Climate Private Equity Funds

TPG raised $10 billion for TPG Rise Climate II, its second climate-focused private equity fund, which closed to new subscriptions at the end of September. The fund targets clean energy, electric transportation and sustainable materials, investing globally across buyouts, carve-outs and growth equity.

Investors include the New York City Employees' Retirement System and the State of Michigan Retirement System, and Alterra, the UAE-backed climate vehicle, committed about $1 billion. The Rise Climate platform had drawn $17.1 billion in commitments. Recent platform deals include the $4.75 billion sale of clean energy developer Intersect Power to Alphabet and an investment in grid services company Pike Corp.

With energy infrastructure supported by rising electricity demand, the raise signals how large institutional capital is still flowing into climate despite US policy uncertainty.