MBK Partners

MBK Partners Ltd.
Company type
Private Ownership
IndustryPrivate Equity
Founded2005; 21 years ago (2005)
FoundersMichael ByungJu Kim
AUMUS$33 billion (2026)
Websitewww.mbkpartners.com
Footnotes / references
[1]

MBK Partners (MBKP) is a private equity firm focused on East Asia.[2] According to Forbes, MBK Partners is one of the largest private equity firms in Asia.[3]

In 2023, Private Equity International, ranked MBK Partners as the eighth largest private equity firm in Asia based on total fundraising over the most recent five-year period.[4]

History

MBK Partners was founded in 2005 as a buyout company by Michael ByungJu Kim and several other senior Asian executives from the Carlyle Group.[2][5][6][7][8]

In January 2022, a 12.5% stake of the firm was sold to Blue Owl Capital (formerly known as Dyal Capital Partners).[9][8]

MBK Partners' investment focus is in North Asian regions, namely China, Japan and South Korea.[2][3]

MBK Partners has offices in Beijing, Hong Kong, Seoul, Shanghai and Tokyo.[10]

As of 2017, MBKP manages Special Situations funds that focus on providing capital solutions in North Asia for companies with constrained access to financing due to developmental stage, market cycles, or structural inefficiencies. The firm's Special Situations strategy has included at least two flagship funds, with the first closing at approximately $850 million, and the second raising around $1.8 billion in commitments.[11][12]

Funds

Fund[13] Vintage Year Committed Capital ($m)
MBK Partners I 2005 USD 1,560
MBK Partners II 2009 USD 1,500
MBK Partners III 2013 USD 2,700
MBK Partners IV 2016 USD 4,100
Special Situations I 2018 USD 850[14]
MBK Partners V 2020 USD 6,500
Special Situations II 2020 USD 1,800[8]
MBK Partners VI 2024 USD 5,500[15]

Notable transactions

In May 2009, MBKP and Goldman Sachs acquired a 98.3% stake in Universal Studios Japan for US$1.4 billion.[16]

In August 2013, MBKP acquired ING's South Korean insurance unit for total cash proceeds of 1.84 trillion won ($1.65 billion).[17]

In November 2014, MBKP sold accounting software maker, Yayoi Co to Japanese financial services provider, Orix Corp for 80 billion yen ($691 million).

In October 2016, MBKP and TPG Capital acquired Wharf T&T from The Wharf (Holdings) for HK$9.5 billion ($1.2 billion).[18] In August 2018, Wharf T&T was sold to Hong Kong's telecom operator HKBN for HK$10.5 billion ($1.34 billion).[19]

MBKP took ING Life Insurance Korea (renamed Orange Life) public in May 2017 with a $1.2 billion initial public offering, making it the first company owned by a private equity fund to be listed on the South Korean stock exchange.[20][21] In September 2018, MBK Partners sold its 59.15% stake in Orange Life to Shinhan Financial Group for 2.3 trillion won ($2.07 billion); the subsequent share swap drew criticism from minority shareholders who argued their holdings were undervalued relative to MBKP’s exit price. [22]

In February 2019, MBKP acquired Godiva Chocolatier's Asian-Pacific operations for $1.5 billion.[23] The firm also acquired a 79.83% stake in Lotte Card, a Korean credit card company, for $986.1 million in 2019.[24][25]

In 2024, MBKP acquired Hitowa, a living support services provider for $336.2 million, and Alinamin, an over-the-counter supplement manufacturer for $703.7 million.[26][27] The firm acquired a 71.25% stake in pharmaceutical wholesaler Geo-Young, also in 2024.[28]

In late 2024, MBK Partners and Young Poong Corp. launched a bid for management control of Korea Zinc Inc., accumulating a combined stake of approximately 46%.[29] In December 2025, the Seoul Central District Court rejected their injunction to block Korea Zinc from issuing $1.9 billion in new shares to fund a US smelter project.[30]

In February 2025, MBKP acquired a controlling stake in FICT, a Japanese semiconductor equipment manufacturer.[31]

