Seoul: Rapper Jay-Z's investment fund has teamed up with a South Korean asset manager to establish a private equity fund focusing on investments in Korean entertainment, beauty, and lifestyle sectors, according to officials.

According to Yonhap News Agency, MarcyPen Capital Partners LLC, backed by the U.S. rapper, has signed a memorandum of understanding with Hanwha Asset Management Co. to initiate the fund. An official from Hanwha stated that while the exact launch date of the fund remains unconfirmed, the collaboration marks a significant step in leveraging the growing global interest in Korean cultural exports.

The Financial Times reported that the fund aims to raise approximately US$500 million. This initiative comes at a time when South Korean pop culture is gaining widespread popularity, propelled by K-pop stars like BLACKPINK and BTS, along with Korean media content such as "Squid Game" and "KPop Demon Hunters." This surge in cultural influence has led to increased global interest in South Korean food, cosmetics, and fashion, turning these into major export products and attracting investments from international private equity funds.

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