More than two dozen asset owners backing the big climate fund managers

Even in this tough fundraising environment, large private equity firms continue to pull in major commitments for climate and low-carbon transition strategies.

ImpactAlpha tracked more than two dozen sovereign funds, pension funds and other limited partners that have backed climate-focused vehicles from firms like TPG, Brookfield, Apollo and KKR.

TPG Rise

TPG Rise, the $31 billion impact investing platform of San Francisco–based private equity giant TPG, has secured more than $6.5 billion in commitments for its second climate-focused vehicle, TPG Rise Climate, as of September 2025. 

Alterra, the UAE’s $30 billion climate platform, anchored TPG Rise Climate with a $1 billion investment. Other LPs include Hassana Investment Company, Saudi Arabia’s social security and pension fund manager. Los Angeles City Employees’ Retirement System also participated in the fund raise, along with Michigan’s department of treasury, and the New York City Board of Education Retirement System.

Also as part of its Rise Climate platform, TPG launched a parallel Global South Initiative that secured additional backing from Alterra, alongside commitments from the International Finance Corporation and the Asian Infrastructure Investment Bank.

Another initiative, TPG NEXT, launched in 2021 with a $500 million anchor investment from the California Public Employees’ Retirement System to back emerging fund managers across the impact ecosystem. The strategy has had limited fundraising traction, raising just an additional $64 million from 14 investors as of last April.

TPG, with $303 billion in assets under management, has also secured $1.3 billion in commitments for the firm’s first Rise Climate Transition Infrastructure Fund, an infrastructure impact fund with a $6 billion fundraising target.

Brookfield Asset Management

Brookfield Asset Management’s second Global Transition Fund reached a final close of $20 billion in late 2025, including $2 billion from Altérra’s Transformation Fund. The strategy focuses on scaling clean energy and decarbonization solutions globally.

The fund drew major commitments from large institutional investors, including $1.5 billion from Norges Bank Investment Management, which oversees Norway’s sovereign wealth fund, alongside Canadian pension giant Caisse de dépôt et placement du Québec, Singapore’s sovereign wealth fund GIC, Temasek and Prudential.

Apollo Global Management

Apollo’s Impact Mission Fund, the firm’s flagship social and environmental private equity strategy, closed on approximately $1 billion in 2023 (for background see, “Apollo’s Impact strategy turns five”). 

According to PitchBook, Apollo’s LPs included UK-based United Infrastructure, Hartford Accident and Indemnity Company, the New York Health Care Employees Pension Fund, and Jackson National Life Insurance Company.

Separately, Apollo received allocations through the Coalition for Green Capital’s nearly $2.7 billion disbursement of US Greenhouse Gas Reduction Fund capital, alongside Brookfield and Energy Capital Partners, to support distributed energy, storage and community lending projects, as ImpactAlpha has exclusively reported.

KKR

KKR has raised just over $3 billion as of late last year for its Global Climate Transition Fund, which was launched in 2023 with a target size of $7 billion. Institutional investors in the fund include BBVA and Temasek. 

New York City-based KKR announced a new investment in Australian asset manager HMC Capital to finance battery storage and wind projects in Australia.