MBK Partners

What MBK Partners does

MBK Partners is North Asia's largest independent private equity firm, founded in March 2005 by six founding members who previously worked together at a global private equity organization. The firm manages $33 billion in capital across six Buyout funds and two Special Situations funds with an exclusive geographic focus on Korea, Japan, and China. It employs over 110 investment professionals across five offices (Seoul, Tokyo, Hong Kong, Beijing, Shanghai), making it the largest dedicated PE team in North Asia. Investors include public pensions, sovereign wealth funds, financial institutions, corporate pensions, funds of funds, and foundations/endowments from Korea, Japan, China, Southeast Asia, North America, Western Europe, and the Middle East.

The firm operates two core strategies. MBK Partners Buyouts acquires control positions through management-led buyouts, corporate divestitures, strategic partnerships, take-private transactions, and add-on acquisitions, targeting industry-leading companies in telecom/media, financial services, consumer/retail, and healthcare. MBK Partners Special Situations provides customized capital solutions — secured lending, secondary credit, and structured equity — to companies with limited access to capital, targeting equity-like returns with downside protection. The firm has executed 72 investments and 43 realizations since founding, with $18.7 billion distributed to investors (the highest total in Asia), and reported aggregate Fund marks of 1.9x MoC and 20.5% IRR at year-end 2023 across five active funds. Notable portfolio companies include Homeplus, Geo-Young, Alinamin Pharmaceutical, Osstem Implant, Medit, Coway (exited 2019), Daesung Industrial Gases (exited 2020), Tasaki, Godiva Japan, K Bank, and ConnectWave.

Revenue is generated through standard private equity economics: management fees of approximately 2% annually on committed capital (declining post-investment period) plus carried interest of approximately 20% on profits above an 8% hurdle rate. Fund VI closed at $5.5 billion in November 2025, substantially all from existing LP re-ups. The firm is controlled by its founding partners, with Michael ByungJu Kim serving as Chairman, and in January 2022 Dyal Capital Partners acquired a 13% minority stake valuing the firm at nearly $9 billion.

Name

MBK Partners

Legal name

MBK Partners LLC

Website

http://www.mbkpartners.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

MBK Partners is North Asia's largest independent private equity firm, managing $33 billion across six Buyout and two Special Situations funds focused exclusively on control investments and structured capital solutions in Korea, Japan, and China.

Ownership category

akta.pro rank

Product category

Private Equity

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

akta.pro secondary industry

Management Buyout / Management Buy-In (MBO/MBI) (FSANABAL)

Keywords

• Private equity buyouts
• Special situations investing
• Control investments
• North Asia investments
• Fund management services

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: MBK Partners charges management fees on committed capital during the investment period, typically declining after the investment period ends. These fees cover the costs of operating the funds and the investment team.
2. Carried Interest (Performance Fees): The firm earns carried interest (typically ~20% of profits above an 8% hurdle rate) when investments are exited at a gain. Fund III achieved 2.3x MoC and 17.2% IRR; Fund IV achieved 2.0x MoC and 18.8% IRR; Fund V achieved 1.6x MoC and 36.3% IRR. The firm has distributed $18.7 billion in proceeds to investors since founding, the highest total in Asia.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core offering

MBK Partners is an independent North Asian private equity firm managing $33 billion in capital across six Buyout funds and two Special Situations funds. The firm operates two core investment strategies: Buyouts (control investments through management-led buyouts, corporate divestitures, take-private transactions, and add-on acquisitions in Korea, Japan, and China) and Special Situations (customized capital solutions including secured lending, distressed debt, and structured equity for companies with limited capital access). Capital is raised from institutional investors including public pensions, sovereign wealth funds, financial institutions, corporate pensions, funds of funds, and foundations/endowments.

Product overview

MBK Partners is North Asia's largest independent private equity firm managing $33 billion in capital across six Buyout funds and two Special Situations funds. The firm operates two core investment strategies: MBK Partners Buyouts focuses on control investments through management-led buyouts, corporate divestitures, and take-private transactions in Korea, Japan, and China; while MBK Partners Special Situations provides customized capital solutions including secured lending, distressed debt, and structured equity investments. The firm's portfolio spans diverse industries including telecommunications/media, financial services, consumer/retail, and healthcare, with notable portfolio companies including ConnectWave (e-commerce platforms), Coway (health appliance rental), Dining Brands Group (restaurant franchises including BHC), D'Live (cable TV/MSO), CAR (car rental in China), CGI Holdings (cinema operations), Dongjin Textile (athletic footwear materials), and Daesung Industrial Gases (industrial gases).

