Funding
AIIB Commits $100 Million to TPG Rise Climate's Emerging Markets Fund
By News Desk ·
Key takeaways
- AIIB committed $50 million to the TPG Rise Climate Global South Initiative Fund and up to $50 million in co-investments.
- The fund targets $1 billion and had committed $808 million as of Q2 2026.
- TPG Rise Climate II has raised $10 billion and committed $7.4 billion as of Q2 2026.
The Asian Infrastructure Investment Bank has committed $100 million to TPG's climate initiative for emerging markets, comprising a $50 million commitment to the TPG Rise Climate Global South Initiative Fund and up to $50 million in co-investments, DealStreetAsia reported. The fund targets $1 billion and had committed $808 million as of Q2 2026.
AIIB Backs TPG's Global South Climate Vehicle
The Global South Initiative is a parallel vehicle to the TPG Rise Climate II fund, designed to attract long-term private capital for climate opportunities in emerging and developing economies. It will invest mainly in India, Southeast Asia, the Middle East and Africa, with a 70% allocation to Asia and 30% to non-Asia markets.
The fund targets energy transition, green mobility, sustainable fuels, sustainable materials and products, carbon solutions, and climate adaptation and resilience. "Through this partnership with TPG, AIIB is supporting the expansion of innovative climate solutions in emerging markets, while strengthening climate finance ecosystems across our members, in line with our corporate target to direct 50% of annual financing to private-sector-oriented operations by 2030," said Kim-See Lim, AIIB Chief Investment Officer, Public Sector (Region 1) & Financial Institutions and Funds (Global) Clients.
AIIB proposed strengthening its development partnership with the Indian state of Kerala during a delegation meeting with Chief Minister V.D. Satheesan on July 27, 2026, The Hindu reported. Doha will host the 11th Annual Meeting of the Asian Infrastructure Investment Bank's Board of Governors, Qatar Tribune reported.
TPG's Fundraising and Platform Scale
According to akta.pro company records, TPG reported Q1 2026 revenue of $570 million, up 20.7% year on year, with fee-related earnings of $254 million and assets under management of $306 billion as of March 31, 2026. The firm has closed the acquisition of Angelo Gordon and formed DeployCo, a joint venture with OpenAI in which TPG is the largest external investor with a commitment exceeding $4 billion.
| Funding round | Date | Amount |
|---|---|---|
| Post IPO secondary | 2025-05 | $992.2 million |
| Post IPO debt | 2025-08 | $500 million |
| Post IPO equity | 2026-01 | $150 million |
| Post IPO debt | 2026-02 | $500 million |
Earlier TPG Moves
In October 2026, IHH Healthcare Bhd was said to be considering entering the bidding process for Malaysian hospital assets owned by TPG's Asia OneHealthcare unit, The Edge Malaysia reported. TPG is pushing for Kakao Mobility's ADR listing despite Kakao's opposition, with the investment lasting nine years, Nate reported. A global investment firm acquired TPG Angelo Gordon's stake in a portfolio of 19 industrial outdoor storage lots and light industrial buildings, Costar reported.
Next Steps for TPG
Bloomberg reported that TPG Rise Climate II has raised $10 billion and committed $7.4 billion as of Q2 2026. Its predecessor fund closed at $7.3 billion in 2022 and has realised more than $2.6 billion, bringing a 15% net IRR and 1.3x net multiple. TPG said in its last earnings call that there were a number of exciting opportunities in the climate business in terms of monetisation over the next three to six months.