The School Employees Retirement System (SERS) of Ohio has approved a $75 million commitment, along with a $25 million sidecar co-investment, to TPG Rise Climate II, a clean-energy strategy managed by TPG.
TPG Rise Climate II has a size of $2.2 billion, according to PitchBook. The fund targets the energy sector, specifically themes such as energy transition, green mobility, sustainable fuels, sustainable products and materials, and carbon solutions.
The investment will be funded from cash reserves and will be made on behalf of the pension fund’s private equity portfolio.
In related news, Ohio SERS returned 1.9 percent gross of fees during the second quarter 2024, which was 30 basis points above the benchmark. During the one-, three-, five- and 10-year periods, SERS’ portfolio outperformed the benchmark in all periods.