Press release
ALTÉRRA Commits US$1.5 Billion to TPG Rise Climate’s US$10 Billion Next Generation Private Equity Funds Including New Global South Initiative and TPG Rise Climate II
Commitment accelerates transition to the low carbon economy and includes: US$500 million of return enhancing capital from ALTÉRRA TRANSFORMATION to enable
About this update from Tpg Inc.
[{"type":"text","content":"\n\nCommitment accelerates transition to the low carbon economy and includes:\n\n\nUS$500 million of return enhancing capital from ALTÉRRA TRANSFORMATION to enable creation of US$2.5 billion Global South Initiative with TPG\n\n\n\nUS$1 billion from ALTÉRRA ACCELERATION to TPG’s Rise Climate II, pursuing investments to enable carbon aversion at scale\n\n\n\n\n\n\n DUBAI, United Arab Emirates & SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--\nTPG, a leading global alternative asset management firm, and ALTÉRRA, the world’s largest private investment vehicle for climate change action launched at the World Climate Action Summit at COP28, today announced an aggregate US$1.5 billion commitment to the next generation of TPG Rise Climate private equity funds, including its new Global South Initiative.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231130762998/en/\nThe Global South Initiative will be managed by TPG and is purpose built to accelerate and attract institutional capital at scale by offering return enhancement to encourage private equity investments in high growth climate opportunities in the Global South. The initiative will receive up to US$500 million in innovative catalytic capital from ALTÉRRA TRANSFORMATION. In addition, TPG Rise Climate will channel approximately US$1 billion from its TPG Rise Climate II fund to co-invest alongside the initiative. TPG will also raise additional commitments for the Global South Initiative from its broader network of limited partners.\n\n\nThe Global South Initiative will leverage TPG’s decades of experience investing across industries in the Global South. In the climate sector alone, TPG has driven over US$4 billion of investment in over 20 climate solutions companies across nearly 20 countries in the Global South. In addition to the parties’ shared commitment to the new climate economy, the Fund is aligned with the pillars that underpin COP28’s Action Agenda, namely: Energy Transition, Industrial Decarbonization, Sustainable Living and Climate Technologies.\n\n\nALTÉRRA represents the next step in the UAE's decades-long journey towards climate action and is dedicated to investing in the energy systems of tomorrow.\n\n\nIn addition to the Global South Initiative, ALTÉRRA will commit approximately US$1 billion to TPG ...