The private equity firm that snapped up Zoopla Property Group two years ago has revealed that it’s one of two companies investing $1 billion in Airbnb.

Silver Lake paid £2.2 billion for ZPG in May 2018 and also already invests in high-profile tech-based companies including Tesla and Skype.

Now, along with investment business Sixth Street Partners, Silver Lake is pumping a combined $1 billion into Airbnb.

Airbnb chief executive Brian Chesky says: “The desire to connect and travel is an enduring human truth that’s only been reinforced during our time apart. But the way this manifests will evolve as the world changes. We’ll see a new flexibility in how people live and work, which means they won’t have to be tethered to one location. 

“And with an emerging interest in travel that’s closer to home, our customers will look to nearby places to visit, and for local experiences to take part in.”

Chesky says Airbnb will in future focus on longer-term stays. “From students needing housing during school, to people on extended work assignments, Airbnb is a place where many have found longer-term housing. In the future, dreams of living in another community will become a growing reality—in homes that come with the benefits of Airbnb.”

Silver Lake co-chief executive Egon Durban says: “Airbnb’s revolutionary platform has transformed how people travel, unlocking one-of-a-kind stays and experiences at scale. Airbnb’s diverse, global, and resilient business model is particularly well suited to prosper as the world inevitably recovers and we all get back out to experience it.”

Silver Lake describes itself as “the global leader in technology investing” with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and operating professionals located in Silicon Valley, New York, London and Hong Kong. 

Silver Lake’s portfolio of investments collectively generates more than $230 billion of revenue annually and employs 370,000 people globally.