General Atlantic names MDs in NY and Mumbai

Growth equity investor General Atlantic promoted Aaron Goldman and Shantanu Rastogi to managing director and Erin Chang to principal.

New York-based private equity firm General Atlantic has promoted Aaron Goldman as managing director based in New York and Shantanu Rastogi as managing director in Mumbai, according to a company statement.

Goldman will be responsible for investments in the financial services sector while Rastogi will lead investments in financial services, healthcare, retail and consumer sectors.

Goldman joined General Atlantic in 2007 as vice president and has worked on the firm’s financial technology investments including online payment solutions providers BillDesk and Adyen. Prior to joining the firm, Goldman worked on the growth equity team at the Fremont Group in San Francisco for five years. He was previously an analyst in the leveraged finance group at Donaldson, Lufkin and Jenrette.

Rastogi joined General Atlantic in 2013 and has played an active role in the firm’s investments in India and Asia-Pacific including mortgage lender PNB Housing Finance Limited, wealth management company IIFL Wealth & Asset Management, and fashion brand House of Anita Dongre. He was previously a principal at London-based Apax Partners and a consultant at McKinsey & Company.

Meanwhile Erin Chang, a vice president at the firm’s China office, will be promoted to principal. Prior to joining GA, Chang spent two years at McKinsey, where she was a business analyst in Corporate Finance.

Goldman, Rastogi and Chang will assume their new roles on 1 January 2017.

General Atlantic, with about $20 billion under management, mainly invests in retail and consumer, financial services, healthcare, business services and technology, according to PEI data. The firm’s recent investments in Asia include Jakarta-headquartered lifestyle retailer PT Mitra Adiperkasa Tbk for which it invested $75 million, as well as a $400 million partnership with Chinese online travel agency Ctrip and several Chinese investors for Shanghai-based travel platform Ocean Link.

The firm does not have a traditional fund structure but has a capital base that includes wealthy families and well-established endowments, foundations and strategic institutions that allows the firm to pursue an investment strategy independent of macroeconomic, industry or fundraising cycles. According to PEI data, Kansas City-based Ewing Marion Kauffman Foundation, Virginia Retirement System and Oregon State Treasury are some of its investors.