The Carlyle Group has announced an expansion of its presence throughout Asia, while at the same time revealing that Michael Kim, co-head of its Asia buyouts practice, would leave the firm.
Kim led the team in Korea, and spearheaded the $2.7 billion sale of KorAm Bank to Citigroup.
Carlyle’s highly visible co-founder, David Rubenstein, former executive in the Carter Administration, issued a press release to reiterate the firm’s interest and activities in Asia, despite the departure of Kim. Rubenstein said in the release, that the firm plans to open new offices in Beijing; Mumbai, India; and Sydney over the next three months. The statement also said that Carlyle’s Asia buyout fund would continue to be led by current China-based Managing Director Xiang-Dong Yang, while Managing Director John Kwun has been named head of Carlyle’s Korean buyout business.
Kim’s departure comes almost a month after anti-American sentiments in Japan and Korea rose to the surface in the wake of multiple sales this year by the U.S. buyout firm Ripplewood. However, Carlyle stressed that it is viewed as a long-term investor in Korea, which is interested in improving the value of its holdings there.