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Michael Kim (businessman)

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Michael Kim
BornOctober 1963 (age 61)
Jinhae, South Gyeongsang Province, South Korea
Other namesMichael ByungJu Kim
CitizenshipUnited States[1]
EducationHaverford College
Harvard Business School (MBA)
Occupation(s)Founder, MBK Partners, Philanthropist
SpousePark Kyung-ah
Children2
Korean name
Hangul
김병주
Hanja
金秉奏[2]
Revised RomanizationGim Byeongju
McCune–ReischauerKim Pyŏngju

Michael ByungJu Kim (born 1963) is an American billionaire businessman of South Korean origin.[3] He is the founder and chairman of MBK Partners, a private equity firm headquartered in Seoul, South Korea. He has been called the "Godfather of Asian private equity".[4]

Kim chairs the Board of Managers of Haverford College.[5][non-primary source needed] He has been named one of Bloomburg Markets' 50 most influential people[6] in the business and Forbes Asia’s Heroes of Philanthropy.[7] According to Forbes, Kim had a net wealth of $9.7 billion[8] as of April 2023, ranking him the richest person in Korea and #190 in the world.

Early life

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Michael B. Kim was born in Jinhae, South Gyeongsang Province, South Korea in 1963.[9] He grew up in Seoul. His family emigrated to New Jersey when he was a teen. Kim attended secondary school there and became a United States citizen. He graduated from Haverford College in 1985 with a degree in English. Kim received an MBA from the Harvard Business School in 1990 and was awarded a Fulbright Scholarship afterwards.[10][non-primary source needed]

Career

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Kim began his career as a mergers and acquisitions banker at Goldman Sachs after completing his MBA at Harvard. In 1995, he joined Salomon Smith Barney, where he became a managing director and COO of Asia-Pacific Investment Banking. He later joined the Carlyle Group as a president of Carlyle Asia until 2005.[3]

Kim left Carlyle to found MBK Partners in 2005, which has since grown to over $30 billion in assets under management,[1] raising $6.5 billion for its most recent Fund V, becoming the largest independent private equity firm in Asia.[11]

Kim has broken several records in the South Korean market. His takeover of ING Korea and listing on the market, was the first time a private-equity owned company listed on exchanges in South Korea.[12] His takeover of Tesco subsidiary Homeplus was the largest private equity deal in South Korea's history.[citation needed]

In Japan, Kim and MBK Partners acquired Godiva Japan in one of the largest deals in the consumer sector in Japan's history.[13] In China, Kim and MBK Partners acquired eHi Car Services, one of the largest car rental and services companies in China.[citation needed]

Kim chairs the Haverford College Board of Managers, as well as the MBK Scholarship Foundation. He is or has been on the boards of Harvard Business School,[14] [non-primary source needed]Haverford College, KorAm Bank, China Network Systems, Yayoi, C&M, Tasaki, Universal Studios Japan, Coway, ING Life Korea, Homeplus, RAND Corporation,[15] the Metropolitan Museum of Art,[16] New York Public Library, [17] Carnegie Hall,[18] Asia Business Leaders Advisory Council[19] and Temasek Philanthropy Asia Alliance.[20]

In 2013 the Asian Venture Capital Journal named Kim as "Private Equity Professional of the Year,"[21] and in Finance Asia's 20th anniversary issue in 2016, Kim was called the "Godfather of Asian Private Equity".[22]

An August 2022 Financial Times article, "How South Korea learned to love private equity," called Kim the "godfather of Asian private equity" and one of the founding pioneers of the industry in the region.[23]

In 2015 Kim was ranked #42 on Bloomberg's 50 Most Influential.[24] Kim appeared on the cover of the July 2020 edition of Forbes Asia.[25][non-primary source needed]

In 2021, Kim was ranked #5 on Forbes' The Richest Private Equity Billionaires,[26] and in 2023, Kim was ranked #1 on Forbes' Korea's 50 Richest, with a net worth of $9.7 billion.[27]

In January 2022, Kim's firm, MBK Partners, sold an approximately 13% stake to Dyal Capital Partners in a transaction valued at about $1 billion.[28]

