|AIG COMMITS $1 BILLION IN CAPITAL TO GENERAL ATLANTIC PARTNERS FOR GLOBAL TECHNOLOGY INVESTMENTS|
|NEW YORK, NY and GREENWICH, CT, April 19, 2000 - American International Group, Inc. (AIG) and General Atlantic Partners, LLC, a leading global investor in Internet, Internet-enabled and information technology businesses, today announced that AIG and its affiliates have committed $1 billion in capital to General Atlantic over five years. The AIG capital commitment brings General Atlantic's capital available for investment to approximately $4.0 billion. In addition, AIG has acquired a five percent interest in General Atlantic's general partner, the proceeds from which will be used by General Atlantic to accelerate the global expansion of the firm.|
Commenting on AIG's investment, AIG Chairman M.R. Greenberg said, "This is a strategic investment for AIG, one which will enable AIG, together with General Atlantic, to build a cutting-edge venture capital franchise in information technology around the world. General Atlantic is an outstanding investment firm, with an exceptional track record in information technology investments over the past 20 years. It is ideally positioned to identify, cultivate and develop the next generation of global technology leaders. Global markets are beginning to undergo the same technology-driven transformation that is underway in North America and Europe, and the combination of AIG's global network and investment capabilities with General Atlantic's IT and Internet expertise and investment record should be a winning one in this environment."
Steve Denning, General Atlantic Managing Partner, said, "AIG is one of the truly great global companies, and we are extremely pleased to be working with it. AIG's capital investment and global network of relationships give General Atlantic an important advantage in turning our existing global footprint into a distinct and longstanding advantage for our current and future portfolio companies. We have over 25 percent of our portfolio invested outside the United States, and have operated in Europe for ten years. Our active presence in Asia and Latin America has confirmed our belief that the technology investors who will be successful for the next twenty years and longer will be the ones that access global markets and add substantial value to companies long after making an initial investment."
Robert Greenhill of Greenhill & Co. served as an adviser to General Atlantic Partners.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial and personal insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
General Atlantic Partners, LLC focuses exclusively on investing in information technology, Internet and Internet-enabled businesses globally and at all stages of development. The firm has more than $10 billion in capital under management and $4 billion of capital available for investment. General Atlantic has invested in over 80 companies, including E*Trade Group, Priceline.com, Proxicom, Belle Systems and LHS Group. The firm is unique in its global perspective on information technology, its worldwide presence, its long-term approach to investments, and its commitment to provide sustained strategic assistance aimed at creating maximum value for its portfolio companies. General Atlantic (www.gapartners.com) has offices in Greenwich, New York, Reston, London, Singapore, Tokyo, Hong Kong and Sao Paulo.