Jay-Z, an American rapper and producer, is partnering with Hanwha Asset Management to invest around 700 billion KRW in Korean pop culture.
According to Hanwha Asset Management and the UK Financial Times (FT) on the 9th, the company has signed a memorandum of understanding (MOU) with Jay-Z’s investment firm, Marcy Venture Partners. Marcy Venture Partners aims to create a fund worth 500 million USD (approximately 730 billion KRW) to invest in Korean pop culture. Jay-Z co-founded Marcy Venture Partners with professional investors Jay Brown and Larry Robinson.
FT reported that Hanwha Asset Management will identify companies for investment, while Marcy Venture Partners will market these companies in the global market. The investment targets are companies related to Korean culture, such as K-pop and K-food.
FT also mentioned that “Korean pop culture has gained explosive popularity in recent years with groups like Blackpink and BTS filling venues worldwide.” The fund plans to start raising money from institutional investors, sovereign wealth funds, and high net-worth individuals in the second half of next year.
Kim Jong-ho, CEO of Hanwha Asset Management, told FT, “This presents an opportunity for Korean companies to expand globally. Typically, Korean firms use their own capital or corporate funds, but with third-party support, their growth potential could be even greater.”
On the same day, Marcy Venture Partners announced in a press release, “We have finalized an agreement with Hanwha Asset Management to establish the strategic joint venture ‘Marcy Asia,’ which will uniquely position itself in bridging Eastern and Western markets.” Marcy Venture Partners will hold a majority stake in Marcy Asia, with an investment team based in Seoul leading and operating the company.