Alternative money manager TPG has closed TPG Rise Climate at $7.3 billion.
The climate investing fund closed at its hard cap, a news release said Wednesday.
TPG Rise Climate launched in 2021 and has already made a number of growth-stage investments in firms dedicated to climate solutions. Those include investments in Nextracker, a solar tracking company, and Tata Motors, an electric carmaker based in India.
"We continue to be inspired by the climate innovation we are seeing across sectors and around the world. The climate crisis is accelerating and we are proud to be confronting it with substantial capital and action," said Jim Coulter, managing partner of TPG Rise Climate and founding partner of TPG, in the news release.
TPG originally announced the fund had a hard cap of $7 billion when the company disclosed the first close of $5.4 billion in July 2021.
Investors in the fund include the $193.8 billion Washington State Investment Board, Olympia; $100.6 billion Michigan Retirement Systems, East Lansing; $95 billion New Jersey Pension Fund, Trenton; and $24.1 billion Los Angeles City Employees' Retirement System.
TPG spokesman Ari Cohen referred questions to the news release.