General Atlantic, renowned for early-stage tech investments in companies like Facebook and Uber, is establishing its first office in the Middle East, led by Ziyad Baeshen, to focus on sourcing new investment opportunities in the region, according to a report by Bloomberg.
The new office in Saudia Arabia will aim to deepen connections with regional entrepreneurs and explore investments in sectors including technology, healthcare, financial services, consumer markets, and climate initiatives.
As part of its regional expansion strategy, General Atlantic appointed Samir Assaf as chairman of its Middle East and North Africa division last year to strengthen ties with local investors and facilitate deal sourcing. Currently managing over $80bn, General Atlantic is expected to reach around $100bn in assets upon finalising its acquisition of UK-based private equity firm Actis.
Middle Eastern sovereign wealth funds, which collectively manage more than $4tn, are increasingly driving global investment trends. These funds have been encouraging asset managers not only to attract capital from the region but also to invest back into it.
Since 2012, General Atlantic has invested close to $1bn across the Middle East, North Africa, and Turkey, supporting companies like UAE-based Network International and Property Finder. More recently, it backed Saudi eyewear retailer Eyewa.
General Atlantic’s move aligns with similar expansions by global private equity players like BlackRock, TPG Capital, Ardian, and CVC Capital Partners, who have also been enhancing their presence in the region.
