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In brief: Washington State backs TPG Rise III with $250m

Washington State Investment Board has committed more than $1bn to TPG’s Rise funds since 2017.

Washington State Investment Board has committed $250 million to TPG’s newly-launched fund, Rise III. TPG announced the launch of Rise III, which has a $3 billion target, in an earnings call in March. The firm raised $2 billion for the 2017-vintage Rise I and $2.2 billion for the 2018-vintage Rise II – the latter of the two closed below its $2.5 billion target.

TPG is expected to announce a final close of Rise Climate – the third fund in its Rise series – at its $7.2 billion hard-cap, chief financial officer Jack Weingart said in the earnings call.

WSIB, the manager for Washington State public pensions worth $193 billion, will have invested more than $1 billion in TPG’s impact strategy with this latest commitment. It invested $200 million in Rise I in 2017, $250 million in Rise II in 2019, and $325 million in Rise Climate in 2021.