This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:31 p.m. on Dec. 4, 2025.
Global private equity fund (PEF) manager Bain Capital has begun reorganizing its Korea office. As Chief of the Korea office Lee Jeong-woo decided to leave the company this year, there was speculation that the firm might bring in a replacement, but there will likely be no new hire at the representative level.
According to the investment banking (IB) industry on the 4th, Bain Capital recently hired Senior Managing Director Ahn Jae-woo from CVC Capital. A Harvard University economics major, Ahn began as an analyst at Blackstone in 2012. He joined CVC Capital in 2015, moved to TA Associates for about a year, and returned to CVC Capital in 2021.
In addition to Ahn, who is at the managing director (MD) level, Bain Capital also hired one junior staff member. Given that the hires are not at the representative level, expectations are that the next country head will come from inside the firm.
The leading candidate for the next representative is Vice President Kim Dong-uk. After joining Bain Capital in 2020, Kim graduated from Seoul National University's Department of Electrical Engineering and Columbia Business School (MBA). After stints at IBM and Bain & Company, Kim handled mergers and acquisitions (M&A) advisory and initial public offering (IPO) execution at Citigroup Global Markets Securities.
Since joining Bain Capital, Kim has solidified standing by leading the investment in CLASSYS. The aesthetic medical device company CLASSYS has seen its stock price rise on explosive growth since Bain Capital's acquisition in 2021. The company has recently launched home-use aesthetic medical devices, accelerating its growth.
Lee, who is leaving Bain Capital, is expected to set up a new PEF manager in Korea early next year. The outlook is strong that Bain Capital will commit some capital to the new manager to maintain a partnership. Bain Capital will handle large transactions, while Lee's firm plans to target the market mainly with small and mid-sized transactions.
Lee's departure is said to be linked to tax issues. Lee and family members have mostly stayed in Hong Kong and elsewhere, and have been classified as nonresidents. The National Tax Service defines residents as individuals who have an address in Korea or a domicile for 183 days or more, and nonresidents as individuals who are not residents.
Residents are liable for taxes on all domestic and overseas income, while nonresidents are liable only for income generated in Korea. There is no obligation to pay Korean taxes on income generated abroad, such as in Hong Kong, which is advantageous from a tax perspective.
An IB industry source said, "Although the details are not known, there is talk that if Lee does not leave Bain Capital, the taxes due would exceed what has been earned," adding, "Leaving offers more practical benefit, so the decision appears to be to exit while maintaining a partnership with Bain Capital."