Stonepeak Raises $2.75 Billion for Debut Renewable-Energy Fund (via WSJ)– Stonepeak Partners has raised $2.75 billion for its first fund solely dedicated to investments in renewable energy. The infrastructure-focused firm wrapped up Stonepeak Global Renewables Fund LP at an increased hard cap and far above its original $1.25 billion target, the firm said. More than 40 investors from 15 countries backed the fund. One such investor, the New York State Common Retirement Fund, last year pledged $250 million to the fund, according to the WSJ Pro Private Equity LP Commitments database. The pension invested an additional $100 million in a parallel co-investment pool. Also last year, Border to Coast Pensions Partnership, a pension fund in the U.K., committed $100 million to the fund, the data show. MEI is proud to be the seed investment of this fund.
Two new mega-funds pile into climate-focused fund frenzy (via Pitchbook) – TPG has amassed private equity’s largest war chest dedicated to technology aiming to curb climate change amid a growing scramble by investors drawn to one of the world’s foremost global challenges. Texas-based TPG said Tuesday it has landed $5.4 billion in funding for the first close of its new Rise Climate Fund, and is still targeting a total of $7 billion, up from an initial goal of $5 billion. Hank Paulson, formerly a Treasury secretary and CEO of Goldman Sachs, serves as executive chairman of the fund. On the same day, Brookfield Asset Management announced the initial closing of a $7 billion climate-focused fund that has a goal of achieving a net-zero carbon economy. Dubbed the Brookfield Global Transition Fund, the vehicle will be hard-capped at $12.5 billion. If it meets its target, the fund would be the largest devoted to climate sustainability, according to PitchBook data.
General Atlantic Forms BeyondNetZero to Invest in Growth Companies Delivering Innovative Climate Solutions – General Atlantic, a leading global growth equity firm, announced today the formation of BeyondNetZero (“BnZ”), a new venture targeting growth equity investments related to climate change. BnZ is being established in partnership with Lord (John) Browne of Madingley, Senior Advisor to General Atlantic, who will serve as Chairman of the venture. BnZ combines General Atlantic’s significant growth equity expertise, along with a new team of proven climate investors and industry executives, to create a unique capability to identify growth climate investment opportunities.