Affinity's Korea head resigns

The development was first reported by Korean media. It was confirmed to AVCJ by a source close to the situation who added that Lee’s departure was connected to performance issues in the Korean portfolio. Affinity declined to comment. Charles Min, also a partner, will take over the leadership in Korea.

Lee joined the firm in 2007 from McKinsey & Company and was promoted to Korea head in 2018. Another partner originated and led the acquisition of food container and kitchen goods manufacturer Lock & Lock in 2017, and Lee assumed responsibility for the investment when that partner left. Affinity has been unhappy at the lack of progress in turning around the business, the source said.

Lee was also the portfolio manager for Kyobo Life. Affinity invested in the company in 2012 and exercised its put option against the chairman six years later, having lost faith that a promised IPO would ever materialise. The right to force the put was upheld following arbitration last year, but an exit from the investment is still pending.

Lee’s resignation follows the retirement of Young-taeg Park, a managing partner who was part of the Affinity team when it spun out from UBS in 2002. Park led numerous Korean investments. He stepped back from managing partner duties last year, the source added, noting that this was part of an agreed timeline and unconnected to Lee’s situation.

Affinity has 17 investment professionals in Korea, including three partners and three managing directors. Lee and Min are two of the three partners; the third is Icksoo Jung. Min and Jung joined in 2007 and 2010, respectively. Chul-joo Lee, a Hong Kong-based managing partner, is also heavily involved in Korean investment activities.

The firm is currently deploying its fifth pan-Asian fund, which closed on USD 6bn in 2018.

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• Topics
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• Affinity Equity Partners
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