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Joseph Bae Wikipedia, Kkr, Net Worth, Age, Harvard, Education, Wife
Joseph Bae Wikipedia, Kkr, Net Worth, Age, Harvard, Education, Wife: This week, KKR & Co. Co-Chairman Joseph Bae has been named co-CEO of the company, making him the second executive born in Korea. to lead a major global private equity firm after Carlyle Group’s Kew Lee.
Joseph Bae Wikipedia, Kkr, Net Worth, Age, Harvard, Education, Wife
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Scott Nuttall was chosen to succeed Henry Kravis and George Roberts, who helped found the American private equity firm in 1976, as co-chief executive along with Bae. Since July 2017, Bae and Nuttall, who joined KKR in 1996, have shared the roles of co-chairman and co-chief operating officer. Kravis and Roberts, who are 78 and 79 respectively, will serve as co-CEOs of the PE firm and will oversee $429 billion worth of assets.
Bae played a key role in KKR’s entry into Hong Kong and other Asian markets where other US PE giants like Carlyle, TPG and Warburg Pincus had already established their dominance.
Joe Bae will co-direct KKR
He oversaw one of the company’s most lucrative exits: the sale of the Oriental Brewery Co. beer brand to Belgian brewer AB InBev for $5.8 billion in 2014, five years after South Korea’s Oriental Brewery Co. bought for $1.9 billion in 2009. In addition, he oversaw high-profile derivative deals with Japanese companies Hitachi and Panasonic.
In a statement issued on Monday, KKR said that “he was the architect of KKR’s expansion into Asia, building one of the largest and most successful platforms in the market.” In his early 30s, he moved to Hong Kong in 2005 to run KKR’s Asian operations, offsetting the US trading market slump following the 2007-2008 global financial crisis.
His choice as co-CEO comes a year after Kewsong Lee, then co-CEO of the Carlyle Group, took over the US private equity firm as chief executive officer following co-CEO Glenn Youngkin’s decision to resign in late September 2020.
The company’s balance sheet strategy was developed and another co-CEO, Nuttall, was in charge of managing KKR’s public listing, according to KKR. In addition, he oversaw the establishment of the company’s capital markets, the raising and underwriting of capital, as well as the growth of KKR’s public markets activities in the credit and hedge fund sectors.
His appointment comes a day before SK E&S Co., South Korea’s largest urban gas provider, announced that KKR had been selected as the exclusive dealmaker to buy its new preference shares worth 2.4 trillion won ( 2 billion dollars). To buy the shares, KKR outbid three other selected bidders: IMM Private Equity, IMM Investment and New York-based EMP Belstar.
Bae also oversaw the acquisition of Panasonic’s healthcare division, now known as PHC Holdings Corp., in 2014 for $1.67 billion. This week, the Japanese medical device maker will go public on the Tokyo Stock Exchange.
At the end of 2020, KKR topped the NPS’s ranking of external PE investment firms, surpassing Carlyle and TPG in terms of the number of investment vehicles that received mandates from the world’s third-largest pension fund, the National Service for Pensions (NPS) of South Korea.
Bae’s parents, a missionary and research chemist, moved to the United States when Bae was three years old. He graduated magna cum laude from Harvard University and then landed his first job at the private equity group Goldman Sachs.
Bae, a baby born in 1973, used to want to be a pianist. According to Forbes, his current net worth is $1.1 billion. He married Janice Lee, a writer of Korean descent, whom he met at Harvard. They have four children together.
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Categories: Biography
Source: HIS Education