General Atlantic revives IPO plans with $130 billion in assets

General Atlantic has revived its IPO plans nearly three years after first filing, refreshing paperwork with the SEC and hiring JPMorgan to lead an offering that could come as soon as this year, according to people familiar with the matter.

The New York-based firm has also brought on Morgan Stanley and Goldman Sachs for the listing, a person familiar with the discussions said, with talks ongoing and offering details, including the number of banks, still subject to change.

General Atlantic manages about $130 billion and has invested $121 billion since its inception, according to its website. Its portfolio spans artificial-intelligence company Anthropic, India's digital payments firm PhonePe, Mexican bank Banamex and apparel brand Vuori. The firm confidentially filed for a U.S. listing in December 2023 but delayed the offering because of market volatility.

A General Atlantic debut would mark one of the largest listings of an alternative-asset manager since TPG went public in 2022 at a valuation above $10 billion, handing investors a listed vehicle with direct exposure to high-growth AI names such as Anthropic. The U.S. IPO market has rebounded in recent months, with the listing of Elon Musk's SpaceX earlier this year among the most prominent offerings.

The revival comes as the IPO market heats back up after a mostly quiet stretch, driven by demand in industries such as AI, aerospace and defense. Blackstone, Apollo Global Management, KKR and Carlyle Group already trade publicly, while CVC Capital Partners listed on Euronext Amsterdam in 2024. Shares in many of the largest private-equity players have come under pressure this year as investors debate the health of their private-credit businesses.

General Atlantic, run by Chairman and Chief Executive Bill Ford, focuses on growth investing but also operates businesses around credit, climate and infrastructure. The firm is part of a group of Wall Street firms that recently teamed up with Anthropic to sell artificial-intelligence tools to companies, including those backed by private-equity firms.

A successful listing would set a fresh valuation benchmark for the sector and test investor appetite for growth-focused managers at a time when listed peers have struggled. If market conditions hold, the firm could debut before year-end; if volatility returns, General Atlantic has shown it is willing to wait — it already sat out nearly three years after its initial confidential filing.

This article is for informational purposes only and does not constitute investment advice.