His Child Is Named 'Evita (EBITDA)'... The Man Whose Hobbies Include Wine and Golf [Weekend Money]

Characterization of the Private Equity (PE) Industry: "PE Guy"

Hundreds of thousands of followers for satirizing PE speech and lifestyle

Private equity’s public exposure in Wall Street films and literature

In Korea, chaebol leaders like Jay-yong Lee and Tae-won Chey are more familiar 'faces of money'

The names of his three children are Tarantino, Montauk, and Evita (EBITDA). His wife, 'Wifey', does not work. In the summer, they go to a luxurious vacation home and always talk about upscale resorts and golf. Whenever he explains something, he often adds the adjective "substantial".

This is "PE Guy", a virtual character created by American content creator Johnny Hilbrant Patridge. He satirizes the speech and consumption habits of wealthy men working in the private equity (PE) industry. Since launching related videos on Instagram in March last year, he has attracted hundreds of thousands of followers. Even though some portrayals are exaggerated and could upset those in the field, the PE industry has instead embraced the humor. As PE Guy went viral, various events in the U.S. PE and financial industries requested his appearance, and he even attended real industry gatherings.

The detail of naming his child after the key PE M&A term 'EBITDA'

The secret to PE Guy's popularity is in the detail. The youngest child's name, EBITDA, is itself a joke targeting the PE industry. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization—a critical indicator that private equity firms often use to assess a company's value and leverage capacity. He used this as his child's name.

"Substantial" is also a signature catchphrase. In Korean, it roughly means "considerable" or "quite large". He uses it to imply that his salary, assets, and transaction sizes are not average, while never stating precise figures. Hilbrant has repeated the word so much that he even sells hats emblazoned with "SUBSTANTIAL".

PE Guy does not simply mimic a vague "rich finance guy." He discusses which school to send his children to, where to spend the summer, and which country club to join. He never outright brags about his wealth, but constantly drops hints about his educational background, profession, and spending habits in conversation. People working in PE laugh as they recognize someone from their circle, while those outside the industry enjoy the exaggerated lifestyle of a financial elite.

"The hottest boyfriend this summer is a PE guy"... What about Korea?

This summer, the line between jokes and real celebrity news became blurred. Last month, the Wall Street Journal (WSJ) ran an article titled "This Summer’s Hottest Accessory Is a Private Equity Boyfriend".

Reese Witherspoon attended a movie premiere with Oliver Harman, co-founder of Searchlight Capital, which manages over $17 billion. Nicole Kidman was spotted with a PE founder in Portofino, Italy, and pop star Olivia Rodrigo enjoyed a picnic in the park with Julian Krunenbergs, a finance professional.

WSJ reported, "Those once considered villains of the M&A world are now catching attention as celebrities' boyfriends."

There are also cases of PE professionals marrying celebrities in Korea. Hyomin, formerly of T-ara, married Hyunseung Kim, Managing Director at Bain Capital Korea, last year. The husband of actress and artist Hyeyoung Lee is Jaehoon Boo, Vice Chairman of MBK Partners. Actor Jini Yoon's husband, Taekeun Kim, also introduced himself as "Manager Kim, a private equity fund manager from Yeouido," on an SBS variety show in 2024. At the time, Jini Yoon confessed that when she first heard about her husband's job, she wondered, "Is he a scammer?" and "I didn't know anything about finance except banks." This illustrates how unfamiliar the term "PE" remains to the general public in Korea.

However, it is not because the Korean PE market is small. According to the Financial Supervisory Service, there were 1,195 institution-only PEFs in Korea as of the end of last year, with a total capital commitment of 167.5 trillion won. It's simply that the faces, speaking styles, and everyday lifestyles of partners and managers who make deals inside the industry are rarely known to the public.

In the US, it's finance professionals; in Korea, it's chaebol—different 'faces of money'

Published in 1989, Barbarians at the Gate is a non-fiction work that covers the RJR Nabisco takeover battle. It vividly depicts the massive leveraged buyout (LBO) competition led by private equity firms, including Kohlberg Kravis Roberts (KKR), becoming a bestseller. Since then, Barbarians at the Gate has come to symbolize the aggressive image of Wall Street private equity firms acquiring companies through debt.

In the United States, investment bankers and hedge fund managers have long been themes in movies, television dramas, and books. After the 2008 financial crisis, private equity firms like Blackstone, KKR, and Apollo expanded into territory once dominated by banks, further magnifying PE's presence. Movies such as "Margin Call" (2011), "The Wolf of Wall Street" (2013), and "The Big Short" (2015) repeatedly portray how "people who move big money on Wall Street" talk and what they desire.

For satire to resonate, there must be a shared image of the original. In the U.S., a distinct professional and cultural image has been built around "men working in PE", but Korea has not yet developed such a character. Even when it's known that Hyomin's husband is a managing director at Bain Capital or that Hyeyoung Lee's husband is vice chairman at MBK Partners, there is no broader public persona for "Korea's PE guy."

A meme of Lee Jae-yong, which became popular as Samsung Electronics stock surged. Screenshot from an online community

Instead, in Korea, the "face of money" has been embodied by conglomerate leaders and well-known businesspeople. When Samsung Electronics and SK hynix shares soared this year, AI-generated images of Jae-yong Lee, Chairman of Samsung Electronics, and Tae-won Chey, Chairman of SK Group, opening car doors and saying, "There's no time to explain—get in," spread online. Photos of Chairman Lee's playful expressions also frequently become hot topics in online communities.

There has also been a shift toward a more favorable attitude toward entrepreneurs. In October last year, when Jensen Huang, CEO of Nvidia, visited Korea and had beer with Chairman Jae-yong Lee and Euisun Chung, Executive Chair of Hyundai Motor Group, at a chicken restaurant in Seoul, hundreds of people gathered outside. While Jensen Huang's personal stardom played a major role, there was also significant interest in the chaebol leaders' every move. The photo of the three CEOs toasting earned the nickname "Kkanbu meeting".

SK hynix stock soared, sparking a popular meme of Chairman Chey Tae-won. Screenshot from an online community

Back in June, when news came out that Jensen Huang would be having a 'samgyeopsal (pork belly) dinner meeting' near Hongdae in Seoul with Chairman Chey, Kwang-mo Koo, Chairman of LG Group, and Haejin Lee, Chairman of Naver, crowds of citizens and reporters gathered from the morning. Again, Jensen Huang’s personal stardom was a factor, but even considering that, public curiosity and attention toward the individual chaebol leaders was undeniable.

During the livestream of the meeting, a scene of Chairman Koo trimming the fatty part of the pork belly with scissors unexpectedly went viral. Online jokes poured in, such as "owner risk", "he’s splitting up the pork belly as if it's a physical company spin-off", and "signal for a spin-off IPO." These scenes are quite different from the frosty reactions that private equity funds have typically drawn for being seen as "predatory capital" or "asset strippers."

This content was produced with the assistance of AI translation services.