Hanwha Asset Management is teaming up with a U.S. venture capital (VC) firm to invest in K-content and the lifestyle industry. The plan is to build a platform that invests in Asia's cultural industries with Korea as a base and to expand its push into the global content market.
Hanwha Asset Management said on the 2nd that it established MarcyPen Asia, a joint venture dedicated to cultural industry investment, with MarcyPen Capital Partners, an independent VC in the United States.
MarcyPen Asia will serve as a platform investing in Asia's cultural industries, including K-content, lifestyle and entertainment. The goal is to build an investment ecosystem that consolidates the content markets of East and West with Korea as the base.
MarcyPen holds 60% equity and will handle management and operations, while Hanwha Asset Management will contribute 40% and support the establishment of investment strategies and regulatory responses for the Korean and Asian markets.
MarcyPen is an independent VC that has built investment experience in North America in lifestyle and content. Noting the growing global influence of K-content and the growth potential of Asia's cultural industries, it has pursued market entry through local partners.
Hanwha Asset Management plans to strengthen its cultural industry investment capabilities in areas such as content and intellectual property (IP) and expand its global investment network through this joint venture.
Kim Jong-ho, CEO of Hanwha Asset Management, said, "By combining the strengths of both companies, we will build a strategic network in the cultural content market and contribute to creating a sound investment ecosystem."
Robbie Robinson, managing partner and CEO of MarcyPen, said, "Korea is a cultural hub leading global trends in beauty, food and lifestyle," adding, "Through MarcyPen Asia, we will become the first-choice partner for consumer brands that will lead the global market."
The two companies earlier released a plan last Dec. at Abu Dhabi Finance Week (ADFW) to create joint investment funds of up to $500 million. The new joint venture will serve as the base to execute that investment strategy.