Jan 23, 2019

The rise of "impact investing" in private equity

Dan Primack

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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Ursula Perano

What we know: Deadly Storm Dennis whips at England, Wales and Ireland

Photo: OLI SCARFF/AFP via Getty Images.

At least two deaths are being attributed to Storm Dennis on Monday as it continues to strike at parts of England, Wales and Ireland, per AccuWeather.

The big picture: Dennis is the second-strongest nontropical storm ever recorded in the North Atlantic Ocean. Its hurricane-force winds and heavy rains have caused widespread flooding across the United Kingdom. The army has been deployed in the U.K. to help with flood relief.

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Axios

Coronavirus cases rise as 14 American evacuees infected

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

14 Americans evacuated from the Diamond Princess cruise ship tested positive for the novel coronavirus before being flown in a "specialist containment" on a plane repatriating U.S. citizens back home, the U.S. government said early Monday.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others. Most cases and all but five of the deaths have occurred in mainland China.

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Jim VandeHei, Margaret Talev

The cost of going after Bloomberg

Illustration: Eniola Odetunde/Axios

Here's the growing dilemma for 2020 Democrats vying for a one-on-one showdown with frontrunner Bernie Sanders: Do they have the guts — and the money — to first stop Mike Bloomberg?

Why it matters: Joe Biden, Pete Buttigieg, Amy Klobuchar and Elizabeth Warren all must weigh the costs of punching Bloomberg where he looks most vulnerable: stop-and-frisk, charges of sexism, billionaire entitlement. The more zealous the attacks, the greater the risk he turns his campaign ATM against them.

Go deeperArrow7 hours ago - Politics & Policy