club in Manhattan.

As reported by the New York Times, Obama was introduced by Beyonce.

“I can’t tell you how proud we are to host tonight’s event with President Obama,” Beyonce said. “We believe in his vision.”

When the president addressed the attendees, he made a point to highlight the similarities he shares with Jay-Z. 

“Jay knows what my life is like,” he said. “We both have daughters and our wives are more popular than we are.”

He went on to outline the importance of the night’s donations to his campaign. 

“These people have super PAC’s that are writing $10 million checks and are going to bury us under advertising like you’ve never seen before,” he said. “We can’t match these people dollar for dollar.”

Beyonce and Jay-Z have been heavy supporters of the Obamas. On Labor Day weekend, President Obama crashed Jay-Z’s set at the Made In America festival to implore the young crowd to register and vote.

Beyonce, who sang at the 2009 inauguration, also supported the First Lady’s “Let’s Move!” campaign with a remix to her “Get Me Bodied” song (to “Move Your Body”). –Erik Parker, CBS Local