MBK Partners chief among Korea's 30 richest

By Kim Bo-eun

MBK Partners Chairman Kim Byung-ju

Kim Byung-ju, chairman of the country's largest private equity firm, MBK Partners, has become one of Korea's 30 richest people, according to Forbes.

On South Korea's 30 Richest 2019 released recently by the American business magazine, Kim was 23rd, with 1.76 trillion won ($1.48 billion) in assets.

Kim was above chiefs of major conglomerates on the list, including CJ Group Chairman Lee Jay-hyun, Shinsegae Group Chairwoman Lee Myung-hee, Shinsegae Vice Chairman Chung Yong-jin and Lotte Group Chairman Shin Dong-bin.

This is the first time the chief of a private equity firm has made it to the top 30.

Kim's name appeared on Forbes' list for the first time in 2016, when he ranked 47th. His ranking jumped the following year to 38th but fell to 43rd in 2018.

His rank leapt 20 places this year as his assets grew by 652.8 billion won.

The growth in assets is seen as being due to proceeds he earned last year after MBK Partners sold off its first fund that was launched in 2005.

The fund, which raised $1.4 billion, was dissolved after growing to $2.19 billion last year.

The fund earned 1.6 times the amount invested over 13 years, recording a 7.5 percent internal rate of return.

Kim began his career as an investment banker at Goldman Sachs and served as Asia Pacific COO at Salomon Smith Barney. He moved to Carlyle Group and headed Asia operations before establishing MBK Partners.

MBK Partners has investment teams in Beijing, Hong Kong, Seoul, Shanghai and Tokyo with $15.7 billion in assets under management.