The Second Swedish National Pension Fund (AP2) has committed $50m to The Rise Fund, a $2bn impact fund managed by $8bn AuM Californian private equity firm TPG Growth. Det skriver The Drawdown på sin hemsida.
The SEK 324.5bn pension scheme’s investment in The Rise Fund brings it closer to achieving its allowed 5% allocation to private equity, though CEO Eva Halvarsson told The Drawdown sister data provider iiSearches that AP2 still has room for further PE investments in 2017.
TPG’s fund follows the United Nation’s Sustainable Development Goals (SDG), which sets out 17 targets for impactful investing, including combating inequality, ending poverty and resolving climate change. AP2’s Halvorsson said its decision to back the fund was predicated on both financial return expectations and the vehicle’s impact goals.
The Rise Fund, targeting $2bn of commitments, describes itself as “committed to achieving social and environmental impact alongside financial returns” and is led by CEO Bill McGlashan. It made its first investment in April 2017, leading a $190m financing round for Washington, DC-based educational technology startup EverFi.