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Private equity

MBK sells 10% stake to Dyal Capital for around $1 bn

MBK Partners likely to issue new shares to raise capital from the US investment firm

By Jan 13, 2022 (Gmt+09:00)

Michael ByungJu Kim, founder and Chairman Michael ByungJu Kim (second from right)
Michael ByungJu Kim, founder and Chairman Michael ByungJu Kim (second from right)

North Asia-focused MBK Partners has agreed to sell a roughly 13% stake to Dyal Capital Partners for about $1 billion, according to a Bloomberg report on Wednesday.

MBK will highly likely issue new shares for the stake deal, aimed at bolstering its investment base beyond South Korea, China and Japan.

It also follows PAG and Baring Private Equity in minority stake sales, the report said. Baring and PAG sold their minority stakes to the New York-based Dyal Capital back in 2016 and 2018, respectively.

Dyal Capital is a unit of Neuberger Berman Group and focuses on minority equity investments in alternative asset management firms.

MBK declined to comment on the report.

MBK was founded by a former Carlyle Group Asia head Michael ByungJu Kim in 2005, with $24 billion capital under management. It is looking at expanding in real estate and growth capital investing beyond private equity and special situations funds, according to the report.

Its latest investment includes the 100% acquisition of Dongjin Textile Co., a Korean footwear textiles supplier to Nike and Adidas and its affiliate Kyungjin Textile Co. for a combined 780 billion won.

The investment was made through the PE firm’s fifth buyout fund, which held its final close at $6.5 billion in May 2020.

Last year, MBK made lucrative exits from three investments in South Korea, China and Japan, which ranked among the nine largest PE exit deals in the three countries in the same year.

Write to Jun-Ho Cha at chacha@hankyung.com

Yeonhee Kim edited this article.
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