Jim Coulter, TPG

TPG Rise Climate I recorded 27 percent net IRR and a 1.4x net money multiple in 2023, its year-end results show – a performance described as “pretty impressive” by equities director Brian McKenna at Citizens JMP, who called in to TPG’s results call yesterday.

The fund, which raised a total of $7.3 billion, has:

  • Invested: $4.6 billion
  • Realised: $208 million
  • Unrealised value: $5.8 billion
  • Total value: $6.0 billion

“Last year, value creation for the fund was up 37 percent”, said Jim Coulter. “In particular, we were able to execute two very important IPOs in the market because the public market is ready for the next generation of climate-forward companies.”

One of these is Nextracker, a solar tracker and software company that was listed on Nasdaq last June. The company is “up about 130 percent from its IPO price”, said TPG president Todd Sisitsky. “We sold a sizeable block of shares… in recent weeks.”

TPG Next’s first deal

TPG Next, a platform for seeding diverse-owned investment firms, has made its first investment with its backing of Visualize Group, an investment firm for public and private markets. The firm was founded in 2023 by C C Melvin Ike, a former managing director at Blackstone and a former associate at TPG.

“TPG will serve as a significant anchor investor in Visualize’s private equity strategy and will provide the firm with institutional resources to support business building and scale,” said  CEO Jon Winkelreid. “This strategic partnership is a strong example of our commitment to augmenting diverse leadership within our industry.”