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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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The rise of "impact investing" in private equity

Dan Primack, author of Pro Rata

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

Go deeper

Jacob Knutson
2 hours ago - Politics & Policy

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
5 hours ago - Economy & Business

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Go deeper (1 min. read)Arrow
Courtenay Brown
6 hours ago - Economy & Business

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Go deeper (1 min. read)Arrow

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