

When Impact Investing Reaches Critical Mass w/ TPG’s Steve Ellis
6 snips Sep 2, 2025
Steve Ellis, co-managing partner of TPG's Rise Fund and a trailblazer in impact investing, discusses how the Rise Funds have recently achieved 'escape velocity.' He dives into the vital differences between ESG and impact investing, emphasizing the need for positive societal contributions. The conversation also highlights the transformative power of technology in improving access for underserved communities and the importance of a rigorous impact assessment. Ellis shares insights on integrating impact investing into business strategies for sustainable growth.
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Impact Investing Is Not ESG
- Steve Ellis differentiates ESG (exclusion) from impact investing (inclusion) and warns against conflating them.
- He notes impact investing has attracted over $100B AUM since TPG Rise launched, showing a different market trajectory than ESG.
Collinearity Between Profit And Purpose
- Many profitable, fast-growing companies are 'collinear' where making money also creates social or environmental good.
- Impact diligence reveals business quality insights management teams often hadn't seen before.
Value Of Global, Multi‑Pathway Platforms
- Global platforms gain value as the world regionalizes because knowledge and models translate across markets.
- Businesses with multiple impact pathways crossing sectors tend to be more resilient and higher quality.