TPG Seals Record $2 Billion for Fund Co-Led by Bono
The fund, which TPG raised in about seven months, surpassed its $1.5 billion target and hit its $2 billion hard cap, or the maximum amount of outside capital allowed by its agreement with investors. TPG employees plan to commit additional money before a final close.
Rise was the brainchild of TPG Growth managing partner Bill McGlashan, the firm’s growth-equity guru who’s had a knack for impact investing since starting a non-profit in Africa in his 20s. McGlashan, 53, recruited high-profile philanthropists, social activists and business leaders to join the founder’s board of the fund, including musician-turned-investor Bono and billionaire Jeff Skoll, who co-founded Rise alongside him. TPG’s billionaire founders David Bonderman and Jim Coulter sit on the board as well.
Photo courtesy of Steven Depolo.