General Atlantic is reorganizing around three core businesses to prepare for a more aggressive expansion beyond its roots as a growth equity firm and become a bigger money manager.
“Looking to the future, there will be fewer firms, yet they will offer a greater number of solutions,” Chief Executive Officer Bill Ford, 62, said in an interview. “We’re positioning ourselves to be one of those.”
Executives project climate investments and credit eventually could each grow into $40 billion businesses, compared with about $3 billion apiece now. Being bigger in other areas, Ford said, will help the firm build closer ties with investors. The firm was an early US entrant to Latin America, where it has done deals since the 1990s. It did its first transactions in China and India in the early 2000s and has invested about $7 billion in China since. Asia makes up roughly a quarter of its portfolio.
While it’s always reassessing the risks of new bets, Ford said the firm is “excited about the growth opportunities in many segments of the Chinese economy” over the long-term. Last year, General Atlantic closed its first fund to invest in businesses poised to profit from the push by countries and companies to minimize their carbon footprints.
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