The New York private equity giant reportedly invested over $1 billion in Plusgrade, valuing the travel upgrade service provider at more than $2 billion, over twice what it was worth in 2021. (The Globe and Mail)

Talking point: General Atlantic bought all of Quebec private equity firm Novacap’s shares in the company, along with some from the Caisse de dépôt et placement du Québec for more than 50 per cent of ownership. GA spokesperson Sara Widmann declined The Logic’s request for comment on the terms of the deal. Plusgrade operates in the growing “ancillary” revenue market within the travel industry. It partners with airlines, rail and cruise ship companies to offer travellers a digital platform where they can buy upgrades, like better seats and priority check-in access.