TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise, has closed with $5.4 billion in subscriptions to its inaugural fund.

TPG Rise Climate was launched in early 2021. TPG founding partner and executive chairman Jim Coulter is managing partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as executive chairman of TPG Rise Climate.

“It’s a time of both peril and possibility. Climate change is a societal risk but also a generational investment opportunity,” said Coulter. “Leveraging our deep experience in impact investing, we believe TPG Rise Climate can play a positive role in catalyzing capital to combat climate change. The partnership of leading investment institutions and major corporations funding TPG Rise Climate signals a growing business community commitment to engaging in this existential issue.”

TPG Rise Climate’s first close received subscriptions from investors including Allstate, AXA, The Hartford, Ontario Teachers’ Pension Plan Board, Public Investment Fund, Public Sector Pension Investment Board, School Employees Retirement System of Ohio, Silk Road Fund, State of Michigan Retirement System, Universities Superannuation Scheme, and Washington State Investment Board.

“TPG Rise Climate includes a unique group of global institutional and corporate investors that are united by capital, innovation, and accountability,” said Paulson. “This new blend of capital and broad commitment to action is a meaningful acknowledgment of the opportunity to make a difference in the trajectory of climate change. The Rise ClimateCoalition brings together leading global businesses in a shared commitment to harness the rigor of TPG’s investment process to unlock technologies, scale solutions, and deliver broad impact. Together, we can catalyze climate-focused capital to accelerate and scale climate solutions of tomorrow.”

“TPG has a history of innovation in impact investing, creating The Rise Fund five years ago, launching Y Analytics, and establishing a new category for private equity along with them,” said Jon Winkelried, CEO of TPG. “We are deeply proud of the platform and capabilities we’ve built in TPG Rise and are thankful to our limited partners for supporting and entrusting us in building this industry-leading initiative. We look forward to partnering with TPG Rise Climate’s investors and mission-driven entrepreneurs to continue to demonstrate the immense potential of mission-driven capital.”