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  • February 2018 (Revised August 2019)
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The Rise Fund: TPG Bets Big on Impact

By: Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta
  • Format:Print
  • | Language:English
  • | Pages:30
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Abstract

It is March 2017, and TPG, a global alternative investment firm with $74 billion assets under management, has recently launched its inaugural impact-investing fund—the $2 billion Rise Fund. In an effort to “take the religion out of impact investing,” Maya Chorengel, co-managing partner of TPG Growth, an arm of TPG focused on growth equity investments and middle-market buyouts and co-founder and CEO of the Rise Fund, has partnered with The Bridgespan Group, a nonprofit consultancy, to develop an evidence-based methodology for quantifying the impact of prospective Rise investments. Together, they have come up with a framework that ultimately generates an impact multiple of money (IMM), a measure of the social value created by a company per equity dollar invested. If a company fails to meet the IMM threshold, Rise will not invest in it. The case finds Chorengel (HBS MBA ’97), Rise’s senior partner for impact, debating whether to make Rise’s first investment in EverFi, an educational technology company that offers a range of online educational programming to its K-12 school, university, and corporate clients.

Keywords

Impact Investing; Impact Measurement; Equity; Investment; Measurement and Metrics; Financial Services Industry; California; San Francisco

Citation

Gandhi, Vikram S., Caitlin Reimers Brumme, and Sarah Mehta. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Case 318-041, February 2018. (Revised August 2019.)
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About The Author

Vikram Gandhi

Entrepreneurial Management
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Related Work

    • February 2019 (Revised October 2019)
    • Faculty Research

    The Rise Fund: TPG Bets Big on Impact

    By: Vikram S Gandhi, Caitlin Reimers Brumme and Sarah Mehta
    • December 2019
    • Faculty Research

    The Rise Fund: TPG Bets Big on Impact

    By: Vikram S Gandhi and Shawn A. Cole
    • February 2018 (Revised August 2019)
    • Faculty Research

    The Rise Fund: TPG Bets Big on Impact

    By: Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta
Related Work
  • The Rise Fund: TPG Bets Big on Impact By: Vikram S Gandhi, Caitlin Reimers Brumme and Sarah Mehta
  • The Rise Fund: TPG Bets Big on Impact By: Vikram S Gandhi and Shawn A. Cole
  • The Rise Fund: TPG Bets Big on Impact By: Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta
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