GENERAL ATLANTIC, L.P.

General Atlantic's $2.15 billion U.S.-listed public portfolio for March 2026 reflects a growth-equity manager in the middle of a deliberate sector rotation within its healthcare exposure while maintaining overwhelming conviction in its core fintech complex. The quarter's defining event at the portfolio level was a $260 million liquidation of Alignment Healthcare, a Medicare-advantage insurance platform that the firm had carried through multiple prior quarters. That exit was entirely contained within the portfolio's healthcare sleeve: at the same time, the firm liquidated three other late-stage biopharma positions, cutting Revolution Medicines by 74.8% (−$155M), Centessa Pharmaceuticals by 77.9% (−$99M), and Nurix Therapeutics by 16.2% (−$29M). The combined healthcare drawdown of approximately $544 million is best understood not as a withdrawal from the sector but as a rotation away from late-stage, clinical-readout-driven names toward an earlier-stage, genetically-targeted rare-disease play that the firm has chosen to hold — Pharvaris, held flat at $227 million. The freed capital was not explicitly redeployed into new names; instead, it appeared to absorb some of the broader AUM decline that the fund experienced across Q1, as reported values fell in the broader venture-backed portfolio alongside market revaluations of growth stocks. Yet within the portfolio that remained, the firm's conviction in its emerging-market payments and neobanking complex was undiminished — dLocal was held flat at 46.7 million shares and $605 million, the portfolio's largest position despite a 8.2% price-driven decline. XP Inc, the Brazilian digital banking and financial-services platform, was trimmed slightly by 9.4% (from 22.7 to 20.6 million shares) but retained as the portfolio's second- or third- largest holding at $392 million. Chime, the U.S. neobank in which General Atlantic has been a long-term holder, was increased meaningfully — adding 3.4 million shares at $98 million — suggesting continued confidence in U.S. consumer neobank economics at a time when the sector faced net-interest-margin headwinds. The Alkami Technology position, a U.S. digital-banking platform focused on credit unions and community banks, was the portfolio's most tactically decisive increase, growing share count by 27.9% at $363,000-share increment. All three positions — dLocal, XP, and Chime — share a common thesis: that digital banking and payments infrastructure in developing and mid-market banking systems will consolidate around a small number of platform companies that benefit from network effects and switching costs. The Alkami addition is a clear signal that General Atlantic is doubling down on that same thesis in a North American context. For readers tracking growth-equity positioning, the headline is that General Atlantic is running a focused fintech story at a time when the broader venture and growth universe has been under valuation pressure, and that it has been willing to absorb the markdowns in its later-stage healthcare positions without reducing its commitment to the core.