TPG Reports $4.4B Raised for Climate Fund II

Alternative investments firm TPG has so far raised $4.4B for the second generation of its Rise Climate Fund, according to its latest amended Form D filing.

Some press reports have indicated the fund is nearing a $5B close, though TPG has made no public statements on the state of the raise for Fund II as of the time of publication. Climate private investment fund ALTÉRRA helped kick off fundraising, committing $1B on December 1, 2023, and Dakota data also shows allocations from the Washington State Investment Board ($400M) and the School Employees Retirement System of Ohio ($100M).

The fund’s intent is to pursue buyouts, growth equity, and late-stage venture investments across 20 to 25 portfolio companies specializing in clean electrons, clean materials and molecules, and negative emissions. Half of the deployed capital is to be concentrated in North America, primarily in the US, with the other 40% in Europe and OECD countries, and the remaining 10% in non-OECD countries.

Source: https://www.sec.gov/Archives/edgar/data/2014691/000201469124000004/xslFormDX01/primary_doc.xml