Today I attended SuperReturn International, the world's largest private equity and private capital conference, held annually in Berlin. Attendees included over 1,800+ Limited Partners (LPs) managing over $50 trillion in assets and over 2,700 General Partners (GPs).
Amongst a week of parties, breakfasts, corridor sessions, bad coffee, and good cheer, a standout session was a presentation by Jim Coulter - Founding Partner and Executive Chairman, TPG and Bono, lead singer of U2, activist, impact investor, and co-founder of The Rise Fund and Rise Climate.
Measurable social and environmental outcomes with returns
TPG launched institutional-scale impact investing with the creation of The Rise Fund in 2016. Today, TPG’s Impact Platform is the largest of its kind globally, deploying growth equity, private equity, and infrastructure strategies to achieve measurable social and environmental outcomes, without compromising financial returns.
Coulter admits that the story of the firm’s social impact arm has largely remained underwraps, admitting:
“We’ve never told this story publicly — not in full — because nine years ago, when we launched what became a ten-year journey, we chose to build quietly. We believed in “show, don’t tell.”
Today, on the tenth anniversary, we feel we finally have something to show.”
TPG rise is creating a differentiated investment style — what some call impact investing, ESG, or socially responsible investing. Coulter notes, “Internally, we think of it as investing for full returns and social benefits.”
It targets areas like education, healthcare, climate, and financial inclusion.
Powering up Europe with strategic energy and education Investments
While their key investments are in Africa and the US, the Rise Fund and TPG Rise Climate have made several notable investments across Europe and the UK. TPG Rise Climate acquired a majority stake in Oxford-based energy analytics firm, Aurora Energy Research.TPG Rise Climate, in partnership with Singapore's GIC, acquired Frankfurt-based energy efficiency company Techem.
The funds have also invested in companies such as Enpal (Germany), Matrix Renewables (Spain), GRIDSERVE (UK) and Outcomes First Group, a leading UK provider of specialist education and therapeutic care for individuals with autism, learning disabilities, and other complex Special Education Needs (SEN).
Redefining returns: investing for profit and purpose
And for anyone who thinks that social impact investments are just about philanthropy, they’ll be surprised.
Rise is now a scaled private equity platform—$28 billion AUM, 80 companies across 82 geographies.
“That’s 60 per cent buyout, 40 per cent growth. Roughly 70 per cent in developed markets, 30 per cent in developing ones,” recounts Coulter.
The platform comprises eight soon-to-be funds. It encompasses over 290 LPs, with nearly $20 billion in revenue across the portfolio. It’s profitable, with 2.5x profit growth since acquisition, and diversified.
“Don’t just aid us — invest in us”: How Bono’s activism found a home at TPG
Berlin is a familiar stomping ground for Bono, who recounted:
“We wrote the song One just down the road from here in Hansa Studios as the Berlin Wall was coming down. That moment inspired The One Campaign, built around the idea that you don’t have to agree on everything, just on one thing that matters.”
Bono has a long history in activism and philanthropy.
But he was challenged by Sudanese tech visionary Mo Ibrahim, who said, “If you care about us, don’t just aid us. Invest in us, with us.” That hit me.
“So I stayed on the train when most activists got off at the border of commerce. But I didn’t want a warm-and-fuzzy concessional capital. I wanted to work with proper, no-nonsense investors—like TPG.”
Bono admitted that he was previously on the Fender Guitars board with the Edge,"but I don't think they were that interested in my take on things, so I wasn't on that one for long," haha.
Both Coulter and Bono stress the need to talk about the companies, the startups that are achieving great things, “not just AUM and fund structure. That’s the story we should be telling more often.”
Coulter admits that in terms of performance, it's still early, “but so far it looks like private equity. No signs of concession. Quartiles are in line. This is not “investing in good,” it’s just good investing.”
Rise has brought in veteran investors, advisors, corporate limited partners, sovereign wealth funds, and notable individuals such as Reid Hoffman, Paul Polman, and Richard Branson. Over 130 people work full-time within the firm.
Coulter outlined Rise’s fast progression, noting,“We’ve invested $16 billion directly. $24 billion co-invested. $54 billion total capital. And we’re just getting started.”
A vision for Europe
Bono concluded with some stirring remarks about Europe and Germany, sharing:
“I’ve always admired the combination of German ingenuity and resilience that made reunification possible—not just of Germany, but of Europe itself.
And I’d like to suggest that this European project is just as romantic and visionary as the American one. I’m very proud of what we can accomplish together in Europe.”
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