General Atlantic Joins Push for Middle East Sovereign Wealth - Bloomberg
Some of the private equity industry’s biggest names are expanding in the Middle East to develop closer ties with the region’s deep-pocketed investors and source dealmaking opportunities.
General Atlantic, which manages nearly $73 billion, on Monday named Samir Assaf — who joined in 2021 as a senior adviser — to the newly created role of chairman of its Middle East and North Africa business. Assaf, HSBC Holdings Plc’s former chief executive officer of global banking and markets and still an adviser to the bank, will identify investment opportunities and build relationships across the region.
The New York-based firm has been investing in the Middle East since 2015 and has so far deployed about $400 million in firms such as online real estate search platform Property Finder and Network International, the credit card processing firm. The company currently doesn’t have anyone on the ground but intends to build a physical presence in the region later this year.
“We see meaningful opportunities to expand our commitment to the region strategically and Samir’s expanded role as MENA chairman accelerates our ability to do that,” General Atlantic Chairman and Chief Executive Officer Bill Ford said in a statement.
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