General Atlantic Raises Record $7.8 Billion for Growth Fund

General Atlantic raised $7.8 billion to invest in rapidly expanding companies in hot industries such as technology and life sciences, making it the largest growth equity fund in the firm’s history.

The haul, topping a $5 billion target, brings total commitments during the past two years to about $24 billion, said Graves Tompkins, global head of capital partnering for New York-based General Atlantic. It started collecting cash for the fund late last year with backing from endowments, foundations and family offices.

Private equity firms are benefiting from a seemingly insatiable appetite for fast-growing companies as investors hunt for ...