Created as a collaboration between TPG Growth, Elevar Equity and The Bridgespan Group, The Rise Fund targets deals that aim to create some social good, using a quantitative process to assess a portfolio company's impact throughout the life of the fund's investment. It will target deals in a variety of sectors, including education, agriculture & food, energy and healthcare.
The vehicle, of course, will also pursue financial returns. In its pursuit of those aims, it would seem to be in good hands. Both of TPG Growth's most recent flagship vehicles have posted strong multiples, according to the PitchBook Platform, as you can see here:
Already, The Rise Fund has been busy deploying capital. In April, it contributed $120 million toward a total $190 million investment in EverFi, the provider of a subscription-based learning platform. In May, the fund agreed to put $50 million in Dodla Dairy, a provider of fresh dairy and milk products in India. Just last month, meanwhile, it led a Series A investment in Dharma Platform, the creator of a SaaS platform designed to assist humanitarian organizations responding to natural disasters.
TPG isn't alone among major buyout shops in its newfound appreciation for impact investing. In July, for example, Bain Capital unveiled the first two investments from its Bain Capital Double Impact strategy, a fund led by former Massachusetts Gov. Deval Patrick that's raised a reported $390 million.
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