Global growth investor General Atlantic (GA) has hired former Advent International managing director Martin Escobari to lead the firm’s office in São Paulo.
Escobari, who has been appointed by the firm as a managing director, joined Advent as an operating partner in 2007, where he led the firm’s investment in Cetip, Latin America’s largest central depository for private securities and OTC derivatives.
Previously, he was co-founder of Brazilian online retailer Submarino.com, and began his career at Boston Consulting Group as an associate. Escobari will lead GA’s investment activity in Latin America. To date, the firm has invested more than $1bn in growth companies in the region.
Rene Kern, a managing director at GA, said, “Latin America continues to represent great potential for partnering with growth companies, and we are prepared to continue building on the strong position GA has established in Latin America since 2000. We are pleased to have Martin join our global team and head up our efforts in Latin America.”
General Atlantic recently joined a consortium of investors led by Grupo de Inversiones Suramericana to buy the Latin American assets of global financial services giant ING Group, representing the largest acquisition ever to be carried out by a Latin American company in the region.
The deal, which was announced in July and has now been approved by regulatory authorities in Colombia, Mexico, Chile, Peru and Uruguay, will see Grupo Sura become the largest pension fund manager in Latin America.
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