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TPG and KKR eye the fridge

Alan Neuhauser
Illustration of a blank check in an ice cube.

Illustration: Aïda Amer/Axios

TPG's climate investing fund agreed to buy a majority stake in refrigerant management provider A-Gas from KKR, the firms announced this morning.

Why it matters: KKR says it's retaining a "significant minority" stake in the U.K. business, meaning two private equity giants are teaming up on more-sustainable refrigeration.

What's happening: TPG Rise Climate is acquiring the stake in A-Gas for just over £1 billion (about $1.27 billion), per Reuters.

  • The firms expect to close the deal by the end of the year.

How it works: A-Gas recovers refrigerant gases, which are especially potent contributors to climate change.

Separately: KKR announced this morning that it hired Charlie Gailliot as co-head of its global climate strategy.

  • Gailliot was previously a partner at Goldman Sachs. He joins existing co-heads Emmanuel Lagarrigue and Neil Arora.
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