The Rise Fund, a global impact investing platform managed by alternative asset firm TPG, has acquired a majority stake in Element Markets LLC, an independent marketer of renewable natural gas and environmental commodities in North America.
Element Markets is a provider of greenhouse gas reductions via offsets and renewable natural gas to several Fortune 100 companies. Founded in 2005, Element has transacted over 50,000,000 tonnes of greenhouse gas credits.
Randall Lack, founder and co-president of Element Markets stated, “This transaction is a validation of the great work done thus far by Element Markets’ team. With the support of The Rise Fund we will be able to accelerate our efforts to support a decarbonizing economy.”
Mike Stone, CIO of The Rise Fund, and Marc Mezvinsky, business unit partner within TPG, will join Element’s board of directors.
The acquisition of Element Markets represents The Rise Fund’s second investment in the climate transformation and renewable energy space within the past six months. In July 2020, The Rise Fund acquired 1 gigawatt of solar PV projects from Trina Solar to anchor the portfolio of newly created, Madrid-based Matrix Renewables.
Kirkland & Ellis LLP served as legal counsel to The Rise Fund in relation to the transaction and Eversheds Sutherland served as legal counsel to Element Markets.