Key Takeaways
- • TPG raised $10 billion for TPG Rise Climate II, its second climate-focused private equity fund, which closed to new subscriptions at the end of September.
- • The fund targets clean energy, electric transportation and sustainable materials, investing globally across buyouts, carve-outs and growth equity.
- • Named investors include the New York City Employees' Retirement System, the State of Michigan Retirement System, and UAE-backed climate vehicle Alterra, which committed about $1 billion.
- • The broader Rise Climate platform has drawn $17.1 billion in commitments, and recent deals include the $4.75 billion sale of Intersect Power to Alphabet.
Summary
TPG has raised $10 billion for TPG Rise Climate II, its second climate-focused private equity fund, according to the source article. The fund closed to new subscriptions at the end of September and invests globally across buyouts, carve-outs and growth equity, with a focus on clean energy, electric transportation and sustainable materials.
Institutional backing includes the New York City Employees' Retirement System and the State of Michigan Retirement System. Alterra, a climate investment vehicle backed by the UAE, committed about $1 billion to the fund. The Rise Climate platform as a whole has drawn $17.1 billion in commitments.
Recent platform activity includes the $4.75 billion sale of clean energy developer Intersect Power to Alphabet and an investment in grid services company Pike Corp. The source article notes that rising electricity demand is supporting energy infrastructure investment.
The article argues that the raise shows large institutional capital continuing to flow into climate investing despite ongoing US policy uncertainty.
Institutional backing includes the New York City Employees' Retirement System and the State of Michigan Retirement System. Alterra, a climate investment vehicle backed by the UAE, committed about $1 billion to the fund. The Rise Climate platform as a whole has drawn $17.1 billion in commitments.
Recent platform activity includes the $4.75 billion sale of clean energy developer Intersect Power to Alphabet and an investment in grid services company Pike Corp. The source article notes that rising electricity demand is supporting energy infrastructure investment.
The article argues that the raise shows large institutional capital continuing to flow into climate investing despite ongoing US policy uncertainty.
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