TPG Rise Climate closes on $7.3b

TPG Rise Climate, which reached a first close of USD 5.4bn last July and set the hard cap at USD 7bn, is supported by numerous large institutional investors as well as 28 global corporations

It has already deployed USD 2bn. Investments include an INR 75bn (USD 994m) commitment to the electric vehicle (EV) unit of India’s Tata Motors. TPG Rise Climate brought in ADQ, an entity controlled by the Abu Dhabi government, as a co-investor in that deal.

The fund makes growth-stage investments in innovative climate solutions, ranging from electrified mobility to solar tracking to carbon credit origination.

It relies on Y Analytics, a public benefit platform established by TPG Rise, to understand and value the social and environmental impact of its investments. For example, it calculates the carbon yield of companies to estimate the tons of carbon dioxide equivalent emissions avoided per dollar invested.

“We continue to be inspired by the climate innovation we are seeing across sectors and around the world," said Jim Coulter, a founding partner of TPG and managing partner of TPG Rise Climate, in a statement.

"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."

The first iteration of The Rise Fund closed at USD 2bn in 2017. A second launched with a target of USD 2.5bn and a final close has yet to be announced. TPG Rise also manages Evercare, a South Asia and Africa-focused healthcare platform. It was brought in as a replacement GP following the demise of The Abraaj Group.

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• Topics
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