TPG has raised $2.15 billion for Rise III, the firm disclosed in its first quarter 2023 results. Rise III had a $3 billion target when it was launched in 2022 but TPG may not hit this, chief financial officer Jack Weingart said.
“We set our original flagship fundraising targets [for Rise and the flagships of other strategies] under different market conditions,” said Weingart. “We still expect each fund to grow compared to its predecessor, but in aggregate they may not grow as much as previously expected.”
The San Francisco-based firm’s original targets total $27.5 billion for four funds currently in market (TPG IX, Healthcare II, Asia VIII and Rise III); TPG expects to raise $23 billion to $24 billion across these funds, said Weingart.
Other updates from TPG’s impact platform:
- Rise Climate Infrastructure has not yet launched. Weingart expects to have more news on this fund “in coming quarters”.
- TPG Rise Climate, which closed at $7.3 billion in 2022, is generating 39 percent net IRR and 1.2x MoM, TPG reports. $2.88 billion of it has been invested.
- TPG Rise II, which raised $2.17 billion, is generating 20 percent net IRR and 1.3x MoM. $1.9 billion of it has been invested.
- TPG Rise I, which raised $2 billion, is generating 15 percent net IRR and 1.6x MoM. $1.96 billion of it has been invested.
This story has been updated to reflect that the comments were made by Jack Weingart, not chief executive Jon Winkelried.