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TPG raises $7.3 billion for climate fund in sustainability push

TPG raises $7.3 billion for climate fund in sustainability push
TPG raises $7.3 billion for climate fund in sustainability push   -   Copyright  Thomson Reuters 2022
By Reuters

TPG Inc said on Wednesday it had raised $7.3 billion for its climate fund, as the private equity giant expands its investments in the clean energy space.

The fund, called TPG Rise Climate, was launched in early 2021 and has already committed more than $2 billion to companies in the climate sector, the company said.

Hank Paulson, a former U.S. Treasury secretary, is the executive chairman of the fund.

Investors and lawmakers across the globe have been increasingly questioning companies about their environmental and social impact amid calls for major global businesses to make significant investments in ESG (environmental, social and governance) initiatives.

Asset management giants Blackstone Inc and BlackRock Inc have also urged companies to embrace green strategies.