Jan 23, 2019

The rise of "impact investing" in private equity

Bono co-founded TPG Capital's Rise Fund. Photo: Alex Wroblewski/Getty Images

"Impact investing" is so hot right now, particularly within a private equity market that has developed a lingering reputation for soulless plundering. But it remains unclear if such efforts actually have an impact beyond public relations.

The state of play: Enter TPG Capital, which is in the midst of raising $3 billion for its second Rise Fund, an impact investing effort co-founded by U2 frontman (and perennial Davos Man) Bono.

Driving the news: This morning TPG Capital announced the launch of Y Analytics, an independent public benefit corporation that will provide actionable data for impact investors — not only so current ones can invest smarter, but also to encourage new entrants.

The initial focus will be on capital directed at the UN Sustainable Development Goals, which cover everything from poverty to climate change to water sanitation.
Y Analytics will be led by former McKinsey & Co. partner Maryanne Hancock. TPG does not intend to profit from the company (i.e., it won't exit).
Per Bono: "Capitalism isn’t immoral, but it is amoral and it needs direction."

Go deeper: The coming reckoning for capitalism

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Dion Rabouin

55 mins ago - Economy & Business

America's unfinished business

Illustration: Sarah Grillo/Axios

The fury over George Floyd's killing is erupting as the U.S. faces a looming wave of business bankruptcies, likely home evictions and a virus pandemic that will all disproportionately hit African Americans.

Why it matters: What these seemingly disparate issues share in common is that they emanate from systemic abuses that calls to action and promised reforms have yet to meaningfully address.

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Axios

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 8 a.m. ET: 5,945,737— Total deaths: 365,368 — Total recoveries — 2,515,675 — Map.
U.S.: Total confirmed cases as of 8 a.m. ET: 1,747,087 — Total deaths: 102,836 — Total recoveries: 406,446 — Total tested: 16,099,515 — Map.
Supreme Court: Chief Justice Roberts sides with liberals in denying challenge to California's pandemic worship rules.
Public health: Hydroxychloroquine prescription fills exploded in March.
2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.

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Ursula Perano

3 hours ago - Politics & Policy

Deaths without consequences

Community organizations and activists demand police accountability at a rally in Grand Central Terminal to commemorate the 5-year anniversary of Mike Brown's death by Ferguson Police Officer Darren Wilson. Photo: Erik McGregor/Getty Images

Seven years after the launch of the Black Lives Matter movement, it's still rare for police officers to be charged in the deaths of African Americans — and even more rare for an officer to go to jail.

The big picture: The Minneapolis police officer who was captured on video kneeling on George Floyd's neck has been charged with third-degree murder and manslaughter — which is already a step beyond the consequences other police officers have faced. But it's no guarantee that he will face jail time.

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