The Rise Fund
Impact investorSan Francisco · Growth
Also known as Rise Advisors, Llc
Investment thesis
The Rise Fund pioneered institutional-scale impact investing and forms part of TPG's Impact Platform, which pursues non-concessionary (market-rate) returns alongside measurable social and environmental impact. It invests through growth equity, private equity, and infrastructure strategies, backing mission-driven founders in areas such as climate, education, financial inclusion, healthcare, and technology. The platform relies on TPG's global resources, an advisor network, and a corporate coalition to source deals and build value. Impact is rigorously assessed through Y Analytics, a dedicated public benefit entity that measures and manages social and environmental outcomes across the portfolio.
Source: firm website, verified Aug 3, 2026.
Fund performance · per public LP disclosures · 5
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| The Rise Fund III, L.P.LPs: Washington State Investment Board, California Public Employees' Retirement System | 2023 | — | 24.0% | 1.30x | 0.04x |
| The Rise Fund IILPs: New Jersey Division of Investment, Florida State Board of Administration | 2019 | — | — | 1.32x | 0.00x |
| The Rise Fund (A), L.P.LPs: California Public Employees' Retirement System, New Mexico Educational Retirement Board | 2017 | — | 10.0% | 1.46x | 0.61x |
| The Rise Fund, L.P.LPs: Empire State Development – New York Ventures, The Regents of the University of California, Hawaii Employees' Retirement System +1 more | 2017 | — | 9.4% | 1.43x | 0.63x |
| The Rise Fund I, L.P.LPs: Florida State Board of Administration | 2007 | — | 21.9% | 1.65x | 0.36x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does The Rise Fund invest at?
- The Rise Fund invests at the Growth stage.
- What sectors does The Rise Fund focus on?
- The Rise Fund focuses on AgTech, Cleantech, Climate Tech, EdTech, Energy, Enterprise Software, Fintech, FoodTech, Healthtech, Impact & Social Good, Mobility & Transportation, SaaS, Wellness & Fitness.
- Where is The Rise Fund located?
- The Rise Fund is headquartered in San Francisco, US.
Media · Podcasts & interviews
featuring the team9. The Rise Fund’s Steve Ellis
Persefoni · Steve Ellis
The Seed of A Vision - Maya Chorengel, Senior Partner of The Rise Fund
Retellable Storytelling · Maya Chorengel
Images
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