Jay-Z's investment fund, Hanwha Asset join hands for K-culture-focused PEF
Kim Jong-ho, left, the chief executive officer (CEO) of Hanwha Asset Management, and Robbie Robinson, CEO of MarcyPen Capital Partners LLC, pose for a photo in Abu Dhabi, Monday. Courtesy of Hanwha
Rapper Jay-Z's investment fund has joined hands with Korea's Hanwha Asset Management to raise a private equity fund (PEF) that invests in Korean entertainment, beauty and lifestyle, the Seoul-based investment firm said Tuesday.
MarcyPen Capital Partners LLC, which is backed by the U.S. rapper, signed a memorandum of understanding with the Korean asset manager to launch the fund at a global finance event held in Abu Dhabi on Monday (local time), Hanwha said.
The two companies are targeting to create a fund of around $500 million and support Korean companies in the culture and lifestyle sector to "scale up" globally, Hanwha added.
Korean pop culture has exploded in popularity recently amid the rise of K-pop stars, such as BLACKPINK and BTS, as well as Korean content, like "Squid Game" and "KPop Demon Hunters."
Food, cosmetics and fashion have become the country's major export products amid the Korean Wave, prompting global private equity funds to invest in such sectors.
Hanwha Asset Management is part of Hanwha Group, which also owns South Korea's defense giant Hanwha Aerospace. The firm's total assets under management stood at 103.3 trillion won ($70.3 billion) as of January 2025.