Major private equity firm General Atlantic has invested a $500 million follow-on in Authentic Brands Group, the conglomerate that owns retailers including Reebok, Ted Baker and Quicksilver, bringing its total commitment to just under $2 billion.

Authentic initially partnered with General Atlantic in October 2017. Since then, it has acquired 30 brands and diversified its platform through new verticals, including media, outdoor, events and experiences, and most recently, studios.

“General Atlantic’s increased investment in Authentic is a testament to the strength of our proprietary brand platform, business model and team,” said Jamie Salter, Founder, Chairman and CEO of Authentic.

The New York-based company boasts a portfolio of over 40 well-known brands and generates more than $25 billion in global annual sales.

Authentic filed for an initial public offering (IPO) in July 2021, but shelved plans by November as it sold stakes to private equity firms CVC Capital Partners and HPS Investment Partners in a fundraising effort that gave it an enterprise value of $12.7 billion.

At that time, Salter indicated the IPO could be postponed to the following year or 2024. Authentic officially pulled its offering in January without a specific reason.

Authentic’s additional significant shareholders include BlackRock, CVC Capital Partners, Simon Property Group, HPS Investment Partners, Leonard Green & Partners and Brookfield.