In brief: TPG closes Rise Climate Fund on $7.3bn

It may be no shocker, but it is still something of a watershed moment.

It may not be the most surprising news – it was flagged in March on the firm’s earnings call – but TPG made it official on Wednesday: The Rise Climate Fund has closed on $7.3 billion (press release here). It may be no shocker, but it is still something of a watershed moment. For TPG, it is the largest vehicle on its $14 billion Rise impact platform. For the market as a whole, it is the largest climate-focused private fund to hold a final close… for the moment, anyway.

Two points of note from Wednesday’s announcement:

  • The firm has already “committed” $2 billion from the fund into growth stage businesses.  Per the release: “Recent investments include backing the leading solar tracking company Nextracker, creating North America’s largest marketer and originator of carbon and environmental credits via the merger of Bluesource and Element Markets, and forming an innovative partnership with Tata Motors to lead the electrification of passenger mobility in India.”
  • The fund has 28 corporates among its limited partners ranging from Nike, to General Motors to Sumitomo Mitsui Banking Corporation (fuller list here). Representatives from these will meet next month “to share practical insights and progress on decarbonization strategies” at the first of what it calls the TPG Rise Climate Coalition meetings.