General Atlantic has hired Martin Escobari as a managing director and head of the firm’s São Paulo office.
Escobari was most recently a managing director at Advent International, where he joined as an operating partner in 2007 and left on 6 January. He was previously the chief financial officer of Brazilian online retailer Submarino.
Escobari is the only managing director based in São Paulo for General Atlantic and brings the number of investment professionals in the firm’s Latin American office to six. He will be responsible for heading up the firm’s Latin American investing programme, which has invested more than $1 billion in the region across six investments.
“Latin America continues to represent great potential for partnering with growth companies, and we are prepared to continue building on the strong position GA has established in Latin America since 2000,” General Atlantic managing director Rene Kern said in a statement.
The majority of General Atlantic’s investments in Latin America have been in Brazil, but earlier this month the firm backed Colombia-listed investment company Grupo Sura’s purchase of the Latin American pension and wealth management assets of ING. General Atlantic contributed $300 million into the deal, which was valued at $3.6 billion.
General Atlantic manages approximately $17 billion and invests more than $2 billion per year in growth companies globally. It first opened an office in São Paulo in 2000.