June 1st, 2024
Via Bloomberg, a report on Saudi Arabia’s significant $1.5B climate investment:
Saudi Arabia’s main pension fund is set to back TPG’s climate vehicle under a $1.5 billion partnership, marking the latest instance of an oil-rich Gulf state supporting efforts aimed at reducing carbon emissions.
Hassana Investment Co., which manages over $320 billion for Saudi Arabia’s General Organisation for Social Insurance, is set to make “a substantial anchor commitment” to TPG Rise Climate’s new Transition Infrastructure fund, according to a joint statement Wednesday. The remainder of Hassana’s commitment will be allocated to the TPG Rise Climate II fund.
Hassana has become an increasingly prominent global investor since Saudi Arabia merged two of its pension and insurance funds in 2021. It signed a memorandum of understanding with BlackRock in 2022 to promote and develop an infrastructure strategy.
“Large and sophisticated investors like Hassana are essential to meeting the growing capital demands of the new climate economy,” said Jim Coulter, TPG Founding Partner and Managing Partner of TPG Rise Climate.
Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.