Jay-Z, an American rapper and producer, is teaming up with Hanwha Asset Management to invest about 700 billion won in Korean pop culture.
On the 9th, according to Hanwha Asset Management and the Financial Times (FT), Hanwha Asset Management signed a memorandum of understanding (MOU) with Jay-Z's investment firm Marcy Venture Partners.
Marcy, a global investment platform, is said to be targeting a $500 million (about 730 billion won) fund to invest in Korean pop culture. Marcy was co-founded by Jay-Z along with professional investors Jay Brown and Larry Robinson.
According to the FT report, when Hanwha Asset Management identifies corporations to invest in, Marcy will introduce them to the global market through marketing. The investment targets are corporations related to Korean culture, such as K-pop and K-food.
The FT said, "In recent years, Korean pop culture has exploded in popularity, with groups like Blackpink and BTS filling venues around the world," and added, "The fund plans to begin raising money in the second half of next year from institutional investors, sovereign wealth funds, and high-net-worth individuals."
Kim Jong-ho, president of Hanwha Asset Management, told the FT, "This offers an opportunity for the global expansion of Korean corporations," and said, "Usually Korean corporations use their own capital or corporate funds, but with third-party support, their growth potential would be greater."
That day, Marcy said in a press release, "We have signed a definitive agreement with Hanwha Asset Management to establish a strategic joint venture, 'Marcy Asia,' which will occupy a unique position in connecting Eastern and Western markets," adding, "Marcy will hold a majority equity stake in Marcy Asia, and an investment team based in Seoul will lead and operate the company."