The investment manager of the Kingdom of Saudi Arabia’s General Organization for Social Insurance (GOSI) has anchored a new transition infrastructure fund as part of a $1.5bn commitment to funds managed by TPG’s climate investing platform.
IPE Real Assets understands that GOSI’s manager Hassana Investment is committing the capital across two TPG Rise Climate funds: the private equity climate strategy TPG Rise Climate II and the new TPG Rise Climate Transition Infrastructure fund which will receive a ”substantial portion” of the $1.5bn commitment.
The TPG Rise Climate platform deploys capital across the climate sector, in areas including energy transition, green mobility, sustainable fuels, sustainable products and materials, as well as carbon solutions.
The new transition infrastructure strategy is expected to offer clients a value-added risk-return profile between core infrastructure and private equity.
Hani Aljehani, international markets CIO at Hassana, said TPG Rise Climate’s position as an ”established impact-driven platform with a track record of delivering strong returns” makes TPG ”an ideal partner for Hassana”.
He added: “It demonstrates Hassana’s confidence in TPG’s expertise and the value it brings to climate investing, recognised as a leader in impact investments across various asset classes and geographies.”
Jon Winkelried, CEO of TPG, said: “There is an incredibly strong alignment between Hassana’s goals and the unique set of strategies we’ve developed across TPG. We look forward to working closely with Hassana, known for its collaborative approach and long-term investment horizon.”
Jim Coulter, TPG founding partner and managing partner of TPG Rise Climate, said: “Large and sophisticated investors like Hassana are essential to meeting the growing capital demands of the new climate economy.
”With this commitment, we are driving the TPG Rise Climate platform’s evolution to continue delivering differentiated capital and capabilities across assets globally and in the Kingdom.”
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