New York City-based General Atlantic Partners has raised $3.29 billion for a new private equity fund named General Atlantic Investment Partners 2017, according to an SEC filing.
The latest fund raked in investments from 159 backers.
The growth equity firm, founded in 1980, managed $24 billion in assets as of December 31, 2017. GA was founded by a single entrepreneur who brought together a team of business minds to help others invest in innovation and growth.
The firm draws on its decades of experience targeting over 250 growth companies, with a focus on partnering with exceptional firms that have proven business models and strong revenue growth in dynamic industries.
General Atlantic targets high-growth companies that are at an inflection point in their development, seeking out a co-pilot to manage and accelerate growth, mitigate risks and scale their business models. The firm focuses on industries such as business services, financial services and healthcare.
The global growth equity firm is head by Chief Executive Officer Bill Ford, who has over two decades and a half of experience investing in and helping to build leading growth companies such as IHS Markit, e*Trade, Priceline and First Republic Bank. He has served at the helm of General Atlantic since 2007, after spending sixteen years at the firm. Last month, Ford joined the board of directors at BlackRock Inc., the world’s largest asset manager.
General Atlantic has backed tech companies such as digital banking solutions Alkami, social media company Snap Inc., online payments provider BillDesk, online lender Avant, on-demand transportation leader Uber, sharing economy behemoth Airbnb, content management system Squarespace and data and analytics solution provider Mu Sigma.
In February, the investment firm acquired a 25.1% stake in NuCom Group, the e-commerce division of ProSiebenSat.1 Group, one of the largest independent media companies in Europe. Earlier this year, GA made a strategic investment in Benevity, a Calgary-based provider of corporate social responsibility and employee engagement software.