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Case | HBS Case Collection | February 2018 (Revised August 2019)

The Rise Fund: TPG Bets Big on Impact

by Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta

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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;

Language: English Format: Print 30 pages EducatorsPurchase

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.)

Related Work

  1. Teaching Note | HBS Case Collection | February 2019 (Revised October 2019)

    The Rise Fund: TPG Bets Big on Impact

    Vikram S Gandhi, Caitlin Reimers Brumme and Sarah Mehta

    Teaching Note for HBS No. 318-041.

    Keywords: impact investing; impact measurement; Equity; Investment; Measurement and Metrics; Financial Services Industry; San Francisco;

    Citation:

    Gandhi, Vikram S., Caitlin Reimers Brumme, and Sarah Mehta. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Teaching Note 319-003, February 2019. (Revised October 2019.)  View Details
    CiteView DetailsPurchase Related
  2. Supplement | HBS Case Collection | December 2019

    The Rise Fund: TPG Bets Big on Impact

    Vikram S Gandhi and Shawn A. Cole

    Citation:

    Gandhi, Vikram S., and Shawn A. Cole. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Multimedia/Video Supplement 220-711, December 2019.  View Details
    CiteView DetailsPurchase Related
  3. Case | HBS Case Collection | February 2018 (Revised August 2019)

    The Rise Fund: TPG Bets Big on Impact

    Vikram S. Gandhi, Caitlin Reimers Brumme and Sarah Mehta

    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.)  View Details
    CiteView DetailsEducatorsPurchase Related

About the Author

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Vikram Gandhi
Senior Lecturer of Business Administration
Entrepreneurial Management

View Profile »
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More from the Author

  • Supplement | HBS Case Collection | December 2019

    The Rise Fund: TPG Bets Big on Impact

    Vikram S Gandhi and Shawn A. Cole

    Citation:

    Gandhi, Vikram S., and Shawn A. Cole. "The Rise Fund: TPG Bets Big on Impact." Harvard Business School Multimedia/Video Supplement 220-711, December 2019.  View Details
    CiteView DetailsPurchase Related
  • Case | HBS Case Collection | October 2019 (Revised December 2019)

    Swizz Beatz

    Boris Groysberg, Annelena Lobb and Sarah Mehta

    This case explores the life and career of rapper and music producer Swizz Beatz. Set in 2019, it covers the evolution of Swizz’s musical career and his new venture into the commercial art market.

    Keywords: Entertainment; Music Entertainment; Television Entertainment; Entrepreneurship; Entertainment and Recreation Industry; Fine Arts Industry; Music Industry; United States;

    Citation:

    Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz." Harvard Business School Case 420-034, October 2019. (Revised December 2019.)  View Details
    CiteView DetailsEducators Related
  • Case | HBS Case Collection | October 2019 (Revised December 2019)

    Swizz Beatz and Alicia Keys: A Power Couple

    Boris Groysberg, Annelena Lobb and Sarah Mehta

    Set in 2018, this case follows married couple and music industry titans Swizz Beatz and Alicia Keys as they consider how best to use their platforms to achieve their goals. Since achieving professional success in the music industry early in their lives, Swizz and Keys had explored many different personal and professional pursuits. Swizz was particularly interested in the arts and had launched an initiative aimed at supporting emerging visual artists of color. Keys had taken on acting roles, written a children’s book, and had become an increasingly vocal advocate for social justice causes. Anchoring their professional work, Swizz and Keys had built a loving family rooted in communication and mutual respect. As one of the music industry’s most recognizable power couples, Swizz and Keys now considered how they might use their joint platform to continue to drive positive change for artists and creators of all stripes.

    Keywords: Entertainment; Music Entertainment; Television Entertainment; Entrepreneurship; Power and Influence; Entertainment and Recreation Industry; Music Industry; United States;

    Citation:

    Groysberg, Boris, Annelena Lobb, and Sarah Mehta. "Swizz Beatz and Alicia Keys: A Power Couple." Harvard Business School Case 420-035, October 2019. (Revised December 2019.)  View Details
    CiteView DetailsEducators Related
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