General Atlantic
{{Short description|American growth equity firm}}
{{Use mdy dates|date=December 2023}}
{{Infobox company
| logo = 2012 GA Logo.png
| logo_size = 220px
| image = Racquet and Tennis Club & Park Avenue Plaza.JPG
| image_size = 220px
| image_caption = GA's Headquarters at Park Avenue Plaza
| name = General Atlantic Service Company, L.P.
| type = Private
| foundation = {{start date and age|1980}}
| founder = Charles F. Feeney
| location = New York, New York, United States
| industry = Private equity
| num_locations = 16 offices
| key_people = Bill Ford
(CEO)
Anton Levy
Gabriel Caillaux
Martín Escobari
(co-presidents)
| products = Growth capital
| aum = US$84.4 billion (2022){{cite web |title=General Atlantic Form ADV |url=https://reports.adviserinfo.sec.gov/reports/ADV/133536/PDF/133536.pdf |publisher=U.S. Securities and Exchange Commission |date=June 17, 2022 |pages=29,31}}
| homepage = {{URL|generalatlantic.com}}
}}
General Atlantic, legal main entity General Atlantic Service Company, L.P., (also known as "GA") is an American growth equity firm providing capital and strategic support for global growth companies, headquartered in New York, United States.{{cite web|title=General Atlantic LinkedIn Profile|url=https://www.linkedin.com/company/general-atlantic|website=LinkedIn|access-date=March 30, 2015}} The firm was founded in 1980 as the captive investment team for Atlantic Philanthropies, a philanthropic organization founded by Charles F. Feeney, the billionaire co-founder of Duty Free Shoppers Ltd.{{cite news|last1=Lipen|first1=Steve|title=AIG Will Disclose Plans to Invest in Venture Fund|url=https://www.wsj.com/articles/SB956089876919052209|access-date=March 30, 2015|agency=Wall Street Journal|date=April 19, 2000}}
As of November 2021, General Atlantic has over $86 billion in assets under management and focuses on investments across five sectors, including Technology, Consumer, Financial Services, Healthcare, and Life Sciences. The firm has 185 investment professionals based in New York City, Stamford, Palo Alto, São Paulo, London, Munich, Amsterdam, Beijing, Hong Kong, Mumbai, Shanghai, Mexico City, Singapore, and Jakarta.{{cite web |title=About General Atlantic |url=https://www.generalatlantic.com/about-us/ |access-date=April 27, 2021}}{{cite web|title=General Atlantic Offices|url=https://generalatlantic.com/contact-us/|publisher=General Atlantic|access-date=April 29, 2021}}
In June 2023, General Atlantic were ranked ninth in Private Equity International's PEI 300 ranking of the largest private equity firms in the world.{{Cite web |date=June 1, 2023 |title=PEI 300 {{!}} The Largest Private Equity Firms in the World |url=https://www.privateequityinternational.com/pei-300/ |access-date=June 2, 2023 |website=Private Equity International |language=en-GB}}{{Cite web |last=Farman |first=Madeleine |date=June 1, 2023 |title=Blackstone once again crowned largest private equity fundraiser in PEI 300 |url=https://www.privateequityinternational.com/blackstone-once-again-crowned-largest-private-equity-fundraiser-in-pei-300/ |access-date=June 2, 2023 |website=Private Equity International |language=en-GB}}
However, in June 2024, General Atlantic saw its ranking drop, ranking 15th in Private Equity International's PEI 300 ranking among the world's largest private equity firms.{{Cite web |title=2024 PEI 300 by Private Equity International - Infogram |url=https://infogram.com/2024-pei-300-1h7v4pddjjm8j4k |access-date=2025-01-20 |website=infogram.com |language=en}}
