General Motors has been revealed as one of the founding investors in TPG Capital’s new climate-focused financial fund, TPG Rise Climate.
TPG Rise Climate is described by the Texas-based financial firm as a “climate investing strategy” that aims to back “entrepreneurs and businesses building climate solutions around the world.” TPG Rise Climate, which was launched in early 2021, has set a hard cap of $7 billion in total capital commitments.
General Motors is also a member of the TPG Rise Climate Coalition – a group of companies that “will convene regularly to accelerate knowledge exchange, investment opportunities, and best practices among the group and the broader TPG Rise Climate ecosystem.” Other companies in the TPG Rise Climate Coalition include 3M, Allianz, Allstate, Alphabet, Apple, Bank of America, Boeing, Dow, Exor, FedEx, GE, Honeywell, John Deere, NIKE, Smithfield Foods, and TD Bank Group.
TPG Capital says The Rise Climate Coalition includes companies “that have done extensive work building sustainability and climate action into their businesses, and a majority of them have made substantial public commitments to improving their climate footprint.”
TPG Rise Climate’s investments will be spread across five climate sub-sectors: clean energy, enabling solutions, decarbonized transport, greening industrials, and agriculture and natural solutions. The investment fund will also “take a broad sector approach,” TPG Capital says, with investment types ranging from growth equity to value-added infrastructure.
“The Rise Climate Coalition 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,” said former U.S. Treasury Secretary Hank Paulson, who currently serves as TPG Rise Climate’s Executive Chairman. “Together, we can catalyze climate-focused capital to accelerate and scale climate solutions of tomorrow.”
The portfolio of companies The Rise Climate Fund has invested in so far can be viewed on its website.