Kim is the author of a novel, Offerings, published in 2020.[29]

In July 2022, the Washington Post reported that Kim was among those interested in buying the Washington Nationals, the MLB team.[30]

On September 6, 2022, the Chosun Ilbo reported that Byung Ju Kim paid 40 billion won in taxes and penalties to avoid criminal prosecution related to overseas tax evasion. This issue was associated with unreported income from the sale of ING Life Insurance in 2018. Kim reportedly made the payment to resolve the matter and evade the possibility of criminal charges in Korea.[31] Kim's company retorted that the accusations were "groundless," that tax evasion was a misinterpretation of the facts, and claimed that the issue stemmed from Kim's move to the United States in 2015. The company further claimed that Kim had paid the tax from the sale of ING contemporaneously to American authorities under the terms of the United States-Korea Tax Treaty, given Kim's United States residence.[32][33]

In Tony Robbins' book "The Holy Grail of Investing: the World's Greatest Investors",[34] published in March 2024, Kim was called "The Godfather of Asia Private Equity and wealthiest man in South Korea."[citation needed]

Philanthropy

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In 2010, Kim pledged $7.5 million toward the construction of a new dormitory at Haverford College.[35] The dorm is named "Kim" in honor of the donor's father.

In 2018, Kim endowed $7 million toward the Michael B. Kim Associate Professorship for Asian business leadership at Harvard Business School.[citation needed]

In August 2021, Kim pledged KRW30 billion ($27 million) to the Seoul Metropolitan Government to build a public library in Seoul, Korea. Mayor Oh Se-hoon announced Seoul will honor the gift by naming the library after the donor, The Seoul Public Kim ByungJu Library. The gift is reported to represent the first-ever donation by an individual for the construction of a civic institution in Seoul.[36]

In December 2021, Kim was named to Forbes Asia's Heroes of Philanthropy list.[37] In December 2022, he was named to the Forbes Asia's Heroes of Philanthropy list again.[38]

In September 2022, Kim donated $10 million to the Metropolitan Museum of Art in New York. The museum will name a gallery after Kim and his wife, the Michael B. Kim and Kyung Ah Park gallery. This will be the first gallery in the museum to be named after a person of Korean descent.[39]

On April 23, 2024, Haverford announced that Kim was donating $25 million to the college (equal to the largest single gift the school had ever received) to establish an Institute for Ethical Inquiry and Leadership and to fund related faculty positions.[40][41]

Personal life

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Kim is married to Park Kyung-ah, the daughter of the late South Korean Prime Minister Park Tae-joon.[1] Her father was founder of POSCO, the largest steel company in South Korea. The couple have two children and live in Seoul.[1]

