Dyal Capital to share in fees and profits made by MBK Partners There is also speculation about potential IPO of Seoul-headquartered private equity firm

Translated by Ryu Ho-joung 공개 2022-01-18 07:54:46

이 기사는 2022년 01월 18일 07:53 더벨 유료페이지에 표출된 기사입니다.

MBK Partners will likely share in profits of its successful deals and fees it produces with New York-based Dyal Capital Partners, which specializes in general partner stakes strategies, as the Seoul-headquartered private equity firm has sold a minority equity interest to the US investment firm.

In a deal that was reported by Bloomberg last week, Dyal Capital agreed to purchase a roughly 13% stake in MBK Partners for $1 billion. MBK Partners confirmed the stake sale but declined to comment on further details.

Dyal Capital, a division of Neuberger Berman, acquires passive stakes in established alternative investment managers worldwide. It returns money to its investors through fee incomes earned from these investments.

Dyal Capital is expected to get a slice of MBK Partners’ cash flows, including management and performance fees, as it does with its other investments in general partner interests.

“Simply put, (Dyal Capital) is set to take roughly 13% of all profits generated by MBK Partners from the management of its funds in the future. It’s like rent profits in a building investment,” an official at one of the most high-profile private equity firms in Seoul.

The official said that private equity firms tend to pay their partners and employees in salaries and bonuses, rather than through dividend payouts, because of tax reasons.

The South Korean entity of MBK Partners – which is nearly 80% owned by three South Korean partners, including co-founder Michael ByungJu Kim, and about 20% owned by the firm’s employee stock ownership association – also paid only 2.93 billion won ($2.5 million) in dividends for its fiscal year ended June 30, 2021, according to its audited financial statements.

In contrast, MBK Partners spent approximately 18 billion won on salaries and bonuses in the same period. It also spent 97 billion won on staff bonuses in the prior fiscal year.

Some speculate that MBK Partners could consider listing its shares on a stock exchange in the future. High-profile global private equity firms whose shares are publicly traded include Blackstone Group, KKR, Carlyle Group and TPG. (Reporting by Gyoung-tae Kim)
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