Michael Kim (businessman)
{{Short description|American businessman (born 1963)}}{{COI|date=December 2024|talk=Mindful of potential undisclosed COI}}{{short description|Korean-American business executive (born 1983)}}
{{About|the MBK Partners founder|the Head of Google for Startups APAC|Mike Kim (executive)}}{{Infobox person
| name = Michael Kim
| image =
| caption =
| other_names = Michael ByungJu Kim
| birth_date = {{Birth year and age|1963|10}}
| birth_name = Kim Byungju
| birth_place =
Jinhae, South Gyeongsang Province, South Korea
| death_date =
| death_place =
| citizenship = United States{{cite web|url=https://www.forbes.com/profile/michael-kim/ |title=Forbes profile: Michael Kim |work=Forbes |access-date=5 October 2021}}
| occupation = Founder, MBK Partners, Philanthropist
| education = Haverford College
Harvard Business School (MBA)
| spouse = Park Kyung-ah
| children = 2
| module = {{Infobox Korean name|child=yes
| hangul = 김병주
| hanja = 金秉奏{{cite news|url=http://www.munhwa.com/news/view.html?no=1999052910000701|title=美금융업체 칼라일그룹 한국에 10억弗투자 추진|newspaper=Munhwa Ilbo|date=29 May 1999|access-date=17 September 2018}}
| rr = Gim Byeongju
| mr = Kim Pyŏngju}}
}}
Michael ByungJu Kim (born 1963) is an American billionaire businessman of South Korean origin.{{cite news|url=https://www.bloomberg.com/news/articles/2015-02-04/korea-s-michael-kim-leads-buyout-surge-as-foreign-firms-return|first1=Yoolim|last1=Lee|first2=Cathy|last2=Chan|title=Korea's Michael Kim Leads Buyout Surge as Foreign Firms Return|website=Bloomberg News|date=4 February 2015 }} 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".{{cite web|url=http://www.financeasia.com/News/428424,michael-kim-godfather-of-asian-private-equity.aspx|title=Michael Kim: Godfather of Asian private equity|first=Jackie|last=Horne|website=FinanceAsia}}
He has been named one of Bloomberg's 50 most influential people{{Cite news |title=Power, Money, and Ideas: Bloomberg Markets 50 Most Influential People |url=https://www.bloomberg.com/features/2015-markets-most-influential/#kim |access-date=2024-10-14 |website=Bloomberg News}} in the world and Forbes Asia's Heroes of Philanthropy.{{Cite web |last=Watson |first=Rana Wehbe |title=Asia's 2022 Heroes Of Philanthropy |url=https://www.forbes.com/sites/ranawehbe/2022/12/05/asias-2022-heroes-of-philanthropy/ |access-date=2024-03-14 |website=Forbes |language=en}} According to Forbes, Kim had a net wealth of $9.6 billion{{Cite web |last=Kang |first=John |title=Korea's 50 Richest 2023: Combined Wealth Falls For The Second Year, Private Equity Billionaire Michael Kim Tops Rankings |url=https://www.forbes.com/sites/johnkang/2023/04/17/koreas-50-richest-2023-combined-wealth-falls-for-the-second-year-private-equity-billionaire-michael-kim-tops-rankings/ |access-date=2024-03-14 |website=Forbes |language=en}} as of April 2023, ranking him the richest person in South Korea and #190 in the world.
Early life
Career
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.
