Global private equity firm General Atlantic has invested BRL400 million (approximately US$199 million) in SMILES, a subsidiary of Brazilian airline GOL Linhas Aéreas Inteligentes. The transaction took place as part of SMILES’ initial public offering on the BM&FBOVESPA exchange, which raised BRL953.6 million (approximately US$474 million) after commissions and expenses. The investment is intended to fund the advance purchase of airline tickets from VRG Linhas Aéreas for SMILES’S frequent flyer program.