Differentiator

Problem solved

Functional benefit

Products and services

• MBK Partners Buyouts MBK Partners Buyouts acquires companies through management-led buyouts, corporate divestitures, strategic partnerships, take-private transactions, and add-on acquisitions. The strategy focuses on control investments in Korea, Japan, and China, emphasizing industry-leading companies with sustainable competitive advantages and strong cash flows. Buyout investments in Korea are made out of Korea-registered funds managed in accordance with local regulatory requirements.
• MBK Partners Special Situations MBK Partners Special Situations provides customized capital solutions for companies with limited access to capital, encompassing minority equity, equity hybrid instruments, junior credit, and senior credit investments in both primary and secondary markets. The strategy targets equity-like returns with structured downside protection across the capital structure.

Quantifiable outcome

• $18.7 billion in proceeds distributed to investors — highest total in Asia
• +5 more outcomes

Named customers32 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

23 partnerships are on record, tiered minor and major.

• Advent InternationalminorOthers · 1 June 2026Advent International agreed to acquire Japan Well-being from MBK Partners for approximately $1 billion. The acquisition aims to introduce AI efficiency improvements and industry consolidation in Japan's nursing care sector.
• Advent InternationalminorOthers · 1 June 2026Advent International's acquisition of Japan Well-being from MBK Partners marks Advent's reentry into the Japanese market after a 15-year absence, underscoring commitment to expanding in Asia Pacific through a newly established Tokyo office.
• TA AssociatesminorOthers · 1 June 2026TA Associates, a US-based private equity firm, has engaged JP Morgan as lead manager to proceed with the sale of Gong Cha Korea, the bubble tea franchisor. MBK Partners and Bain Capital are conducting preliminary due diligence focused on Japan operations.
• Apollo Global ManagementmajorStrategic or Co-development Partner · 1 June 2026Apollo-managed funds sold ALTEMIRA Holdings to MBK Partners at an enterprise value of approximately 130 billion yen (~$840 million including debt). Altemira was formed in 2022 from aluminum divisions of Showa Denko and Mitsubishi Materials.
• Apollo Global ManagementmajorStrategic or Co-development Partner · 1 June 2026Apollo Funds completed the sale of ALTEMIRA Holdings to MBK Partners funds. The transaction was Apollo's second major Japanese PE exit in under a year, following MAFTEC exit in June 2025.
• PwC KoreaminorImplementation/ SI/ Consulting Partner · 1 June 2026Homeplus engaged PwC Korea to pitch the retailer to more than 10 potential buyers including Lotte, Shinsegae, CJ, Alibaba, and Temu, ahead of a court-imposed July 2026 restructuring deadline.
• Glass LewisminorImplementation/ SI/ Consulting Partner · 1 June 2026Global proxy advisory firm Glass Lewis recommended approval for changing the chairperson structure at Korea Zinc's AGM and supported governance reform proposals from Youngpoong and MBK Partners. Glass Lewis also supported some of the company's director appointment proposals.
• Park Yoo-kyung (APG)minorOthers · 1 June 2026Youngpoong and MBK Partners recommended Park Yoo-kyung, former executive at Dutch pension asset manager APG, as an independent audit committee member candidate for Korea Zinc through a shareholder proposal. Selected through three-stage review process.
• The McKeon GroupminorStrategic or Co-development Partner · 1 May 2026MBK Partners hired The McKeon Group as an additional US lobbyist to handle matters related to CFIUS, the US foreign investment watchdog. This is in connection with the Korea Zinc control battle and concerns over potential Chinese influence given CIC's LP stake.
• Harim Group (NS Shopping)majorStrategic or Co-development Partner · 1 April 2026Harim Group, through its home shopping unit NS Home Shopping, was selected as preferred bidder to acquire Homeplus Express from Homeplus/MBK Partners for around 300 billion won ($203 million). The sale is critical for Homeplus's court-approved rehabilitation plan. Harim Holdings holds 1.46 trillion won in cash.
