American growth equity firm General Atlantic has hired former Mastercard CEO Ajay Banga to advise on strategic matters, its investment teams and its portfolio of more than 165 companies worldwide.
Banga, who served the global card payment processing company for more than 12 years, will assume the role of Vice Chairman on January 1, 2022, the New York-based private equity firm said Wednesday.
Banga Executive Chairman at Mastercard, having previously served as President and CEO until December 2020. He took charge of the company in the aftermath of the global financial meltdown in 2008-09 following the collapse of investment bank Lehman Brothers. Since then, he has helped Mastercard expand its revenue three times.
“I have long respected Ajay’s global perspective, his focus on the long term and his leadership as a champion for innovation. Our portfolio companies and our entire firm will benefit tremendously from Ajay’s diverse experience and insights,” said Bill Ford, General Atlantic’s Chairman and CEO.
Banga will continue to serve as a member of the advisory board for BeyondNetZero, General Atlantic’s climate venture that invests in high-growth companies developing innovative climate solutions.
It is anticipated Banga’s appointment may further sharpen the PE firm’s focus towards India as an investment destination, especially tech startups in a record year of fundraising.
Banga, who has won many accolades including India’s fourth-highest civilian award Padma Shri, holds top positions at various multilateral and global business and industry bodies. He also served as the Chairman of the US-India Business Council that represented more than 300 of the largest international companies investing in India during his time with the organization.
He is a co-founder of The Cyber Readiness Institute, a founding trustee of the US-India Strategic Partnership Forum, and remains a strong advocate to strengthen bilateral trade and business relations.
Banga started his career at Nestle. He went on to work with Citigroup Asia Pacific serving the global financial giant across various roles for 13 years.
Established in 1980, General Atlantic invests globally and operates from its offices across New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford.
It had over $78 billion in assets under management inclusive of all products at the end of June 2021. Since its inception, the PE firm has invested in over 445 companies.
In India, its portfolio basket includes Jio Platforms, Reliance Retail, NoBroker, Unacademy, Byju’s, KIMS Hospitals, Absolute Barbeque, PNB Housing Finance, IIFL Wealth, MuSigma, Billdesk and Anita Dongre’s fashion label.