Martín Escobari, Co-President and Head of Global Growth Equity at General Atlantic, shares his fascinating journey from a communist upbringing in Bolivia to thriving in Brazil's e-commerce sector. He discusses navigating investment opportunities amidst chaos, highlighting sectors like technology and healthcare driving growth in emerging markets. Escobari also emphasizes the importance of health span and innovative solutions for societal challenges. His insights on patience in investment and reflections on life offer valuable lessons for aspiring entrepreneurs and investors.
Martín Escobari's journey illustrates how transformative education can spark entrepreneurial ambition and innovation in emerging markets.
His experiences with Submarino highlight how e-commerce disrupted traditional retail in Brazil, creating new opportunities amidst economic challenges.
Escobari emphasizes the potential of emerging markets like India and Brazil, where technology is driving significant advancements and investment opportunities.
Deep dives
Career Journey and Unconventional Upbringing
The speaker shares a unique career journey, beginning with an upbringing in Bolivia, where family values were rooted in communism and disdain for capitalism. Unexpectedly, a neighbor persuaded his mother to enroll him in an American school, paving the way for a scholarship to Harvard, which he found transformative. Initially, he envisioned a career focused on solving big problems in emerging markets, potentially even serving as Bolivia's finance minister. However, his passion for business propelled him into entrepreneurial ventures, leading to a successful career in investment.
Transformation of E-Commerce in Brazil
The speaker recounts co-founding Submarino, one of Brazil's first online retailers, during a period rife with complications in the late 1990s. Despite challenging economic conditions, the lack of established retail infrastructure presented unprecedented opportunities for e-commerce. The rise of the internet as a pivotal disruption allowed them to tap into a consumer base starved for variety, ultimately helping to transform the Brazilian retail sector. Today, e-commerce represents a significant portion of the country's trade, illustrating the success of early investments in this disruptive technology.
Navigating Chaos in Investment
Growing up amidst Bolivia's political turmoil taught the speaker valuable lessons about managing chaos and unpredictability, which he has applied to his investment strategies. He emphasizes the importance of planning for recovery during times of turmoil, holding onto the belief that stabilization is always on the horizon. This perspective drives him to invest in quality businesses and entrepreneurs who solve real-world problems, even when market conditions are unfavorable. Embracing chaos as an opportunity for growth has allowed him to thrive as an investor in emerging markets.
General Atlantic's Innovative Path
The speaker outlines General Atlantic's evolution, highlighting its focus on investing in innovation and entrepreneurship under the philosophy of its founder, Chuck Feeney. The firm now spans globally, with significant investments in technology and growth equity while maintaining a low profile. With a diverse portfolio that includes various sectors, it has developed a reputation for its considerable experience and specialization. The firm actively seeks to leverage trends such as digital transformation and healthcare innovation to bolster returns and tackle pressing global challenges.
Future Opportunities in Emerging Markets
Emerging markets present significant growth potential, particularly in countries like India, Brazil, and Mexico, which are adapting to digital shifts and consumer trends. The speaker identifies an increasing focus on the use of technology to address vital issues, like fraud and education, thereby creating opportunities for impactful investments. Notably, India's recent digital advancements and regulatory changes foster a conducive environment for startups and innovation. As the global economy transitions towards sustainability and technology integration, the speaker sees a promising future for growth in these regions.
Barry speaks with Martín Escobari, Co-President and Head of Global Growth Equity at General Atlantic. Prior to joining General Atlantic in 2012, Martín served as Managing Director at Advent International and Co-Founder and CFO of Submarino.com, a leading Brazilian online retailer. He also spent time with The Boston Consulting Group. In addition to his current role, Martín is also Chair of General Atlantic's Global Growth Equity Investment Committee and he serves on the Executive and Portfolio Committees as well. On this episode, Barry and Martín discuss the challenges he faced as an entrepreneur, his time at General Atlantic, and the macro picture in South America.
