Pitchbook News reported last week on the creation of two mega funds focused on climate change. According to the post, the two latest funds are joining a wave of investors in the venture capital and private equity industries that are seeking to back innovations that will limit or even remove planet-warming carbon emissions.
- Texas-based TPG has landed $5.4 billion in funding for the first close of its new Rise Climate Fund and is still targeting a total of $7 billion, up from an initial goal of $5 billion. Former U.S. Treasury Secretary Hank Paulson serves as Executive Chair of the fund.
- Separately, Brookfield Asset Management has announced the initial closing of a $7 billion climate-focused fund that has a goal of achieving a net-zero carbon economy. Dubbed the Brookfield Global Transition Fund, the vehicle will be hard-capped at $12.5 billion. If it meets its target, the fund would be the largest devoted to climate sustainability, according to PitchBook data.