General Atlantic collects $7.8bn for growth equity flagship

General Atlantic surpassed its overall target by almost $3 billion for its sixth flagship fund, GA 2021.

The fund closed at $7.8 billion from a number of new and existing investors including family offices, endowments, foundations and institutional investors around the world, officials reported this past week.

The $78 billion firm now has nearly $24 billion in committed capital in the growth equity strategy it pioneered more than 40 years ago.

“Our global growth equity strategy positions us to capitalize on the profound acceleration of digital innovation and global entrepreneurship as we seek to deliver attractive risk-adjusted returns to our capital partners,” Bill Ford, chairman and CEO of General Atlantic, which has invested $49 billion in more than 445 global growth companies.

He added, “Our ability to partner with management teams, help build rapidly growing, technology-enabled companies on a global scale, and generate strong and consistent investment performance distinguishes General Atlantic with both entrepreneurs and investors.”

The firm invests in tech-enabled companies across five sectors: consumer, financial services, healthcare, life sciences and technology. Over the summer, the firm closed its Continuation Fund at $3 billion in order to broaden its existing stakes in four of its portfolio companies.

General Atlantic prides itself on operating outside of the traditional funding structure by providing a stable pool of capital across the capital structure that includes closed-end funds, five-year managed accounts and evergreen accounts and a GP commitment that in turn makes it the largest single investor in its own core investing program.

Graves Tompkins, managing director and head of capital partnering at General Atlantic, said, “The enthusiasm for our global investment strategies and partnership approach enables us to scale our capital based to meet our expanding opportunity set while creating strategic and long-term relationships with family and institutional investors.”

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