Kirk Falconer

TPG's Rise Fund platform, overseeing $14bn in assets, was earning a net IRR of 25% as of December 2021.

The global transition fund, soon to close at $15bn, will be “just the first fund in what we believe will be a very attractive growth avenue,” Brookfield managing director Natalie Adomait said.

The fund was unveiled last year by the private market affiliate of Xponance and Investcorp’s Strategic Capital Group to support diversity, equity and inclusion in the alternative asset industry.

Private equity energy investors embrace the promise but also the challenges of the transition from fossil fuels to the burgeoning renewables movement.