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• TPG Rise Climate fund has already invested $2 billion within one year
Private equity giant TPG Inc (NASDAQ: TPG) on Wednesday said it had raised $7.3 billion for its climate fund as the asset management firm is expanding its investments in the clean energy space.
The fund, called TPG Rise Climate, was launched in early 2021 and has already committed over $2 billion to companies in the climate sector, including solar tracking company Nextracker, and partnering with India’s Tata Motors in boosting the electrification of passenger mobility, the press release said.
Hank Paulson, a former US Treasury secretary, is the executive chairman of the fund.
Investors and lawmakers worldwide have been increasingly questioning companies about the environmental and social impact along with carbon footprint amid calls for major multinational corporations to make significant investments in ESG (environmental, social, and governance) initiatives.
Asset management giants Blackstone Inc (NYSE: BX) and BlackRock Inc (NYSE: BLK) have also advised companies to embrace green strategies.
Picture Credit: Bloomberg
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