General Atlantic LLC has tapped Latin America Managing Director Martín Escobari to become co-chairman of the U.S. private equity firm’s global investment committee, a person with direct knowledge of the matter said on Friday.
Escobari will continue to lead General Atlantic’s investments in Brazil and will relocate to New York from São Paulo later this year, the person added. Brazilian financial blog Brazil Journal reported the move earlier on Friday.
Late last year, General Atlantic hired Marcelo Kayath, a former banker with Credit Suisse Group AG (CSGN.S) in Brazil, as a special adviser with a focus on Brazil and other Latin American markets, the blog said.
A General Atlantic spokesman in São Paulo did not immediately comment on Escobari’s appointment. Efforts to contact the executive were not immediately successful.
Under Escobari, General Atlantic made some of the fund’s most profitable investments in Brazil, including information technology provider Linx SA (LINX3.SA), loyalty plan company Smiles SA (SMLE3.SA) and online travel agency Decolar.com, which Reuters reported in November was considering an initial public offering on Nasdaq.
Escobari, a Bolivian national who has lived in Brazil for almost two decades, joined General Atlantic from peer Advent International Corp almost five years ago.
Shot of two businessmen shaking hands at the start of a boardroom meeting. Photo courtesy ©iStock/shapecharge