IMP Matrix Rating: C4

What: TPG Growth Rise Fund II is a venture capital and growth equity fund that invests in businesses that help address the societal challenges identified by the United Nations’ Sustainable Development Goals, with a special focus on the following sectors: education, energy, financial services, and healthcare.

Who: The Fund invests in communities that face a higher incidence of underdevelopment and unemployment, both within the US and around the world.

How Much Impact: The team has built out a proprietary impact methodology, “the Impact Multiple of Money (IMM)” that relies on aggregating data from social scientific research to predict outcomes of pipeline companies. The fund has recently closed and therefore has not published an impact report yet. However, its predecessor fund has reported the following metrics as of June 30 2019: 2.7 million metric tons of CO2 averted, 20 million students served, 6 million acres of land under conservation, 5,600 African medical deliveries, 240,000 smallholder farms served, 2 million low-income individuals with access to financial wellness programs.

Our Contribution: We invested as part of one of the last closes, and believe that the fund can provide additional impact capital at scale given its size.

Impact Risk: The biggest impact risk for TPG Rise lies in its ability to keep true to its impact mission and continue to target companies that are truly impactful and are changing and challenging the status quo (vs. claiming impact for being in sectors that are ‘by default’ impactful such as healthcare and education).

Sample Investment: Livekindly, a holding company for vegan alternative and natural foods.