General Atlantic is marketing a fund for high-net-worth individuals, promoting a new strategy ahead of its planned initial public offering.
The evergreen fund will offer clients access to each growth-equity investment made by the firm’s current and future flagship funds, according to people familiar with the matter. It also includes allocations to recent investments that General Atlantic holds on its balance sheet, the people said, asking not to be identified discussing confidential information.
While the wealth fund aims to invest about $1.5 billion annually, the exact amount will depend on how much its growth-equity funds deploy in any given year, the people said.
The firm, which manages about $129 billion, revived its plans for an IPO last month. A representative for New York-based General Atlantic declined to comment.
Publicly listed asset managers including Blackstone Inc., Apollo Global Management Inc. and EQT AB are building out teams and investing resources to tap the vast retail wealth market. For the firms, it’s an opportunity to earn higher fees compared with what they charge institutions and to expand their client rosters.
General Atlantic, which debuted in 1980 as a family office for Duty Free Shoppers co-founder Chuck Feeney, has been investing outside cash since 1993. Big US pension funds, insurance companies, sovereign wealth funds and family offices are among its investors, and its capital pools include separately managed accounts and drawdown funds.
For its first few decades, General Atlantic focused on expanding its geographical reach and making growth equity investments across technology, financial services, consumer, health care and life sciences, and energy transition.
The firm began adding other strategies in the past few years. Together with Iron Park Capital it created a private credit joint venture called Atlantic Park in 2020, then acquired Iron Park three years later. It took a stake in Clipway, a secondaries manager founded primarily by executives from Ardian. In 2024, General Atlantic acquired infrastructure manager Actis.
Last year, the firm entered into a partnership with UBS Group AG to expand further into private credit. Earlier this year, Novak Djokovic joined General Atlantic as global strategic adviser.
This article was provided by Bloomberg News.