General Atlantic Raises $2.7 Billion for Strategic Capital Fund

General Atlantic held a final close for its second strategic capital fund, raising $2.7 billion, according to a person with knowledge of the matter.

The total for Atlantic Park Strategic Capital Fund II is about 23% more than the $2.2 billion the firm raised for its previous fund.

Atlantic Park was originally a joint venture between General Atlantic and Tripp Smith’s Iron Park Capital Partners. General Atlantic completed its acquisition of Iron Park in April. The business, now known as General Atlantic Credit, is led by Smith.

The firm’s second fund has sought annualized net returns of 15% ...