TPG removed references to its DEI council from its 2024 10-K annual report, citing Trump's executive orders as a risk factor. The firm joined Carlyle, Ares, Apollo, and KKR in warning that anti-DEI sentiment could threaten fundraising, government program profitability, and stock prices. PitchBook found the use of "DEI" and "diversity" dropped significantly across major PE firms between 2023 and 2024 filings.
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TPG presents a contradictory picture on social issues. While leading climate investing through its $7.3B Rise Climate fund and Global South Initiative, the firm simultaneously removed DEI language from SEC filings and cited anti-DEI executive orders as business risks. TPG went public in 2022 with a focus on impact investing, but its 2024 filings show significant retreat from diversity commitments alongside peer firms like Carlyle and Apollo.
TPG closed its Rise Climate fund at $7.3B, making it one of the largest climate-focused PE funds. The strategy targets clean energy, decarbonized transport, and sustainable agriculture. TPG reports its portfolio has averted 285 million metric tons of CO2 emissions. At COP28 in 2023, TPG launched a $2.5B Global South Initiative targeting climate investments in emerging markets. The firm has a dedicated five-person ESG team overseeing portfolio companies.