Private equity firm Carlyle Group today announced that Sanghyun Lee has joined as managing director based in Seoul.

He will have the job of leading the Korean investment efforts for Carlyle Asia, reporting to the co-heads of Asia, XD Yang and Gregory Zeluck.

Lee joins Carlyle from Affinity Equity Partners, where he had worked as managing director leading the firm’s investments in Korea, including transactions such as TheFaceShop. He had previously worked for the Government of Singapore Investment Corporation, where he was in charge of its private equity investments in Korea.

A Carlyle spokesperson told AsianInvestor that Korea remains a core strategic market for the firm and people should conclude that Lee’s appointment underscores that commitment.

Carlyle’s investments in South Korea include: Hyundai Communications & Network (from the Carlyle Asia Partners II fund); FN STARS (Carlyle Asia Growth Partners III fund); TOPIA Education (Carlyle Asia Growth Partners III fund); EO Technics (Carlyle Asia Growth Partners IV fund); and Uju Electronics (Carlyle Asia Growth Partners IV fund).

Carlyle Asia Partners has three pan-Asia funds plus one RMB fund and has a history of 13 years investing in Asia. That track record includes KorAm Bank and Hyundai Communications and Network. The firm has no further updates or comments on those deals.