The Los Angeles City Employees’ Retirement System, a US public pension with $23.3 billion in assets and an allocation of 26 percent to alternatives, has committed $50 million to TPG’s climate-focused investment fund. TPG Rise Climate has a target size of $5 billlion and a hard-cap of $7 billion.
LACERS is a long-time partner of TPG, having first backed the firm in 1999. It has committed $152.5 million to TPG funds over the years, according to a pension fund document.
Other investors to commit capital to TPG’s climate fund include insurance company AXA, the New Jersey Division of Investment, Ontario Teachers’ Pension Plan and the Saudi Public Investment Fund.
Investment consultant Aksia advised LACERS on the commitment.
- Further reading: New Jersey backs TPG’s climate fund