Last Updated on 2025 年 7 月 1 日 by 総合編集組
JKL Partners: A Deep Dive into Korea’s Leading Private Equity Firm
Introduction
JKL Partners, a prominent private equity firm based in Seoul, South Korea, has solidified its position as a key player in the Korean financial market since its establishment on July 20, 2001. Headquartered at 36, Teheran-ro 87-gil, Gangnam-gu, Seoul, the firm manages an impressive 2.9 trillion KRW in assets under management (AUM) and has invested in 35 companies, successfully exiting 18 of them.
With a team of approximately 15 investment professionals, JKL Partners has built a reputation for its strategic vision, active management, and value creation. This summary explores the firm’s history, investment strategies, notable case studies, organizational structure, and its enduring impact on the private equity landscape.
Founding and Background
Founded by three seasoned certified public accountants—Jang Geun Jung, Min Kyun Kang, and Eun Sang Lee—JKL Partners emerged from their expertise in corporate restructuring. Before launching the firm, the trio honed their skills in financial analysis and enterprise turnaround, which became the cornerstone of JKL’s investment philosophy. In 2004, the firm officially launched its first private equity fund (PEF), marking the beginning of its active investment operations. By 2023, JKL Partners reported revenues of 141.6 billion KRW, reflecting its robust financial performance and market relevance.
The founders’ accounting background equips JKL Partners with a unique edge in conducting thorough due diligence, identifying operational inefficiencies, and implementing structural reforms. This expertise enables the firm to adopt a proactive value creation approach, focusing on long-term enterprise growth rather than short-term financial engineering. Over the years, JKL has earned the trust of major institutional investors, including the National Pension Service, Korea Development Bank, Shinhan Bank, and Teachers’ Pension, cementing its credibility in the market.
Investment Strategy and Value Creation
JKL Partners distinguishes itself through a high-intensity structural adjustment strategy, emphasizing deep operational involvement to maximize portfolio company value. Unlike traditional private equity firms that rely heavily on financial leverage, JKL actively engages in business model transformation, operational optimization, and strategic acquisitions. This approach has proven effective in industries ranging from aviation to consumer goods.
The firm’s ability to anticipate macroeconomic trends is another key strength. For instance, during the COVID-19 pandemic, JKL foresaw the rebound in travel demand and invested strategically in T’way Air, a low-cost carrier.
By introducing larger aircraft and expanding routes to destinations like Singapore, Australia, and Zagreb, Croatia, JKL transformed T’way Air into a mid-to-long-haul operator, boosting its revenue from 214.4 billion KRW in 2021 to 1.3488 trillion KRW in 2023, achieving breakeven status. Similarly, JKL’s investment in Cleanopia, a laundry service provider, involved acquiring Cleanwash to expand into the B2B market, resulting in a 2.5-fold increase in sales and EBITDA by 2024. In the beauty sector, JKL supported Perenbelle’s global expansion, particularly its Some By Mi brand, whose flagship “Miracle Toner” ranked fourth in Amazon’s U.S. toner category.
JKL’s active value creation model integrates macro-level trend analysis with micro-level execution. By aligning strategic vision with operational improvements, the firm ensures its investments deliver sustainable growth and high returns. This approach positions JKL as a strategic partner rather than a passive investor, driving transformative change across its portfolio.
Notable Investment Cases and Exits
JKL Partners has a strong track record of successful exits, with 18 companies divested profitably. A standout example is T’way Air, where JKL sold its minority stake to DaeMyoung Sono Group in August 2024, recovering approximately 200 billion KRW with a 23% internal rate of return (IRR), surpassing the target of 20%. Other successful exits include KRAFTON, TCE, YG-1, and PAN OCEAN, spanning gaming, industrial, and logistics sectors.
Current portfolio highlights include Cleanopia, acquired for 190 billion KRW in 2021, with plans for a 750–800 billion KRW sale in late 2024, and Perenbelle, acquired for 260 billion KRW in 2021, which has seen a 54% sales growth and 46% profit increase by 2024. Despite challenges, such as the stalled exit of Lotte Non-Life Insurance and a withdrawn investment in SK Innovation, JKL’s diversified portfolio across consumer goods, industrials, finance, TMT, and healthcare mitigates risks and sustains growth.
Fundraising Resilience
Even amidst economic headwinds, JKL Partners has demonstrated remarkable fundraising resilience. In 2024, the firm secured approximately 100 billion KRW from institutions like the Industrial Accident Compensation Insurance Fundand Teachers’ Pension for its sixth blind pool fund (JKL Fund No. 13). This success underscores the confidence institutional investors have in JKL’s track record and management capabilities.
Organizational Structure and Leadership
JKL Partners boasts a seasoned leadership team with diverse expertise. Key figures include Dae Kwang Chae(Investment Team Lead, Yonsei University BBA), Jang Geun Jung (Founding Partner, Korea University BBA), and Wonjin Choi (Partner, University of Michigan JD). The firm’s 15-member investment team is complemented by operating partners, such as Yongjin Kim (CEO of Donghae Machinery & Aviation) and Sangyoung Kim (CEO of Cleanopia), who provide hands-on industry expertise. A dedicated risk management team, led by Young Eun Park and Boyoung Shin, ensures robust compliance and risk oversight.
Conclusion
Since its inception in 2001, JKL Partners has grown into a powerhouse in Korea’s private equity market, driven by its founders’ accounting expertise, proactive value creation strategies, and deep operational involvement. Its ability to navigate economic cycles, capitalize on market trends, and execute transformative strategies has delivered consistent returns and earned widespread trust. With a diversified portfolio and ongoing fundraising success, JKL Partners is poised to maintain its leadership in the private equity sector, both in Korea and globally, continuing to create value for its investors and portfolio companies.
