Shawn Corey Carter, known professionally as Jay-Z, is an American rapper, businessman, and record executive. (Image courtesy of Wikimedia Commons/CCL)
SEOUL, Dec. 9 (Korea Bizwire) — Rapper Jay-Z’s investment fund has joined hands with a South Korean asset manager to raise a private equity fund (PEF) that invests in Korean entertainment, beauty and lifestyle, officials said Tuesday.
MarcyPen Capital Partners LLC, which is backed by the U.S. rapper, recently signed a memorandum of understanding with Hanwha Asset Management Co. to launch the fund, an official from Hanwha said, without confirming the fund’s exact launch date.
The Financial Times reported that the two companies are targeting a fund of around US$500 million.
South 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 Co. is part of Hanwha Group, which also owns South Korea’s defense giant Hanwha Aerospace Co. The firm’s total assets under management stood at 103.3 trillion won ($70.3 billion) as of January 2025.
(Yonhap)
