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-president Joseph Bae was appointed as the company’s co-chief executive officer, making him the second CEO of Korean descent to head a major global private equity company after the Carlyle Group’s Kew Lee.
Scott Nuttall was chosen to succeed Henry Kravis and George Roberts, who helped found the US private equity firm in 1976, as co-CEO together with Bae. Since July 2017, Bae and Nuttall, who both joined KKR in 1996, have shared the roles of co-president and co-chief operating officer. Kravis and Roberts, who are 78 and 79 years old, respectively, will be the PE firm’s executive co-chairmen and will oversee $429 billion in assets.
Bae has been instrumental in KKR’s entry into Hong Kong and other Asian markets where other American PE behemoths like Carlyle, TPG, and Warburg Pincus have already established dominance.
Joe Bae going to co-lead 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. purchased it for $1.9 billion in 2009. Additionally, he oversaw high-profile carve-out agreements with Japanese companies Hitachi and Panasonic.
In a statement released on Monday, KKR claimed that “he was the architect of KKR’s expansion in Asia, building one of the largest and most successful platforms in the market.” In his early 30s, he relocated to Hong Kong in 2005 to lead KKR’s Asian operations, which had compensated for the depressed US transaction market following the Global Financial Crisis of 2007–2008.
His selection as co-CEO comes a year after Kewsong Lee, the Carlyle Group’s co-CEO at the time, assumed control of the US private equity firm as CEO after co-CEO Glenn Youngkin made the decision to retire at the end of September 2020.
The company’s balance sheet strategy was developed, and the other co-CEO, Nuttall, was in charge of managing KKR’s public listing, according to KKR. Additionally, he oversaw the establishment of the company’s capital markets, capital raising, and insurance businesses 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 city gas supplier, announced that KKR had been chosen as the exclusive negotiator to purchase its new preferred shares worth 2.4 trillion won ($2 billion). For the share purchase, KKR outbid three other selected bidders: IMM Private Equity, IMM Investment, and New York-based EMP Belstar.
Bae also oversaw the $1.67 billion acquisition of Panasonic’s healthcare division, now known as PHC Holdings Corp., in 2014. This week, the Japanese manufacturer of medical devices will begin trading on the Tokyo Stock Exchange.
As of the end of 2020, KKR topped the list of the NPS’s external PE investment companies, surpassing Carlyle and TPG in terms of the number of investment vehicles that received mandates from the third-largest pension fund in the world, the National Pension Service (NPS) of South Korea.
Bae’s parents, a missionary and a chemical research scientist, moved to the US when he was three years old. He received a bachelor’s degree with magna cum laude from Harvard University and then got his first job with Goldman Sachs’s private investing group.
Bae, a 1973 baby, previously wished to be a pianist. According to Forbes, his current estimated net worth is $1.1 billion. He married Janice Lee, a fiction writer of Korean descent, whom he met at Harvard. They have four kids together.