This story is part of Forbes’ coverage of Korea’s Richest 2020 and remains relevant in today’s Latest News and Daily news highlights as global investors closely watch Asia markets.
When Michael Kim launched a new private equity fund in late 2019, he had no idea the world was about to change forever. Just months later, COVID-19 shut down economies, froze travel, and sent markets into panic. For many investors, it was a time of fear. For Kim, it became a moment of opportunity.
Michael Kim is the founder of MBK Partners, one of Asia’s most powerful private equity firms. In May 2020, when much of the world was still under lockdown, Kim surprised the financial world by closing MBK’s fifth fund at $6.5 billion. It became the largest Asia-based buyout fund raised during the pandemic, a moment that still features prominently in Breaking News discussions about crisis-era investing.
A bold move during uncertain times
Raising billions during a global health emergency was not easy. According to McKinsey, fundraising for Asia-focused private equity firms had been falling for two straight years. Yet Kim went against the trend.
- Investors trusted his belief that economic stress would create strong buying chances
- The pandemic lowered company valuations across Asia
- Kim saw the crisis as temporary, not permanent
Speaking from his New York apartment overlooking Central Park, Kim said the firm was sitting on “the largest pile of deployable cash” in Asia just as markets were opening up again. For many global investors, that confidence made all the difference.
Why investors backed Michael Kim
With the new fund, Seoul-based MBK Partners now manages over $22 billion in assets across South Korea, Japan, and Greater China. That makes it the largest Asia-based private equity firm focused mainly on buyouts.
Kim’s track record explains the trust:
- Since 2005, MBK has more than doubled investor money on average
- The firm has delivered an annual return of around 18%
- In 2019 alone, MBK completed three of Asia’s five biggest exits
These results pushed Kim’s estimated personal wealth to $1.9 billion, moving him to No. 12 on Korea’s richest list. This milestone continues to feature in Daily news highlights about billionaire investors in Asia.
MBK’s investment style: Focus on everyday consumers
MBK Partners invests mainly in consumer-driven businesses across North Asia. Kim prefers companies that people rely on in daily life.
Some key sectors include:
- Retail and supermarkets
- Food and beverage brands
- Insurance and financial services
- Entertainment and leisure
Notable investments include Homeplus in South Korea, Godiva Japan, and China’s eHi car rental service. MBK looks for strong cash flow, trusted brands, and stable market positions—often backed by valuable real estate.
Together, MBK’s 44 portfolio companies generate $44 billion in revenue and employ more than 370,000 people. That scale gives the firm both influence and responsibility during uncertain times in the global economy.
A career shaped by crises
For Kim, investing during chaos is nothing new. He has built his career around moments when others stepped back.
- During the Asian Financial Crisis, he helped rescue South Korea’s financial system
- After the 2008 global recession, his fund delivered nearly three times returns
- During COVID-19, he raised the largest Asia buyout fund
Kim believes pandemic-driven downturns are “event-based crises,” meaning once the event fades, recovery can be sharp. This belief shaped MBK’s aggressive fundraising during COVID-19.
Michael ByungJu Kim’s journey from a young outsider to a global investor
Michael ByungJu Kim grew up in South Korea in a family that valued education deeply. When he was only 12 years old, his father made a difficult decision and sent him to the United States. The goal was simple but bold: give his son exposure to the wider world.
When Kim first arrived in America, he struggled. He could not speak English, felt out of place, and had to start from zero. Reading books slowly became his way to survive and adapt. Over time, those books helped him learn the language and build confidence.
His academic path took shape gradually:
- He studied English literature in college
- Later earned an MBA from Harvard Business School
- Entered the finance world through Goldman Sachs
After that, Kim worked at Salomon Smith Barney and then at the Carlyle Group. These roles allowed him to understand how global capital works, especially in Asian markets. The experience he gained during these years would later define his investment style.
Starting MBK Partners against the odds
In 2005, Kim made another risky move. He left a comfortable senior role at Carlyle and decided to build something of his own. Along with five trusted colleagues, he founded MBK Partners.
At the time, convincing investors was not easy. Many pension funds avoid new private equity firms. Still, Kim managed to gain support from respected global institutions such as Temasek and a major Canadian pension fund.
What made investors believe in him was his approach:
- Strong local understanding of Asian businesses
- Disciplined investment methods learned in the West
- Preference for cooperation instead of confrontation
Rather than forcing takeovers, MBK worked closely with company leadership. Kim often appointed local executives and moved fast, without waiting for decisions from foreign headquarters.
Deals that shaped MBK’s credibility
Over the years, MBK Partners built its reputation through several standout investments.
One of the earliest successes was KorAm Bank, bought during a financial crisis and later sold to Citigroup for a much higher value. Another major win came with Universal Studios Japan, where MBK helped revive the business before exiting at a strong profit.
Other key milestones included:
- Taking ING Insurance Korea public in a historic listing
- Acquiring Homeplus, the largest buyout deal in South Korean history
These transactions are often mentioned in Breaking News reports about private equity growth in Asia and remain part of Daily news highlights in financial media.
Giving back while staying realistic
Despite his wealth and influence, Kim does not see success as purely personal achievement. In 2007, he created the MBK Scholarship Foundation to support students who lack financial resources. More than 130 students have already benefited from full university funding.
Kim frequently says that timing and luck played a role in his journey. This belief keeps him cautious and grounded, even as his firm continues to grow.
