Two new mega funds announced that are focused on climate change
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.