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Jay-Z’s newly merged investment powerhouse MarcyPen Capital Partners is setting its sights on a $500 million private equity fund aimed at fueling the global expansion of South Korean lifestyle brands—marking one of the most ambitious U.S. investments yet into the worldwide rise of K-culture.
According to the Financial Times, the firm, backed by the rap icon, has teamed up with Hanwha Asset Management, the financial arm of one of South Korea’s largest conglomerates, to build a fund focused on high-growth companies in entertainment, beauty, food, and lifestyle. The partnership was cemented during Abu Dhabi Finance Week, where the companies announced plans to launch a series of Asia-focused investment vehicles.
Tapping Into the $31 Billion Korean Wave
South Korea’s cultural footprint has expanded at a breakneck pace—powered by global superstars like BLACKPINK and BTS, viral hit series such as Squid Game, and the worldwide appetite for Korean beauty and fashion.
The “Korean wave,” or hallyu, has grown into a global economic force. With more than $31 billion generated last year alone, it is now South Korea’s second-largest consumer goods export category after automobiles, according to DFSB Kollective president Bernie Cho.
South Korea’s government has aggressively backed the momentum with multibillion-dollar investments aimed at turning culture into both economic engine and soft-power strategy.
The MarcyPen–Hanwha partnership signals a new era: private equity wants in.
“There is an opportunity for the global expansion of Korean companies,” said Jong-Ho James Kim, CEO of Hanwha Asset Management.
“If there is third-party assistance, then our growth potential will be greater.”
Kim noted that while Korean companies typically self-fund international expansion, this new capital model could accelerate their reach.
Why MarcyPen Wants In
MarcyPen—formed in 2024 after the merger of Jay-Z’s Marcy Venture Partners and the investment arm of Pendulum Holdings—manages $1.1 billion and specializes in brands that drive culture forward. Past investments include:
- Merit Beauty, the minimalist cosmetics breakout
- Rael, a fast-growing organic feminine care brand
Per the firm’s mission, it allocates “strategic capital to growth-stage consumer businesses that create, move and lead culture.”
For MarcyPen CEO Robbie Robinson, South Korea is the perfect sandbox for that mission.
“South Korea is a cultural nexus of Asia… the ideal gateway for our partnership with Hanwha,” Robinson said.
Under the structure, Hanwha will source companies, while MarcyPen will apply its track record in scaling lifestyle, fashion and food businesses with global potential.
A First for Korean Private Equity
Kim emphasized the uniqueness of the initiative: private equity has largely stayed out of Korean entertainment, culture, and sports ventures—until now.
Hanwha Asset Management, part of the sprawling Hanwha Group (which includes South Korea’s largest defense contractor), oversees ₩122 trillion ($83 billion) in assets. The new fund is expected to begin raising capital in the second half of 2025, targeting:
- Institutional investors
- Sovereign wealth funds
- High-net-worth individuals
English (US) ·