Homeplus investment and restructuring

In September 2015, Tesco sold its South Korean business, Homeplus, to a consortium led by MBK Partners for £4 billion.[32]

By 2025, Homeplus entered court-supervised rehabilitation following financial difficulties. According to Reuters, MBK Partners submitted a restructuring plan that included a proposed sale to strategic investors, a partial write-down of its equity stake, and additional financing to support ongoing operations during the process.[33]

In March 2025, Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court after a series of credit rating downgrades.[34] South Korean prosecutors subsequently sought arrest warrants for MBK Chairman Michael ByungJu Kim and three other executives on charges of fraud and violation of the Capital Markets Act in connection with the sale of short-term bonds prior to the filing.[35]

Recognitions

MBK Partners announced in October 2024 that it was selected in the 2024 World’s Best Companies list by TIME and Statista.[36][37]

In January 2026, MBK Partners was ranked first among 30 private equity brands in South Korea in a survey conducted by the Korea Corporate Reputation Research Institute.[38]

References

  1. ^ "Form ADV" (PDF). SEC. Archived (PDF) from the original on 20 February 2023. Retrieved 24 November 2022.
  2. ^ a b c "MBK's deals rank among top 2021 PE exits in N.Asia". The Korea Economic Daily. Archived from the original on 15 July 2023. Retrieved 15 July 2023.
  3. ^ a b Flanner, Russell (23 December 2021). "MBK Wraps Up China Theme Park Purchases Worth $950 Million". Forbes. Archived from the original on 20 May 2022. Retrieved 16 March 2024. MBK is one of Asia's largest private equity businesses with $25 billion of assets under management.
  4. ^ "PEI 300 | The Largest Private Equity Firms in the World". Private Equity International. 1 June 2023. Archived from the original on 31 May 2023. Retrieved 22 July 2023.
  5. ^ Staff, P. E. I. (30 December 2012). "Kim launches MBK Partners". Private Equity International. Archived from the original on 15 July 2023. Retrieved 15 July 2023.
  6. ^ "MBK Partners co-founder tops 50 richest S.Koreans: Forbes". The Korea Economic Daily. Archived from the original on 15 July 2023. Retrieved 15 July 2023.
  7. ^ "Michael Kim". Forbes. Archived from the original on 23 December 2021. Retrieved 24 December 2021.
  8. ^ a b c Chan, Cathy (12 January 2022). "Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital". www.bloomberg.com. Archived from the original on 12 January 2022. Retrieved 12 January 2022.
  9. ^ Global, KED. "MBK's $1.2 bn stake sale brings value on par with TPG - KED Global". KED Global. Archived from the original on 23 October 2022. Retrieved 30 March 2026.
  10. ^ "Contact". MBK Partners. Archived from the original on 4 December 2020. Retrieved 15 January 2021.
  11. ^ Global, KED. "MBK closes SSF II at $1.8 bn, largest Asian SSF since 2019 - KED Global". KED Global. Archived from the original on 15 July 2023. Retrieved 30 March 2026.
  12. ^ "MBK Partners gets former Deutsche exec to head new special situations fund". DealStreetAsia. Retrieved 30 March 2026.
  13. ^ "MBK Partners | Palico". www.palico.com. Retrieved 15 January 2021.
  14. ^ Edition, The Korea Economic Daily Global. "MBK Partners sees 2nd special situations fund launch in H2". The Korea Economic Daily Global Edition. Archived from the original on 21 January 2021. Retrieved 15 January 2021.
  15. ^ Chan, Cathy (20 November 2025). "MBK Raises Smaller Asia Fund Than Targeted Amid Homeplus Saga". Bloomberg. Retrieved 30 March 2026.
