AP2, Gothenburg, Sweden, committed $50 million to The Rise Fund, a private equity fund with an impact investing focus, the pension fund said in a statement.
The 300.6 billion Swedish kronor ($34.5 billion) pension fund will invest in the global growth equity and middle-market buyout fund managed by TPG.
“The idea of impact investing is not new, but what is new and unique about this strategy is that The Rise Fund is relying on independent research to measure the positive outcomes in financial terms,” said AP 2 CEO Eva Halvarsson in a news release.
The Bridgespan Group, a non-profit adviser and resource for mission-driven organizations, philanthropists and investors developed “the impact investing methodology” together with TPG for The Rise Fund; its strategy is aligned with the United Nations' sustainable development goals, according to AP2.
“We are pleased to be able to undertake this investment since it is entirely in keeping with our mandate, which is both to maximize returns and to take ethical and environmental criteria into consideration,” Ms. Halvarsson added in the news release.
