In brief: TPG Rise exits first deal

TPG Rise sells its first portfolio company, an education technology platform, after nearly five years.

TPG’s first impact fund, The Rise Fund, has exited its first portfolio company. Everfi, an education technology platform providing training courses, has been sold to NASDAQ-listed education company Blackbaud.

The company’s shareholders will receive around $750 million in total: $450 million in cash and shares worth approximately $300 million, Blackbaud announced. The Rise Fund invested $120 million in EverFi in April 2017, which marked the first deal of the Rise series of impact funds.

TPG raised $2 billion in 2017 for The Rise Fund, its first impact fund. Investors include the New York State Common Retirement Fund, which committed $150 million; the University of California Regents Endowment Fund, which committed $100 million; California Public Employees’ Retirement System, which committed $75 million; the New Jersey Division of Investment, which committed $75 million; and Swedish pension funds AP2 and AP3, which committed $50 million each.

TPG launched The Rise Fund II in 2018 with a $2.5 billion target and has yet to announce a final close. The firm is seeking up to $7 billion for The Rise Climate Fund, which launched in June 2021.