History
{{History of private equity and venture capital}}
General Atlantic was founded in 1980 as the captive investment team inside of Atlantic Philanthropies, founded by billionaire Charles F. Feeney a co-founder of Duty Free Shoppers Group. Two of the world's richest men, Bill Gates and Warren Buffett, credit Feeney as a major inspiration for both the $30 billion-strong Bill & Melinda Gates Foundation and the Giving Pledge, which has enlisted more than 90 of the world's richest to (eventually) grant half their wealth to charity.{{cite web|title=About Atlantic History and Founder|url=http://www.atlanticphilanthropies.org/history-and-founder|website=The Atlantic Philanthropies|access-date=March 30, 2015}}{{cite news|last1=Bertoni|first1=Steven|title=Chuck Feeney: The Billionaire Who Is Trying To Go Broke|url=http://www.gatesnotes.com/About-Bill-Gates/Chuck-Feeney-The-Billionaire-Trying-to-Go-Broke|access-date=March 30, 2015|publisher=Gates Notes|date=September 19, 2012|ref=Bertoni}}
The firm was initially led by CEO Edwin Cohen, previously a partner of McKinsey & Company. Cohen was joined by Steven A. Denning, also from McKinsey & Company, as a founding member of the firm. Steven Denning served as General Atlantic's CEO from 1995 to 2006 and is now chairman Emeritus. William (Bill) E. Ford, who joined the firm in 1991, is the current chairman and CEO of General Atlantic.{{cite web|title=William E. Ford|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=79464&privcapId=20619|website=Bloomberg Business|publisher=Bloomberg|access-date=March 30, 2015}} In November 2019, General Atlantic announced the appointments of Gabriel Caillaux, Martín Escobari, and Anton Levy to Co-Presidents of the firm, expanding its senior leadership team with the newly created roles.{{cite news |last1=Gottfried |first1=Miriam |title=General Atlantic Taps Three for Roles Near Top of Firm |url=https://www.wsj.com/articles/general-atlantic-taps-three-for-roles-near-top-of-firm-11572973200 |work=The Wall Street Journal |date=November 5, 2019}}{{cite news |title=General Atlantic Announces Expansion of Senior Leadership Team |url=https://www.businesswire.com/news/home/20191105006109/en/General-Atlantic-Announces-Expansion-Senior-Leadership-Team |work=Business Wire |date=November 5, 2019}} In December 2019, General Atlantic's Global Co-Head of Financial Services Paul Stamas was selected as one of GrowthCap's Top 40 Under 40 Growth Investors of 2019.{{Cite web|url=https://growthcapadvisory.com/growthcaps-top-40-under-40-growth-investors-of-2019/|title=GrowthCap's Top 40 Under 40 Growth Investors of 2019 {{!}} GrowthCap|language=en-US|access-date=March 17, 2020}}
General Atlantic focused initially on investments in computer software, oil and gas exploration, real estate and retailing. Among the firm's first major investments was United Health Services, which tripled in value in three years for the firm. By the late 1980s, General Atlantic began to expand its funding sources to include other family offices, as well as foundations and endowments.Conor O'Clery, The Billionaire Who Wasn't: How Chuck Feeney Made and Gave Away a Fortune Without Anyone Knowing ({{ISBN|1586483919}}).
