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Jon Winkelried, co-CEO and partner of TPG Capital LP, speaks during the Bloomberg Equality Summit in New York on Wednesday, March 27, 2019. Photo: Bess Adler/Bloomberg via Getty Images

Private equity giant TPG this morning said it raised $5.4 billion for the inaugural round of its TPG Rise Climate fund.

Why it matters: Per the New York Times, it's the "largest climate-focused fund in the world." And there's more coming.

  • "TPG Rise Climate has set a hard cap of $7 billion in total capital commitments and expects to hold a final close in the fourth quarter of 2021," the company said.

Driving the news: The fund is backed by major investors including Allstate, AXA, The Hartford, but also corporate giants like Google parent Alphabet, Bank of America, Dow, GM, Nike and others.

How it works: The fund intends to take a broad approach to its financing, ranging from growth equity to "value-added infrastructure."

  • It will focus on a handful of wide sectors including clean energy, decarbonized transport, climate-friendly agriculture and cleaner industrial practices.

The big picture: It's the latest sign of new private-sector capital flowing into climate-friendly companies and projects.

  • Just this month, Generate Capital, a sustainable infrastructure finance and development firm, announced a $2 billion fundraise from major institutional investors.
  • And the investment firm General Atlantic revealed it's raising $4 billion for a growth equity fund focused on climate technologies.

Go deeper

Bezos pledges $2 billion to help restore natural habitats

Amazon CEO Jeff Bezos speaks during an Action on Forests and Land Use event on day three of COP26 on Tuesday in Glasgow, Scotland. Photo: Steve Reigate - Pool/Getty Images

Jeff Bezos, one of the richest men in the world, made a climate philanthropy pledge to spend $2 billion on restoring natural habitats and transforming food systems in a speech at the COP26 conference in Glasgow, Scotland.

Why it matters: This is in addition to the $1 billion for conservation and biodiversity the Bezos Earth Fund committed to in September.

Updated Nov 4, 2021 - Politics & Policy

The major climate pledges made at COP26 so far

British Prime Minister Boris Johnson, India Prime Minister Narendra Modi and UN Secretary-General António Guterres at COP26 on Nov. 1. Photo: Alastair Grant /Getty Images

A global effort to halt and reverse deforestation. A 100+ country voluntary pact to slash methane emissions. And a commitment from India to reduce its emissions to net zero by 2070. The COP26 pledges, both public and private, have started to roll in as world leaders, diplomats and others meet in Glasgow, Scotland, to address climate change.

Why it matters: The UN summit is seen as crucial — "the last, best hope for securing the global commitments needed to get countries on track to avoid potentially catastrophic levels of climate change during the next several decades," reports Axios' Andrew Freedman.

Nov 2, 2021 - World

The China quandary for U.S. climate policy

Illustration: Aïda Amer/Axios

Some U.S. progressives say America's China policy is a choice between challenging Beijing's abuses or saving the planet, but some diplomats warn the strategy won't work.

Why it matters: The icy U.S.-China relationship is deepening fears that the world's leaders won't be able to work together to prevent climate catastrophes.