AIIB commits up to $100 million to TPG's Global South climate strategy

The Asian Infrastructure Investment Bank has committed up to $100 million to TPG's Global South climate strategy, according to an Oct. 20 announcement. The commitment is split between a $50 million fund commitment and up to $50 million for co-investments. The strategy targets $2.5 billion.

The two-part ticket gives AIIB a $50 million blind-pool commitment and a co-investment allocation drawn deal by deal. The fund commitment goes into the pool and is deployed at the manager's discretion, while the co-investment portion is used only for specific assets. The 'up to' on the second $50 million means AIIB's eventual outlay depends on what TPG finds to buy.

The $50 million fund commitment equals 2% of the $2.5 billion target; the co-investment line could take AIIB's total to $100 million if drawn. The announcement did not specify whether co-investment capital counts toward that target.