Coincident with General Atlantic's expansion of its funding source, the firm began exploring expanding its presence overseas. Starting in 1999, General Atlantic began to open offices in Europe and Asia and currently has 16 offices globally. In 2018 General Atlantic invested in UK investment start-up Greensill Capital in an attempt to challenge traditional lending systems.{{cite web |last1=Gottfried |first1=Miriam |title=General Atlantic Invests $250 Million in Lending Startup Greensill |url=https://www.wsj.com/articles/general-atlantic-invests-250-million-in-lending-startup-greensill-1531713660 |website=Wall Street Journal |access-date=November 30, 2018}} In 2019 the firm continued its investments in EMEA region by acquiring majority share in Kiwi.com.{{cite news | last=Fox | first=Linda | title=Kiwi.com takes big investment as General Atlantic becomes majority owner | url=https://www.phocuswire.com/kiwi-com-sells-to-General-Atlantic | work=PhocusWire | date=June 3, 2019}}
In October 2023, General Atlantic acquired a minority stake in India-based travel-tech platform TBO for an undisclosed amount.{{Cite news |date=October 22, 2023 |title=General Atlantic to acquire minority stake in travel-tech platform TBO |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/general-atlantic-to-acquire-minority-stake-in-travel-tech-platform-tbo/articleshow/104623531.cms |access-date=October 24, 2023 |issn=0013-0389}} In November 2023, General Atlantic acquired a majority stake in Joe & The Juice for $641 million.{{Cite web |date=November 13, 2023 |title=General Atlantic to gain majority stake in Joe & The Juice |url=https://ca.finance.yahoo.com/video/general-atlantic-gain-majority-stake-173049889.html |access-date=November 13, 2023 |website=Yahoo Finance |language=en-CA}}
General Atlantic agreed to acquire British investment firm Actis Capital in January 2024. The acquisition finalized in October, after which Actis became General Atlantic's sustainable infrastructure arm.{{Cite news |last=Gopinath |first=Swetha |date=16 January 2024 |title=General Atlantic to Acquire UK Infrastructure Buyout Firm Actis |url=https://www.bloomberg.com/news/articles/2024-01-16/general-atlantic-to-acquire-uk-infrastructure-buyout-firm-actis |publisher=Bloomberg News}}{{Cite web |last=Joseph |first=Irien |date=1 October 2024 |title=General Atlantic wraps up acquisition of Actis |url=https://www.pehub.com/general-atlantic-wraps-up-acquisition-of-actis/ |website=PE Hub}}
In October 2024, General Atlantic set up its first Middle East office.{{Cite web |date=2024-10-28 |title='큰손' 美 제너럴애틀랜틱, 사우디에 중동 첫 사무소 개설 |url=https://www.sedaily.com/NewsView/2DFQUB7X4Q |access-date=2025-01-20 |website=서울경제 |language=ko}}
Investments
General Atlantic backed Royalty Pharma ahead of the company's 2020 IPO, which was among the largest U.S. IPOs that year and was the second-largest pharmaceutical listing ever.{{cite news |last1=Franklin |first1=Joshua |last2=Spalding |first2=Rebecca |title=Royalty Pharma prices at top of range in second-biggest pharma IPO ever |url=https://www.reuters.com/article/us-royalty-pharma-ipo/royalty-pharma-ipo-prices-at-top-of-range-in-biggest-2020-u-s-listing-sources-idUSKBN23M37L |work=Reuters |date=June 15, 2020}} The firm also expanded its footprint in Asia in 2020 with an $870 million investment in India's digital services platform Jio Platforms.{{cite news |last1=Singh |first1=Manish |title=General Atlantic to invest $870M in India's Reliance Jio Platforms |url=https://techcrunch.com/2020/05/17/general-atlantic-reliance-jio-platforms/ |work=TechCrunch |date=May 17, 2020}}
In 2018, General Atlantic entered into a joint venture, Nucom ecommerce, with German mass media company ProSiebenSat.1 Media.{{Cite news|last1=Clarke|first1=Stewart|title = ProSiebenSat.1 Buys Online Dating Business eHarmony|url =https://variety.com/2018/digital/news/prosiebensat-1-buys-online-dating-site-eharmony-1203006892/|work = Variety|access-date =September 21, 2021|date=October 29, 2018}} Later that year, NuCom purchased U.S.-based online dating website eHarmony.{{Cite news|title = Germany's ProSieben buys U.S. online dating site eharmony|url = https://www.reuters.com/article/us-eharmony-m-a-prosieben-media/germanys-prosieben-buys-us-online-dating-site-eharmony-idUSKCN1N30Y6|work = Reuters Business News|access-date =September 21, 2021|date=October 29, 2018}}
In October 2024, General Atlantic acquired Actis, a leading global investor in sustainable infrastructure. The merger expanded the investment platform to approximately $97 billion in operating assets.{{Cite web |date=2024-10-02 |title=General Atlantic Completes Actis Acquisition {{!}} General Atlantic |url=https://www.generalatlantic.com/media-article/general-atlantic-completes-actis-acquisition/ |access-date=2025-03-20 |website=www.generalatlantic.com |language=en-US}}
References
{{Reflist}}
External links
- {{Official website}}
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{{Private equity firms}}
{{Largest private equity firms}}
Category:Investment companies based in New York City