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An arm of the Kingdom’s pension fund will write a USD 1.5 bn ticket to a TPG climate fund. Hassana Investment, the investment arm of the Saudi’s pension fund, the General Organization for Social Insurance (Gosi), is backing two climate funds run by US private equity firm TPG, according to a statement.
Where the money’s going: Hassana will make a “substantial anchor commitment” to TPG Rise Climate’s new Transition Infrastructure fund. “The remainder of Hassana’s commitment will be allocated to the TPG Rise Climate II fund,” Bloomberg said. Hassana manages about USD 320 bn for Gosi
TPG Rise Climate invests in sectors including energy transition, green mobility, and sustainable fuels. It has a focus on “infrastructure and real assets that are critical to global decarbonization and energy transition marketplaces,” according to a February statement. Former co-head of Goldman Sachs Scott Lebovitz was appointed partner and head of the infrastructure fund and strategy. TPG Rise Climate is part of the Rise Fund created by TPG and Bono, the U2 frontman.
About Hassana Investment: Hassana has become an “increasingly prominent global investor” after the government merged two of its pension and ins. funds together in 2021, Bloomberg writes, adding that “the firm signed an MoU with BlackRock in 2022 to promote and develop an infrastructure strategy.”
The region is ramping up its investments in green infrastructure: Hassana and TPG’s partnership comes after the UAE announced plans during COP28 to put USD 30 bn into a new climate fund aimed at backing projects that reduce emissions, especially in developing countries.
