Hydrogen

The Decarbonization Partners Fund I focuses on investing in late-stage venture capital and growth private equity for next-generation companies that support the acceleration of decarbonization and the transition to a net-zero economy. The fund has attracted a diverse set of over 30 institutional investors representing 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, and corporates and family offices across North America, Europe, and Asia Pacific. The diversity and depth of the investor base reflect the global nature of the opportunity around climate investing, directly aligning with Decarbonization Partners’ global focus. The Fund’s target investments include companies that drive intentional, material, and measurable decarbonization outcomes. It invests in companies with de-risked technologies that are ready to scale and can benefit from BlackRock and Temasek’s complementary platforms and deep access. The Fund’s investments span several innovative decarbonization technologies, including sustainable materials, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications. The partnership aims to invest in companies that provide solutions and technologies to help accelerate global efforts to achieve a net-zero global economy by 2050. The sectors targeted for investment include Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services, and Digital Transformation. The team has built a robust pipeline of proprietary deal flow and intends to continue executing on this in the coming months. The Decarbonization Partners team, which has grown to over 25 members, includes experienced venture capital and growth equity investment and portfolio management professionals across offices in New York, San Francisco, Singapore, London, Paris, and Houston. The team was intentionally constructed to provide portfolio companies with trusted value-add partners who bring significant technical and operational experience to the table.

TPG Rise Climate II is the second fund in TPG’s global climate impact investing platform, launched in December 2023. The vehicle is designed to scale commercially viable businesses that offer measurable and sustainable carbon reduction solutions. It follows a sector-diverse strategy with a strong emphasis on clean energy, green mobility, sustainable fuels, low-carbon materials, and carbon management technologies. The fund has held multiple closes: an initial close of $4.41 billion in October 2024, followed by a second close in December that brought commitments to around $4.7 billion. As of mid-2025, the fund has surpassed $6.2 billion in capital commitments. TPG is targeting a final close at $8 billion, with a hard cap of $10 billion. TPG Rise Climate II is part of TPG’s broader $10 billion fundraising strategy that includes both this vehicle and the Global South Initiative. ALTÉRRA, a climate-focused investment vehicle backed by the UAE, has committed approximately $1 billion to Rise Climate II as part of a broader $1.5 billion pledge to TPG’s climate platform. This capital supports both developed and emerging market efforts to accelerate the low-carbon transition. The fund has already started deploying capital. Notable investments include Intersect Power, a clean energy developer co-funded with Google to support AI-ready energy infrastructure. It also backed Altus Power, a U.S. solar energy provider, in a $2.2 billion take-private deal. These investments exemplify the fund’s strategy of backing scalable platforms in critical sectors where climate innovation meets economic viability.