Sustainable Business

Private equity firm TPG raises $5.4 bln for climate fund

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A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. REUTERS/Carlo Allegri

July 27 (Reuters) - TPG has raised $5.4 billion for its inaugural fund under its climate investing strategy from a number of high-profile investors including Allstate Corp (ALL.N) and Hartford Financial (HIG.N), the private equity firm said on Tuesday.

The TPG Rise Climate was launched in early 2021.

Hank Paulson, a former U.S. Treasury Secretary, is the executive chairman of the fund, while co-founder Jim Coulter is the managing partner.

TPG said the fund is designed to expand the scope of commercially viable climate technologies and its investor base includes Ontario Teachers' Pension Plan Board, Saudi Arabia's Public Investment Fund (PIF) and France's AXA (AXAF.PA).

TPG, which has more than $100 billion in assets under management, is evaluating a public listing, the Wall Street Journal reported last month.

(This story correct to remove reference to TPG Rise Climate managing $11 billion of assets in paragraph 2)

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber

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