Jay-Z’s investment firm, MarcyPen Capital Partners, has partnered up with Korea’s Hanwha Asset Management to tap into the global demand for K-pop and other Korean culture through a $500 million joint venture fund.
The deal arrived on Tuesday (Dec 9), per The Financial Times, after Hanwha Asset Management signed a memorandum of understanding with MarcyPen Capital Partners, a US private equity firm backed by the rapper, to support the global expansion of high-potential companies in Korean culture and lifestyle.
The companies signed the agreement during the Abu Dhabi Finance Week event.
“South Korea is a cultural nexus of Asia, influencing global trends in beauty, content, food, entertainment and lifestyle, making it the ideal gateway for our partnership with Hanwha,” Robbie Robinson, managing partner and chief executive officer of MarcyPen, said in a statement.
Both firms aim to raise money in the latter half of 2026 from institutional investors, sovereign wealth funds, and wealthy individuals.
South Korean pop culture surged in popularity amid the rise of stars such as BLACKPINK, KPop Demon Hunters and Korean content like “Squid Game.”
The South Korean government has reportedly invested billions of dollars into the Korean wave to help boost the economy. The latest partnership is one of the most high-profile US-Korea investment collaborations in recent years.
In addition to music, K-beauty has increased in global demand, growing to a multibillion dollar market.
MarcyPen was formed in 2024 by the merger of Marcy Venture Partners, which was co-founded by Jay-Z, and the investment arm of Pendulum Holdings.