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The Rise Funds
The Rise Funds were created in 2016 by TPG co-founders David Bonderman and Jim Coulter alongside a group of prominent investors including Bono.
The Rise Funds
The Rise Funds were created in 2016 by TPG co-founders David Bonderman and Jim Coulter alongside a group of prominent investors including Bono. The firm operates as the dedicated impact-investing arm of TPG, structured to pursue measurable social and environmental outcomes without sacrificing financial returns. The strategy spans multiple asset classes including growth equity, buyouts, and climate infrastructure. The Rise Funds invest globally across seven core sectors: education, healthcare, financial inclusion, food and agriculture, technology, energy, and the environment. Confirmed portfolio companies include EverFi, an education platform acquired by Blackbaud; Dodla Dairy, a publicly listed Indian dairy company; and Climate Adaptive Infrastructure, a vehicle focused on renewable energy and water. The firm backs businesses from Series B stage through to mature buyouts, with its Rise Climate strategy launched in 2021 targeting hard-to-abate sectors. The firm operates from San Francisco and aligns closely with TPG's broader platform, which managed over $239 billion as of mid-2025. In September 2024, TPG completed its acquisition of Angelo Gordon, expanding its credit and real estate strategies. The Rise Funds themselves do not disclose standalone AUM, but the climate fund alone raised $7.3 billion for its first vintage. Maya Chorengel, a Senior Managing Director, leads the multi-sector impact strategy alongside co-managing partners. What distinguishes The Rise Funds is their partnership with the Bridgespan Group to build an evidence-based impact-measurement system. Every portfolio company is scored on a proprietary "Impact Multiple of Money" — a rigorous attempt to quantify social value alongside financial return. This architecture, embedded within a major public alternative-asset manager, sets The Rise Funds apart from smaller impact boutiques and represents the largest institutionalized impact-measurement framework in private markets.
General information
Firm type
Asset Manager
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
David Bonderman
Co-Founder and Chairman
Jim Coulter
Co-Founder
Maya Chorengel
Senior Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at The Rise Funds?
The Rise Funds are led by TPG co-founders David Bonderman and Jim Coulter alongside a dedicated senior team including Maya Chorengel, who serves as a Senior Managing Director. Chorengel joined from Elevar Equity and co-leads the multi-sector impact strategy. The climate practice is led by former Treasury Secretary Hank Paulson as Executive Chairman.
How does The Rise Funds measure impact?
The firm developed the Impact Multiple of Money framework in partnership with the Bridgespan Group. Each portfolio company is scored on social and environmental outcomes, quantified and projected alongside financial return forecasts. Third-party auditors validate the measurement approach, which remains one of the most rigorous impact-accounting frameworks in private markets.
Is The Rise Funds structured as a single family office or does it operate more like a venture firm?
The Rise Funds operates as a dedicated impact-investing platform within TPG, a publicly traded alternative asset manager. It is not a family office and invests third-party institutional capital across multiple fund strategies. The firm functions as a traditional private equity and growth equity investor, applying the same sourcing, diligence, and value-creation discipline as TPG's other strategies while targeting measurable impact.
What investment stages does The Rise Funds typically target?
The platform invests across growth equity and buyout stages, targeting companies with proven business models that are ready to scale. The Rise Climate strategy includes infrastructure project financing alongside corporate equity. Minimum equity check sizes vary by strategy but typically range from $50 million to $500 million for equity investments.
Which sectors does The Rise Funds explicitly avoid?
The firm screens out sectors incompatible with its impact mandate, including tobacco, weapons manufacturing, and fossil fuel extraction. Its positive sector focus centers on seven outcome areas: education, healthcare, financial inclusion, food and agriculture, technology, energy, and the environment. Within those areas, the firm targets businesses where revenue growth correlates directly with measurable social or environmental improvement.
How is The Rise Funds related to TPG?
The Rise Funds is a fully integrated platform within TPG Inc., operating as its dedicated impact investing division. TPG provides the platform with institutional infrastructure, deal sourcing, and operational resources. The Rise Funds raise their own limited partner capital and maintain separate fund entities, while drawing on TPG's global network of over 1,300 employees across 16 offices.
What is The Rise Funds' known posture on co-investments alongside external GPs?
The Rise Funds regularly co-invests alongside external general partners and welcomes co-investment from its limited partners. The firm's scale and TPG's relationship network often place it in syndicates with other large institutional investors. Direct co-investment rights are typically offered to larger limited partners as part of fund commitments.
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