MBK Partners has resumed investing in South Korean companies after making no new domestic investments last year, agreeing to acquire controlling stakes in Skinidea and Life & Bio from Morgan Stanley Private Equity for approximately ₩300 billion ($223.5 million). The deal follows a minority equity investment in K-beauty brand AXIS-Y last month, giving MBK two domestic transactions in the second half of this year. The return is tied to MBK Special Situations Fund II, which recovered more than ₩500 billion ($372.5 million) from its SK On investment last year. Including remaining capital, the ₩2.5 trillion ($1.9 billion) fund had approximately ₩1 trillion ($745 million) available for investment. Its recycling provision allows recovered capital to be reinvested, and MBK extended the fund’s deployment deadline by one year beyond its original April expiration to invest the remaining capital within this year. MBK’s domestic activity had slowed after the Korea Zinc management dispute in 2024 and the Homeplus rehabilitation proceedings last year, while high financing costs, economic uncertainty and valuation gaps constrained South Korean M&A. During the pause, MBK invested in Japanese companies including FICT, Artemira Holdings and Solasto. The firm is reviewing additional South Korean opportunities, but a return to trillion-won buyouts remains uncertain because its recent transactions are mid-cap special situations investments, the Homeplus situation adds complexity and attractive targets are scarce. MBK raised its $5.5 billion (approximately ₩7.4 trillion) sixth buyout fund last year, providing capacity for larger deals.