  16. ^ "MBK Takes Over Universal Studios Japan". The Korea Times. 26 May 2009. Archived from the original on 20 May 2022. Retrieved 15 January 2021.
  17. ^ Thomas, Joyce Lee, Denny (26 August 2013). "ING's Asia exit plan nears end as MBK agrees to buy South Korea unit". Reuters. Archived from the original on 18 May 2021. Retrieved 15 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  18. ^ "HK tycoon Woo's Wharf agrees to sell telecom unit to TPG, MBK for $1.2 bln". finance.yahoo.com. Archived from the original on 20 May 2022. Retrieved 15 January 2021.
  19. ^ Rai, Kane Wu, Sonam (8 August 2018). "Hong Kong's telecom operator HKBN to buy WTT in $1.34 billion deal". Reuters. Archived from the original on 20 May 2022. Retrieved 15 January 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  20. ^ "IPO date for ING Life Insurance Korea set on May 11, CEO says". Pulse. 20 April 2017. Retrieved 30 March 2026.
  21. ^ Seok-min, Oh (3 November 2018). "ING Life Insurance Korea renamed Orange Life". Yonhap News Agency. Retrieved 30 March 2026.
  22. ^ Ji-hyoung, Son (31 January 2020). "Opposition lingers in Shinhan's Orange Life merger". The Korea Herald. Retrieved 17 May 2026.
  23. ^ "Chocolatier Godiva to sell Asian-Pacific operations to MBK Partners". CNBC. 20 February 2019. Archived from the original on 4 February 2021. Retrieved 15 January 2021.
  24. ^ Global, KED. "MBK's Lotte Card sale gains momentum amid Homeplus fallout - KED Global". KED Global. Archived from the original on 5 March 2026. Retrieved 30 March 2026.
  25. ^ "ロッテカードがセキュリティ投資を減らし、ハッキング事態を招いたという批判を受けている中、筆頭株主のMBKパートナーズはロッテカード買収後、4倍以上の配当を得たことが確認された。 顧客保護のための投資は.. - MK". 매일경제 (in Japanese). 19 September 2025. Retrieved 30 March 2026.
  26. ^ Kim, Yeonhee (9 April 2025). "MBK sees better exit landscape in 2025, bets on governance reform". The Korea Economic Daily. Retrieved 14 April 2026.
  27. ^ "ポラリス・キャピタル・グループ、HITOWAホールディングスの全株式をMBKパートナーズに譲渡｜M&Aニュース". www.nihon-ma.co.jp (in Japanese). 25 December 2023. Retrieved 14 April 2026.
  28. ^ Park, Anna J. (22 April 2024). "MBK Partners acquires pharmaceutical wholesaler Geo-Young from Blackstone". The Korea Times. Retrieved 14 April 2026.
  29. ^ Kim, Yeonhee (12 March 2025). "MBK's fight for Korea Zinc control drags on after court ruling".
  30. ^ Jin, Hyunjoo (24 December 2025). "South Korean court rejects request to block Korea Zinc share sale linked to US smelter".
  31. ^ "MBK Partners acquires controlling stake in FICT". Retrieved 19 March 2025.
  32. ^ "Tesco sells South Korea stores for £4bn". BBC News. 7 September 2015. Retrieved 14 April 2026.
  33. ^ "Struggling retailer Homeplus gets approval for sale plan from South Korean court". Reuters. 20 June 2025. Retrieved 14 April 2026.
  34. ^ Global, KED. "MBK-owned Homeplus files for corporate revamp with Seoul court - KED Global". KED Global. Archived from the original on 14 April 2026. Retrieved 30 April 2026.
  35. ^ "Chairman of MBK appears for arrest warrant hearing over bond sale - The Korea Times". www.koreatimes.co.kr. 13 January 2026. Retrieved 30 April 2026.
  36. ^ Cha, Jun-Ho (25 October 2024). "MBK Partners named as Time World's Best Companies". The Korea Economic Daily. Retrieved 14 April 2026.
  37. ^ "World's Best Companies of 2024". TIME. 12 September 2024. Retrieved 14 April 2026.
  38. ^ Min-hee, Jung (29 January 2026). "MBK Partners Tops Private Equity Brand Rankings". Business Korea. Retrieved 14 April 2026.

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