General Atlantic has acquired a minority stake in Liftoff, the mobile app growth platform backed by Blackstone, in a deal that values the company at $4.3bn.

The investment underscores General Atlantic’s focus on high-growth consumer tech, as it joins Blackstone in supporting Liftoff’s next chapter. Blackstone, which will remain the majority shareholder, originally created Liftoff through the 2021 merger of its portfolio companies Liftoff and Vungle.

Led by CEO Jeremy Bondy, Liftoff has expanded rapidly through AI-driven innovation, launching its proprietary Cortex platform and broadening its performance marketing and monetisation capabilities for mobile developers worldwide.

“This moment represents a potent combination of continuity and ambition,” said Bondy. “The investment from General Atlantic is a testament to that progress, marking the next phase of our ascent and reinforcing our leadership across performance-driven mobile growth.”

Tanzeen Syed, Managing Director at General Atlantic, said the firm was “thrilled to partner with Jeremy and his management team to help fulfill Liftoff’s vision of serving the mobile app ecosystem.”

Sachin Bavishi, Senior Managing Director at Blackstone, called the investment “a prime example of Blackstone’s approach to partnering with highly talented management teams.”

Goldman Sachs and Jefferies acted as financial advisors to Liftoff and Blackstone. Morgan Stanley advised General Atlantic. The transaction is expected to close in mid-2025, subject to customary regulatory approvals.