References

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  1. ^ a b c d "Forbes profile: Michael Kim". Forbes. Retrieved 5 October 2021.
  2. ^ "美금융업체 칼라일그룹 한국에 10억弗투자 추진". Munhwa Ilbo. 29 May 1999. Retrieved 17 September 2018.
  3. ^ a b Lee, Yoolim; Chan, Cathy. "Korea's Michael Kim Leads Buyout Surge as Foreign Firms Return". Bloomberg News.
  4. ^ Horne, Jackie. "Michael Kim: Godfather of Asian private equity". FinanceAsia.
  5. ^ "Office of the President: Board of Managers". Haverford College. Haverford College. Retrieved 24 April 2024.
  6. ^ "Power, Money, and Ideas: Bloomberg Markets 50 Most Influential People". Bloomberg News. Retrieved 2024-10-14.
  7. ^ Watson, Rana Wehbe. "Asia's 2022 Heroes Of Philanthropy". Forbes. Retrieved 2024-03-14.
  8. ^ Kang, John. "Korea's 50 Richest 2023: Combined Wealth Falls For The Second Year, Private Equity Billionaire Michael Kim Tops Rankings". Forbes. Retrieved 2024-03-14.
  9. ^ "MBK 사람들…'강력한 1인' 김병주와 화려한 참모". Maeil Business Newspaper (in Korean). 12 December 2013. Retrieved 6 May 2021.
  10. ^ "MBK PARTNERS". 10 July 2015.
  11. ^ "South Korea's MBK Partners raises $4.1b for its fourth fund". www.dealstreetasia.com.
  12. ^ "UPDATE 1-ING Life Insurance Korea raises $974 mln after pricing IPO..." 24 April 2017 – via Reuters.
  13. ^ "Chocolatier Godiva to sell Asian-Pacific operations to MBK Partners". 20 February 2019 – via Reuters.[dead link]
  14. ^ "Team".
  15. ^ "Annual Report 2003" (PDF). Retrieved 2022-02-10.
  16. ^ "Michael ByungJu Kim Elected Metropolitan Museum Trustee - The Metropolitan Museum of Art". www.metmuseum.org.
  17. ^ "New York Public Library Board of Trustees". www.nypl.org.
  18. ^ "Board of Trustees". www.carnegiehall.org.
  19. ^ Canada, Asia Pacific Foundation of. "Asia Business Leaders Advisory Council". Asia Pacific Foundation of Canada. Retrieved 2024-03-14.
  20. ^ "About Us". PAA. Retrieved 2024-03-14.
  21. ^ "Asia Awards: PE Professional of the Year - Michael Kim". 4 December 2013.
  22. ^ "Michael Kim: Godfather of Asian private equity".
  23. ^ Davies, Christian (18 August 2022). "How South Korea learned to love private equity". Financial Times.
  24. ^ "50 Most Influential - #42". Bloomberg.
  25. ^ "Korea's 50 Richest: Quiet Rainmaker" (PDF). July 2020.
  26. ^ "The Richest Private Equity Billionaires On The Forbes 400 List 2021". 5 October 2021 – via Forbes.
  27. ^ "Korea's 50 Richest". Forbes. 17 April 2023.
  28. ^ "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". Bloomberg News. 12 January 2022.
  29. ^ Kim, Michael Byung Ju (24 March 2020). Offerings : a novel. New York. ISBN 978-1-950691-62-3. OCLC 1132243427.{{cite book}}: CS1 maint: location missing publisher (link)
  30. ^ "Billionaire Michael B. Kim among those interested in buying Nationals". The Washington Post. 8 July 2022.
  31. ^ Daily, Chosun (2024-02-22). "MBK Partners Chief Pays W40 Billion Tax Penalty for Overseas Tax Evasion and Avoids Criminal Prosecution". The Chousun Ilbo (in Korean). Retrieved 2024-10-13.
  32. ^ "MBK파트너스, 김병주 회장 탈세의혹 '사실무근'". 더벨뉴스 (in Korean). Retrieved 2024-10-21.
  33. ^ 기자, 정민하. "MBK파트너스 "김병주 MBK회장 탈세 의혹, 사실과 달라"". n.news.naver.com (in Korean). Retrieved 2024-10-21.
  34. ^ "The Holy Grail of Investing". theholygrailofinvesting.com. Retrieved 2024-03-14.
  35. ^ "Haverford To Build Another New Dorm". 3 October 2010.
  36. ^ "Michael ByungJu Kim Donates KRW 30 Bn to Build Public Library in Seoul".
  37. ^ Watson, Rana Wehbe. "ASIA'S 2021 HEROES OF PHILANTHROPY". Forbes. Retrieved 2021-12-14.
  38. ^ Watson, Rana Wehbe. "ASIA'S 2022 HEROES OF PHILANTHROPY". Forbes. Retrieved 2022-12-06.
  39. ^ "MBK Partners chairman donates $10 million to the Met". 7 September 2022.
  40. ^ "Transformative $25 Million Gift From Michael B. Kim '85 to Establish Haverford's Institute for Ethical Inquiry and Leadership". Haverford College. Haverford College. Retrieved 24 April 2024.
  41. ^ Snyder, Susan (April 24, 2024). "Haverford College is getting $25 million from 'the godfather of Asian private equity' for an institute on ethics". Philadelphia Inquirer. Retrieved 24 April 2024.
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