Published : Aug. 30, 2016 - 17:50
One of KKR’s largest and most profitable investments was bottled beers produced by Korean Oriental Brewery. (Yonhap)
US-based private equity fund KKR is hiring a former LG Electronics executive to run its Korea operations in a bid to ramp up its investments in Asia.
Lim Hyoung-seok, a veteran consultant in investment and management solutions currently running Compass LKL in London, has been named as managing director of KKR Korea, the KKR Group announced on Tuesday.
He will join Park Chung-ho, current managing director for the private equity business in Seoul, and will report to Ming Lu, who has been elevated to the head of KKR Asia Private Equity in the latest reshuffle.
Joseph Bae, who has been co-heading the fund’s operations in Korea, will remain as the managing partner of KKR Asia,
Lim’s appointment indicates the US fund’s enhancement in the Korean market, as the US buyout fund is nearing the end of its second Asia Fund that was set up in 2013 and is planning on the third one soon.
“I am extremely excited to welcome this incredible group of senior executives to KKR as we continue to invest aggressively in the build-out of our regional platform,” said Bae. “Given the rapidly changing market conditions across the region, it is imperative that KKR continues to deepen the investment and operational capabilities in each of our core markets to maintain our leadership position in Asia.”
Lim has over 23 years of management consulting and operational experience, including 15 years at McKinsey and Co. in Seoul. He then served in various senior management roles at LG Electronics, including the chief operating officer of its European operations.
After LG, he founded Compass LKL in London, an advisory firm focused on providing cross-border investment solutions for Korean investors and companies, and has been running the firm until recently.
KKR is considered the most successful international private equity firm in Asia in terms of returns.
One of the most successful deals of the fund to date have been Oriental Brewery in Korea, which the group sold back to Anheuser-Busch InBev in 2014 for a more than fivefold return on its investment.
By Song Su-hyun (song@heraldcorp.com)