Publications
Publications
- January 2024 (Revised February 2024)
- HBS Case Collection
TPG Rise Climate: Deploying 'Climate Capital'
By: Vikram S. Gandhi, David Allen, Sarah Mehta and Shannon Roche
Abstract
This case is about TPG Rise Climate, a $7.3 billion climate impact fund launched in 2021 by alternative asset manager TPG. Climate investing is a complex, capital-intensive endeavor; entering it has forced TPG to think and act differently. Relative to other funds, Rise Climate’s investments take longer to mature, require far more capital, and are more vulnerable to swings in commodity markets and fickle government policies. Set in December 2023, the case finds TPG considering the future for Monolith, a Rise Climate portfolio company with significant impact potential but an uncertain business model.
Keywords
Energy; Environmental Management; Ownership; Science; Value; Asset Management; Investment Funds; Investment Portfolio; Financial Markets; Financial Services Industry; California; San Francisco; New York (city, NY)
Citation
Gandhi, Vikram S., David Allen, Sarah Mehta, and Shannon Roche. "TPG Rise Climate: Deploying 'Climate Capital'." Harvard Business School Case 824-077, January 2024. (Revised February 2024.)