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General Atlantic completes investment in First Republic Bank

Private equity firm General Atlantic has completed the management-led transaction re-establishing First Republic Bank, the San Francisco-based private bank and wealth management firm, as an independent financial institution.

General Atlantic co-led a group of private investors in supporting First Republic Bank’s founding leadership team in the transaction.

“We congratulate First Republic Bank’s leadership and their dedicated team as they renew their independence,” says Marc McMorris, managing director at General Atlantic and head of the firm’s Palo Alto office. “We also are very pleased to renew our own early association and support of First Republic Bank’s proven, service-intensive formula for building strong client relationships. First Republic Bank’s hallmarks – financial strength and commitment to clients – resonate today more than ever, and we look forward to participating in its continued long-term growth and success.”

General Atlantic was an early investor in First Republic Bank and had a representative on the bank’s board of directors from 1987 until 1990.

With the closing of this transaction, General Atlantic has invested a total of USD1.1bn in growth equity in four companies in 2010, including three companies in the financial services sector. General Atlantic’s other 2010 financial services investments are Markit, a provider of independent financial data, valuation tools and trade processing infrastructure across asset classes; and Pierpont, a newly-launched government securities broker-dealer.

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