Global alternative asset firm TPG announced today the final close of its climate solutions-focused strategy, TPG Rise Climate, raising $7.3 billion from institutional investors and global corporations.
TPG launched the fund in early 2021 and has already committed more than $2 billion across the climate solutions sector. The climate strategy forms part of TPG Rise, the firm’s $14 billion global impact investing platform.
TPG Rise Climate aims to build a portfolio of companies that can enable carbon aversion in a quantifiable way, combining impact capital and its business building skills to grow the range of commercially viable climate technologies, with investments focusing on clean energy, enabling solutions, decarbonized transport, greening industrials, and agriculture and natural solutions.
Jim Coulter, TPG Founding Partner and Managing Partner of TPG Rise Climate said:
“The climate crisis is accelerating and we are proud to be confronting it with substantial capital and action. As technology opens new markets and methods in everything from batteries to biogas and solar to sequestration, we are energized by the decarbonization opportunities ahead. With every investment, we remain committed to Rise’s mission of delivering exceptional returns alongside meaningful impact.”
Last July, following the fund’s first close, the firm announced the launch of the TPG Rise Climate Coalition, consisting of representatives from the fund’s corporate investors, which include Alphabet, Apple, Bank of America, Boeing, GE, General Motors, and Nike. TPG stated that representatives from 28 leading corporations will convene at the first Coalition meeting next month to share insights and progress on decarbonization strategies.
Jon Winkelried, CEO of TPG, said:
“TPG is committed to leading the growth and evolution of impact investing and climate action in private equity. The final close of TPG Rise Climate demonstrates the resonance of the Rise model, and that meaningful positive impact can be achieved alongside strong returns. The investments we make and the insights we gain through TPG Rise and TPG Rise Climate give us the opportunity to drive Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. More and Environmental criteria consider how a company performs as a steward of nature. More impact at scale and enhance our Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More performance both at the firm level and within our portfolio.”
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