Why TPG’s Rise Fund could redefine impact investing

About three years ago, TPG Growth founder and managing partner Bill McGlashan relocated from San Francisco to Mumbai for a year to oversee the firm’s investments in emerging markets. TPG Growth is the growth equity and middle market investment arms of global private equity buyouts giant TPG. McGlashan’s year-long India stay has had several outcomes for TPG Growth, but the most unlikely one was unveiled this week. The New York Times (NYT) reported on Monday citing unnamed sources that TPG Growth is setting up a social impact fund. It is dubbed the Rise Fund and aims to invest more than $1 billion over time.