Kim left Carlyle to found MBK Partners in 2005, which has since grown to over $30 billion in assets under management, raising $6.5 billion for its most recent Fund V, becoming the largest independent private equity firm in Asia.{{cite web|url=https://www.dealstreetasia.com/stories/south-koreas-mbk-partners-raises-4-1b-for-its-fourth-fund-60141/|title=South Korea's MBK Partners raises $4.1b for its fourth fund|website=www.dealstreetasia.com}} MBK Partners was named one of Time's World's Best Companies of 2024.{{Cite magazine |title=World's Best Companies of 2024 |url=https://time.com/collection/worlds-best-companies-2024/ |access-date=2024-12-24 |magazine=TIME |language=en}}
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.{{cite web|url=https://www.reuters.com/article/southkorea-ing-life-insurance-ipo/update-1-ing-life-insurance-korea-raises-974-mln-after-pricing-ipo-near-lower-end-of-range-idUSL4N1HW2K7|title=UPDATE 1-ING Life Insurance Korea raises $974 mln after pricing IPO...|work=U.S. |date=24 April 2017|publisher=|via=Reuters}}In Japan, Kim and MBK acquired Godiva Japan in one of the largest deals in the consumer sector in Japan's history.{{cite web|last=|first=|date=20 February 2019|title=Chocolatier Godiva to sell Asian-Pacific operations to MBK Partners|url=https://fr.reuters.com/article/us-godiva-divestment/chocolatier-godiva-to-sell-asian-pacific-operations-to-mbk-partners-idUKKCN1Q91FG|access-date=|website=|publisher=|via=Reuters}}{{dead link|date=July 2021|bot=medic}}{{cbignore|bot=medic}}
Kim chairs the Haverford College board of managers, as well as the MBK Scholarship Foundation. He has been on the boards of Haverford College, KorAm Bank, China Network Systems, Yayoi, C&M, Tasaki, Universal Studios Japan, Coway, ING Life Korea, Homeplus, RAND Corporation,{{cite web|title=Annual Report 2003|url=https://www.rand.org/content/dam/rand/pubs/corporate_pubs/2010/RAND_CP1-2003.pdf|access-date=2022-02-10}} the Metropolitan Museum of Art,{{cite web|url=https://www.metmuseum.org/press/news/2017/michael-byungju-kim|title=Michael ByungJu Kim Elected Metropolitan Museum Trustee - The Metropolitan Museum of Art|website=www.metmuseum.org|date=9 October 2017 }} New York Public Library,{{cite web |title=New York Public Library Board of Trustees |url=https://www.nypl.org/help/about-nypl/leadership/board-trustees |website=www.nypl.org}} Carnegie Hall,{{cite web |title=Board of Trustees |url=https://www.carnegiehall.org/About/Leadership-and-Staff/Board-of-Trustees |website=www.carnegiehall.org |language=en}} Asia Business Leaders Advisory Council{{Cite web |last=Canada |first=Asia Pacific Foundation of |title=Asia Business Leaders Advisory Council |url=https://www.asiapacific.ca/networks/ablac |access-date=2024-03-14 |website=Asia Pacific Foundation of Canada |language=en}} and Temasek Philanthropy Asia Alliance.{{Cite web |title=About Us |url=https://philanthropyasiaalliance.org/about-us |access-date=2024-03-14 |website=PAA |language=en}}
In 2013 the Asian Venture Capital Journal named Kim as "Private Equity Professional of the Year,"{{cite web|url=https://www.avcj.com/avcj/interview/50097/asia-awards-pe-professional-of-the-year-michael-kim|title=Asia Awards: PE Professional of the Year - Michael Kim|date=4 December 2013 |publisher=}} and in Finance Asia's 20th anniversary issue in 2016, Kim was called the "Godfather of Asian Private Equity".{{cite web|url=https://www.financeasia.com/article/michael-kim-godfather-of-asian-private-equity/428424|title=Michael Kim: Godfather of Asian private equity|publisher=}}
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.{{cite news|last=|first=|date=18 August 2022|title=How South Korea learned to love private equity|newspaper=Financial Times|url=https://www.ft.com/content/9ba55806-2899-4c1f-9244-9c5b8b29eb58|last1=Davies|first1=Christian}}
In 2015 Kim was ranked #42 on Bloomberg's 50 Most Influential.{{cite news |title=50 Most Influential - #42 |url=https://www.bloomberg.com/features/2015-markets-most-influential/#kim |newspaper=Bloomberg}}
In 2021, Kim was ranked #5 on Forbes' The Richest Private Equity Billionaires,{{cite web|last=|first=|date=5 October 2021|title=The Richest Private Equity Billionaires On The Forbes 400 List 2021|url=https://www.forbes.com/sites/sergeiklebnikov/2021/10/05/richest-private-equity-billionaires-forbes-400-2021/|via=Forbes}} and in 2023, Kim was ranked #1 on Forbes' Korea's 50 Richest, with a net worth of $9.7 billion.{{cite web|last=|first=|date=17 April 2023|title=Korea's 50 Richest|website=Forbes|url=https://www.forbes.com/lists/korea-billionaires/?sh=1acff6ba2222}}
In January 2022, MBK sold an approximately 13% stake to Dyal Capital Partners in a transaction valued at about $1 billion.{{cite news|url=https://www.bloomberg.com/news/articles/2022-01-12/billionaire-michael-kim-s-pe-firm-sells-stake-to-dyal-capital|title=Billionaire Michael Kim's Private Equity Firm Sells Stake to Dyal Capital|website=Bloomberg News |date=12 January 2022 |publisher=}}
Kim is the author of a novel, Offerings, published in 2020.{{Cite book|last=Kim, Michael Byung Ju|url=https://www.worldcat.org/oclc/1132243427|title=Offerings : a novel|date=24 March 2020 |isbn=978-1-950691-62-3|location=New York|oclc=1132243427}}
