US-based alternative asset manager Apollo has opened an office in Seoul to help execute and build on its growth plans in the market as part of its Asia Pacific expansion, according to a company announcement on Monday.
The firm has appointed Jay Hyun Lee as partner and head of Korea to help drive fundraising, institutional relationships, and team growth in the country. Lee was most recently with Samsung Securities and has previously held positions at Goldman Sachs, BNP Paribas, and JP Morgan.
As one of the largest private equity firms globally, Apollo has been active in the Asia Pacific market for more than 15 years, according to the statement. The newly opened office adds to its existing presence across Tokyo, Sydney, Hong Kong, Mumbai, and Singapore.
“As we grow our franchise in Korea, we are excited to work alongside pensions, insurers, and other institutions as a scaled provider of excess return,” said Apollo partner and head of Asia Pacific Matt Michelini.
Apollo, which manages approximately $733 billion in assets, is following in the footsteps of the likes of Blackstone, KKR, and Carlyle in expanding its presence in Korea.
A sharp depreciation of the Korean won has created opportunities for US dollar private equity funds to grab acquisitions at attractive prices, with many ramping up investments in the country.
Most recently, Korea Zinc has been battling a takeover bid by North Asia-focused private equity firm MBK Partners and rival zinc maker Young Poong. Bain Capital was also said to join the bid for the world’s biggest refined zinc producer.