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KSA’s Hassana to invest in TPG’s climate fund: Saudi Arabia’s Hassana Investment — the investment arm of the country’s pension fund the General Organization for Social Insurance (Gosi) — is backing US private equity firm TPG’s climate vehicle TPG Rise Climate under a USD 1.5 bn partnership, according to a statement.
Where the money’s going: Hassana will make a “substantial anchor commitment” to TPG Rise Climate’s new Transition Infrastructure fund. “The remainder of Hassana’s commitment will be allocated to the TPG Rise Climate II fund,” Bloomberg said. Hassana manages about USD 320 bn for Gosi.
TPG Rise Climate invests in sectors including energy transition, green mobility, and sustainable fuels. It has a focus on “infrastructure and real assets that are critical to global decarbonization and energy transition marketplaces,” according to a February statement. Former co-head of Goldman Sachs Scott Lebovitz was appointed partner and head of the infrastructure fund and strategy. TPG Rise Climate is part of the Rise Fund created by TPG and Bono, the U2 frontman.
About Hassana Investment: Hassana has become an “increasingly prominent global investor” after the government merged two of its pension and ins. funds together in 2021, Bloomberg writes, adding that “the firm signed an MoU with BlackRock in 2022 to promote and develop an infrastructure strategy.”
The region is ramping up its investments in green infrastructure: Hassana and TPG’s partnership comes after the UAE announced plans during COP28 to put USD 30 bn into a new climate fund aimed at backing projects that reduce emissions, especially in developing countries.
About TPG Rise Climate: TPG Rise Climate focuses on investment across the green sector, in areas including “energy transition, green mobility, sustainable fuels, sustainable products and materials, and carbon solutions,” as well as “clean electrons, clean molecules and materials, and negative emissions” the statement notes. TPG Rise Climate’s new Transition Infrastructure specializes in offering clients a “value-added risk-return profile between core infrastructure and private equity” in efforts to further enhance and diversify its climate investment approach, the statement added.
