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.