Private equity firm KKR has restructured its board.
KRR has appointed Joseph Bae, 45, as its co-president alongside Scott Nuttall last Monday, according to the Wall Street Journal.
A Harvard University graduate, Bae began working for KKR in 1996 after a stint at Goldman Sachs. He is known for spearheading KKR’s recovery during the Great Recession when merger and acquisition among American firms were not as active.
Bae developed a revenue stream for KKR by developing an investment department in Asia. When KKR acquired OB Bear for $1.8 billion and resold it for more than five times the cost to Anheuser-Busch in 2014, Bae apparently made a big contribution.
KKR has announced that Bae will focus on building infrastructure, real estate, and energy, while Nuttall will lead the hedge funds and resources.
As of March 31 this year, KKR had a working capital of $368 billion.