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Laxman Pai, Opalesque Asia:

The global alternative asset management firm TPG has raised $7.3 billion for its climate fund, as the American investment company expands its investments in the clean energy space.

The private equity giant said in a press release that the fund, TPG Rise Climate, is a dedicated climate investing strategy of its global impact investing platform TPG Rise.

"With the final close, TPG Rise Climate reaches its hard cap, bringing together a unique blend of capital from some of the world's most prominent institutional investors and a diverse set of industry-leading global companies," said the release.

Investors in the fund include Washington State Investment Board, Olympia; Michigan Retirement Systems, East Lansing; New Jersey Pension Fund, Trenton; and Los Angeles City Employees' Retirement System.

"Our limited partners - both institutional investors and large multinational corporations - have joined us with a common purpose: to rapidly finance and scale climate solutions that meaningfully reduce or avert greenhouse gas emissions. It is a privilege to be working with our investors and climate innovators around the world to build a new net-zero economy," said Hank Paulson, Executive Chairman of TPG Rise Climate and former U.S. Treasury Secretary.

TPG Rise Climate was launched in early 2021 and has already committed more than $2 billion to companies in the climate sector. Those include investments in Nextracker, a solar track......................

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