Michael Kim (businessman)
Michael ByungJu Kim | |
|---|---|
| Born | 1963 Jinhae, South Gyeongsang Province, South Korea |
| Occupation(s) | Entrepreneur, private equity investor |
| Known for | Founder of MBK Partners |
| Notable work | Offerings (novel, 2020) |
Michael ByungJu Kim (, born 1963) is a South Korean billionaire entrepreneur and the founder of MBK Partners, a premier private equity firm headquartered in Seoul, South Korea. Often referred to as the "Godfather of Asian private equity," he has been instrumental in shaping the region's buyout industry.
Kim has been listed among Bloomberg's 50 most influential global figures and recognized by Forbes Asia as one of its Heroes of Philanthropy. As of April 2023, Forbes valued his net worth at $9.6 billion, positioning him as the wealthiest individual in South Korea and placing him at #190 on the global billionaire ranking.
Early life
Born in 1963 in Jinhae, located in South Gyeongsang Province, South Korea, Michael B. Kim began his journey that would lead to significant influence in finance.
Career
After completing his MBA at Harvard, Kim started his professional path in mergers and acquisitions at Goldman Sachs. In 1995, he moved to Salomon Smith Barney, where he advanced to managing director and chief operating officer for Asia-Pacific Investment Banking. Subsequently, he held the role of president for Carlyle Asia at the Carlyle Group until 2005.
In 2005, Kim established MBK Partners, which has expanded its assets under management to exceed $30 billion. The firm successfully raised $6.5 billion for its Fund V, becoming the largest independent private equity entity in Asia. MBK Partners earned recognition as one of Time's World's Best Companies in 2024.
Kim achieved several milestones within South Korea’s financial landscape, including orchestrating the first private equity-owned company to be listed on Korean stock exchanges through the acquisition and IPO of ING Korea. In Japan, MBK's purchase of Godiva Japan marked one of the most significant transactions in the consumer sector there.
He serves as chair of both the board of managers at Haverford College and the MBK Scholarship Foundation. His board memberships have included notable organizations such as KorAm Bank, China Network Systems, Yayoi, Tasaki, Universal Studios Japan, Coway, ING Life Korea, Homeplus, RAND Corporation, the Metropolitan Museum of Art, New York Public Library, Carnegie Hall, Asia Business Leaders Advisory Council, and Temasek Philanthropy Asia Alliance.
Kim has earned accolades such as "Private Equity Professional of the Year" from Asian Venture Capital Journal in 2013 and was dubbed by Finance Asia in 2016 as the "Godfather of Asian Private Equity." The Financial Times in 2022 also acknowledged him as a pioneering figure in establishing private equity within Asia.
Bloomberg placed Kim at #42 on its 2015 list of 50 Most Influential People. Forbes ranked him #5 among The Richest Private Equity Billionaires in 2021 and named him #1 on Korea’s 50 Richest list in 2023 with an estimated net worth of $9.7 billion.
In January 2022, MBK divested about a 13% interest to Dyal Capital Partners through a $1 billion deal.
Kim is also an author; his novel Offerings was published in 2020. In July 2022, reports identified him among potential investors interested in purchasing Major League Baseball’s Washington Nationals.
In September 2022, allegations arose accusing Kim of owing approximately 40 billion won in taxes and penalties connected to overseas tax evasion concerning ING Life Insurance’s sale. Both Kim and MBK Partners refuted these accusations as baseless and confirmed full compliance with tax obligations.
In July 2024, Kim was appointed chair of Haverford College’s board of trustees, becoming the first Korean-American to hold this leadership role at a U.S. higher education institution.
Philanthropy
In 2010, Kim committed $7.5 million toward the construction of a new dormitory at Haverford College, which was subsequently named "Kim" in honor of his father.
In August 2021, he contributed KRW30 billion (approximately $27 million) to the Seoul Metropolitan Government to establish a public library. This facility was designated The Seoul Public Kim ByungJu Library, marking the first time an individual donation funded a civic institution in Seoul.
Kim earned recognition on Forbes Asia's Heroes of Philanthropy list consecutively in 2021 and 2022.
In September 2022, he made a $10 million donation to New York's Metropolitan Museum of Art, leading to the dedication of the Michael B. Kim and Kyung Ah Park gallery—the initial museum gallery named after a Korean individual.
In April 2024, Kim matched Haverford College’s largest-ever single donation with a $25 million gift to found an Institute for Ethical Inquiry and Leadership and to support associated faculty roles.
Personal life
Kim is married to Park Kyung-ah, daughter of the late South Korean Prime Minister Park Tae-joon, who founded POSCO, the nation’s leading steel manufacturer. The couple has two children and lives in Seoul.
Honors and recognition
- 2013: Honored as Asian Venture Capital Journal’s “Private Equity Professional of the Year”
- 2015: Included in Bloomberg Markets’ list of “The 50 Most Influential”
- 2017: Received “Philanthropist of the Year” award from the Council of Korean Americans
- 2021: Featured on Forbes’ “Asia’s Heroes of Philanthropy” list
- 2022: Again recognized by Forbes as one of “Asia’s Heroes of Philanthropy”
- 2024: Selected as “Most Influential in Korea’s Capital Market” by Market Insight
- 2024: Appointed Chair of the Haverford College Board of Managers
- 2024: Once more named among Forbes’ “Asia’s Heroes of Philanthropy”