• Taekwang GroupminorOthers · 1 April 2026Taekwang Group is reportedly considering acquiring NexFlex from MBK Partners for approximately 800 billion won. NexFlex supplies FCCL to Apple and Samsung Electronics and recorded 269 billion won in sales and 85.3 billion won in EBITDA last year.
• Japan Government (FEFTA/METI)minorOthers · 1 April 2026Japan's government invoked the Foreign Exchange and Foreign Trade Act to block MBK Partners' acquisition of Makino Milling Machine citing national security concerns related to defense/military supply chains. This was the first such intervention since the law was revised in 2017.
• Institutional Shareholder Services (ISS)minorImplementation/ SI/ Consulting Partner · 1 March 2026ISS, the world's largest proxy advisory firm, recommended that Korea Zinc shareholders vote against Chairman Choi Yun-beom's reappointment as inside director, citing governance concerns. ISS endorsed five director nominees from incumbent board.
• Beauty Farm Medical and Health Industry Inc.minorOthers · 1 October 2025HK-listed Beauty Farm acquired Siyanli from MBK Partners for $175 million (RMB 1.25 billion) in October 2025, the largest M&A deal in China's beauty service industry in 2025. The deal was structured with Siyanli's own cash and projected operating cash flow covering most costs.
• Samil PwCminorImplementation/ SI/ Consulting Partner · 1 June 2025Seoul Bankruptcy Court appointed Samil PricewaterhouseCoopers to oversee the Homeplus sale process. The sale is expected to take two to three months, critical for Homeplus's court rehabilitation plan.
• MGC Global (Mega Coffee)minorStrategic or Co-development Partner · 1 April 2025Mega MGC Coffee, through its parent MGC Global, submitted a letter of intent to acquire Homeplus Express from MBK Partners-controlled Homeplus before withdrawing. Harim Group subsequently emerged as preferred bidder.
• Unison Capital KoreamajorStrategic or Co-development Partner · 1 January 2023MBK Partners and Unison Capital Korea jointly acquired a 65.1% stake in Osstem Implant Co., Ltd. from KCGI Co., Ltd. for KRW 1.8 trillion in February 2023. They also agreed on a tender offer to acquire control of Osstem Implant for up to 2.1 trillion won ($1.7 billion).
• Unison Capital KoreamajorStrategic or Co-development Partner · 1 January 2023MBK Partners and Unison Capital Korea partnered for the Osstem Implant acquisition, a major dental implant manufacturer and marketer with international operations. The deal may have led to delisting with plans to boost global market shares through synergy with Medit.
• Young PoongmajorStrategic or Co-development Partner · 1 January 2023MBK Partners and Young Poong Corp. formed an alliance holding approximately 46% of Korea Zinc, challenging incumbent Chairman Choi Yun-beom. The alliance has proposed governance reforms including stock splits, codifying fiduciary duty, and audit committee expansion. They won 5 board seats at the March 2026 AGM out of 14 total.
• BlackstonemajorOthers · 1 January 2023Blackstone sold a 71.25% stake in Geo-Young to MBK Partners for $1.4 billion in April 2024 (largest M&A in Korea that year). Blackstone also sold Alinamin Pharmaceutical to MBK Partners for approximately $2.2 billion. Blackstone raised $13.1 billion for its BCP Asia III fund.
• BlackstonemajorOthers · 1 January 2023Blackstone sold Japan Well-being to MBK Partners. In turn, MBK sold Japan Well-being to Advent International for ~$1 billion. Blackstone was a major LP investor in the Korean market prior to these divestitures.
• Japan Best Rescue SystemsminorStrategic or Co-development Partner · 1 January 2023MBK Partners Special Situations invested $93 million in Japan Best Rescue Systems, the largest domestic provider of daily life trouble-shooting services in Japan.
• SkyLake Equity PartnersminorStrategic or Co-development Partner · 1 March 2021MBK Partners acquired 100% of NexFlex from SkyLake Equity Partners for 530 billion won (~$254 million in equity) in March 2023, following two failed sale attempts by SkyLake due to increased financing costs amid interest rate hikes.

Scale indicators18 records

Recent moves12 records

Expansion highlights4 records

Market position

Competitive moat6 records

Key highlights7 records

Customer concentration

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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A33 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MBK Partners