Seoul: Rapper Jay-Z's investment fund has partnered with South Korea's Hanwha Asset Management Co. to establish a private equity fund (PEF) aimed at investing in Korean entertainment, beauty, and lifestyle industries, as announced by the Seoul-based investment firm.

According to Yonhap News Agency, MarcyPen Capital Partners LLC, backed by the U.S. rapper, signed a memorandum of understanding with the South Korean asset manager to launch this significant fund. The agreement was made at a global finance event held in Abu Dhabi on Monday.

The collaboration between the two companies aims to create a fund of approximately US$500 million, with the objective of supporting Korean companies in the culture and lifestyle sector to expand their global presence. Hanwha highlighted the growing influence of South Korean pop culture, which has surged in popularity with the rise of K-pop acts like BLACKPINK and BTS, as well as Korean content such as "Squid Game" and "KPop Demon Hunters."

The Korean Wave has also bolstered the country's exports in food, cosmetics, and fashion, attracting significant interest from global private equity funds seeking investment opportunities in these sectors.

Hanwha Asset Management Co. is a subsidiary of Hanwha Group, which also owns South Korea's defense giant Hanwha Aerospace Co. The firm's total assets under management reached 103.3 trillion won ($70.3 billion) as of January 2025.