The Nordic PE firm, which was among the first private markets managers to embrace ESG, has raised €588m to acquire two assets from its fifth flagship fund.
Between its main fund and available co-investment capital, African Infrastructure Investment Managers has raised 50% more than its initial target.
Climate-focused venture funds raised a combined $6.9bn as of August 6, up from $5.2bn for all of 2023, according to Venture Capital Journal research.
TPG will hold first closes on Rise Climate II and Rise Climate Infrastructure this year, says chief executive Jon Winkelried.
The fund was launched in July 2023; as New Private Markets exclusively reported at the time. Gates said in 2022 that it would have a $1bn target.
OTH Capital is seeking $250m for an impact fund, per an SEC filing.
British International Investment has committed $20m to the fund, which has a $400m target.
The fund was launched in partnership with FMO and KfW, and has a $500m target.
The firm expects to wrap up fundraising in the next six to nine months, according to a source close to the fundraise.
Deputy chief executive Frederic Giovansili provided an update on the firm's impact strategy on its H1 results call.