School Employees Retirement System (SERS) of Ohio has approved a $100m (€90.6m) commitment to TPG’s private equity climate strategy.
The pension fund disclosed in a board meeting a document that it has made a $75m commitment directly into the TPG Rise Climate II fund and placed $25m into the fund’s sidecar co-investment vehicle.
TPG is aiming to raise between $8bn and $10bn for a global fund focused on the clean energy sectors of energy transition, green mobility, sustainable fuels and materials and carbon solutions investments.
The transactions for Rise Climate II are expected to generate annualised returns of 16% to 24%, depending on the risk profile, according to Ohio SERS.
The manager raised $7.3bn for the first fund in the series which final close in April 2022.
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