In July 2022, the Washington Post reported that Kim was among those interested in buying the Washington Nationals, the MLB team.{{cite news|last=|first=|date=8 July 2022|title=Billionaire Michael B. Kim among those interested in buying Nationals|newspaper=The Washington Post|url=https://www.washingtonpost.com/sports/2022/07/08/michael-b-kim-washington-nationals-sale/}}
In September 2022, The Chosun Daily alleged Kim paid 40 billion won in taxes and penalties related to overseas tax evasion.{{Cite web |last= |first= |date=2024-02-22 |title=MBK Partners Chief Pays W40 Billion Tax Penalty for Overseas Tax Evasion and Avoids Criminal Prosecution |url=https://www.chosun.com/english/national-en/2022/09/06/EOR5JQWL2FWHD34HJII4L27BRE/ |access-date=2024-10-13 |website=The Chosun Daily |language=ko}} This issue was reportedly associated with untaxed income from the sale of ING Life Insurance in 2018. According to another local paper, Kim's company denied the accusations as "groundless and stated that both Kim and the Company paid all due taxes."{{Cite web |last=한 |first=희연 |date=2020-12-08 |title=MBK파트너스, 김병주 회장 탈세의혹 '사실무근' |url=https://www.thebell.co.kr/free/content/ArticleView.asp?key=202012081657117360102381&svccode=00&page=1&sort=thebell_check_time |access-date=2024-10-21 |website=더벨뉴스 |language=ko}}{{Cite web |last=정 |first=민하 |date=2020-12-08 |title=MBK파트너스 "김병주 MBK회장 탈세 의혹, 사실과 달라" |url=https://n.news.naver.com/mnews/article/366/0000632208?sid=004 |access-date=2024-10-21 |website=ChosunBiz |language=ko |via=Naver News}}{{Full citation needed|date=December 2024|reason=See WP:KO/RS#NA; should specify underlying publication used by news aggregator.}}
In July 2024, Kim became chair of the board of trustees at Haverford College, the first Korean-American to hold such a position at a U.S. university.{{Cite press release |last=College |first=Haverford |title=Michael Kim Appointed Chair of Haverford College's Board of Managers |url=https://www.prnewswire.com/news-releases/michael-kim-appointed-chair-of-haverford-colleges-board-of-managers-302080128.html |access-date=2024-11-06 |website=www.prnewswire.com |language=en}}{{Cite web |last=Choi |first=Jasmine |date=2024-04-30 |title=Michael ByungJu Kim Donates US$25 Million to Alma Mater Haverford College |url=https://www.businesskorea.co.kr/news/articleView.html?idxno=216119 |access-date=2024-11-06 |website=Businesskorea |language=ko}}
Philanthropy
In 2010, Kim pledged $7.5 million toward the construction of a new dormitory at Haverford College.{{cite web|url=https://www.haverford.edu/college-communications/news/haverford-build-another-new-dorm|title=Haverford To Build Another New Dorm|date=3 October 2010 |publisher=}} The dorm is named "Kim" in honor of the donor's father.
In August 2021, Kim pledged KRW30 billion ($27 million) to the Seoul Metropolitan Government to build a public library in Seoul. Mayor Oh Se-hoon announced Seoul would honor the gift by naming the library after the donor, The Seoul Public Kim ByungJu Library. The gift was reported to represent the first-ever donation by an individual for the construction of a civic institution in Seoul.{{cite web|url=https://us.acrofan.com/detail.php?number=512737|title=Michael ByungJu Kim Donates KRW 30 Bn to Build Public Library in Seoul}}
In December 2021, Kim was named to Forbes Asia's Heroes of Philanthropy list.{{Cite web|last=Watson|first=Rana Wehbe|title=ASIA'S 2021 HEROES OF PHILANTHROPY|url=https://www.forbes.com/sites/ranawehbe/2021/12/13/asias-2021-heroes-of-philanthropy/|access-date=2021-12-14|website=Forbes|language=en}} In December 2022, he was named to the Forbes Asia's Heroes of Philanthropy list again.{{Cite web|last=Watson|first=Rana Wehbe|title=ASIA'S 2022 HEROES OF PHILANTHROPY|url=https://www.forbes.com/sites/ranawehbe/2022/12/05/asias-2022-heroes-of-philanthropy/|access-date=2022-12-06|website=Forbes|language=en}}
In September 2022, Kim donated $10 million to the Metropolitan Museum of Art in New York. The museum stated they would name a gallery after Kim and his wife, the Michael B. Kim and Kyung Ah Park gallery. This would be the first gallery in the museum to be named after a person of Korean descent.{{cite web|url=https://www.koreatimes.co.kr/www/biz/2022/09/126_335723.html|title=MBK Partners chairman donates $10 million to the Met|date=7 September 2022 }}
In April 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.{{cite web |title=Transformative $25 Million Gift From Michael B. Kim '85 to Establish Haverford's Institute for Ethical Inquiry and Leadership |url=https://www.haverford.edu/college-communications/news/transformative-25-million-gift-michael-b-kim-85-establish-haverford-s |website=Haverford College |date=23 April 2024 |access-date=24 April 2024}}{{cite news |last1=Snyder |first1=Susan |title=Haverford College is getting $25 million from 'the godfather of Asian private equity' for an institute on ethics |url=https://www.inquirer.com/education/haverford-college-donation-board-chair-20240423.html |access-date=24 April 2024 |work=Philadelphia Inquirer |date=April 24, 2024}}
Personal life
Kim is married to Park Kyung-ah, the daughter of the late South Korean Prime Minister Park Tae-joon. Her father was founder of POSCO, the largest steel company in South Korea. The couple have two children and live in Seoul.
Honors and recognition
- 2013, Awarded Asian Venture Capital Journal's “Private Equity Professional of the Year”{{Cite web |date=2013-12-04 |title=Asia Awards: PE Professional of the Year - Michael Kim {{!}} AVCJ |url=https://www.avcj.com/avcj/interview/50097/asia-awards-pe-professional-of-the-year-michael-kim |access-date=2024-12-24 |website=www.avcj.com |language=en}}
- 2017, Awarded “Philanthropist of the Year” by the Council of Korean Americans{{Cite web |last=기자 |first=박노경 |date=2017-10-23 |title=차세대 정치력 신장에 CKA 역할 기대 |url=https://www.manna24.com/single-post/2017/10/23/%EC%B0%A8%EC%84%B8%EB%8C%80-%EC%A0%95%EC%B9%98%EB%A0%A5-%EC%8B%A0%EC%9E%A5%EC%97%90-cka-%EC%97%AD%ED%95%A0-%EA%B8%B0%EB%8C%80/ |access-date=2024-12-24 |website=Manna 24 |language=en-US}}
- 2015, Named one of Bloomberg Markets “The 50 Most Influential”{{Cite news |title=Power, Money, and Ideas: Bloomberg Markets 50 Most Influential People |url=https://www.bloomberg.com/features/2015-markets-most-influential/#intro |access-date=2024-12-24 |work=Bloomberg.com}}
- 2021, Named one of Forbes’ “Asia’s 2021 Heroes of Philanthropy”{{Cite web |last=Watson |first=Rana Wehbe |title=ASIA'S 2021 HEROES OF PHILANTHROPY |url=https://www.forbes.com/sites/ranawehbe/2021/12/13/asias-2021-heroes-of-philanthropy/ |access-date=2024-12-24 |website=Forbes |language=en}}
- 2022, Named one of Forbes’ “Asia’s 2022 Heroes of Philanthropy”{{Cite web |last=Watson |first=Rana Wehbe |title=Asia's 2022 Heroes Of Philanthropy |url=https://www.forbes.com/sites/ranawehbe/2022/12/05/asias-2022-heroes-of-philanthropy/ |access-date=2024-12-24 |website=Forbes |language=en}}
- 2024, Voted “Most Influential in Korea’s Capital Market” by Market Insight{{Cite web |last=Global |first=K. E. D. |title=MBK's Michael ByungJu Kim: Most influential in Korea's capital market |url=https://www.kedglobal.com/investment-banking/newsView/ked202403110019 |access-date=2024-12-24 |website=KED Global |language=en}}
- 2024, Elected Chair of the Haverford College Board of Managers{{Cite web |title=Board of Managers |url=https://www.haverford.edu/president/governance/board-managers |access-date=2024-12-24 |website=www.haverford.edu |language=en}}{{Cite web |date=2024-02-29 |title=Michael Kim '85 Appointed Chair of Haverford's Board of Managers |url=https://www.haverford.edu/college-communications/news/michael-kim-85-appointed-chair-haverfords-board-managers#:~:text=Kim,%20Haverford%20College%20alumnus,%20founder,of%20Managers%20effective%20July%201. |access-date=2024-12-24 |website=www.haverford.edu |language=en}}
- 2024 Named one of Forbes’ “Asia’s 2024 Heroes of Philanthropy”{{Cite web |last=Watson |first=Rana Wehbe |title=Forbes Asia's 2024 Heroes Of Philanthropy |url=https://www.forbes.com/sites/ranawehbe/2024/12/09/forbes-asias-2024-heroes-of-philanthropy/ |access-date=2024-12-24 |website=Forbes |language=en}}
References
{{Reflist}}
{{DEFAULTSORT:Kim, Michael}}
Category:People from Jinhae District
Category:South Korean company founders
Category:Haverford College alumni
Category:Harvard Business School alumni
Category:Businesspeople from Seoul
Category:South Korean businesspeople
Category:South Korean billionaires
Category:South Korean expatriates in the United States
Category:21st-century American businesspeople