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Ropes & Gray Advises on First Investment by TPG’s Global Impact Fund

Practices: Mergers & Acquisitions, Intellectual Property Transactions, Tax, Executive Compensation & Employee Benefits, Labor & Employment, Private Equity

Ropes & Gray advised on The Rise Fund’s investment in EverFi, a leading provider of subscription-based digital learning to K-12 schools, universities, corporations, sports teams and NGOs. The Rise Fund is TPG’s global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. The transaction by The Rise Fund marks its first investment.

The Rise Fund led the $190 million financing round in EverFi, with a $120 million investment. TPG Growth, the middle market and growth equity investment platform of TPG, invested $30 million, and existing investors also participated in the financing.

The Rise Fund, which is managed by TPG Growth, is focused on investments in seven sectors in which the impact is both achievable and measurable in quantitative terms: education, energy, food and agriculture, financial services, growth infrastructure, health care, and technology, media and telecommunications (TMT). The investment in EverFi reaches two of the seven sectors (education and TMT), as EverFi’s products address topics including financial literacy, sexual assault and harassment prevention, alcohol responsibility, social and emotional learning, and Science Technology Engineering & Math (STEM) and career readiness.

The Ropes & Gray team was led by mergers & acquisitions partner Carl Marcellino (New York), intellectual property transactions partner Harry Rubin (New York), tax partner Adam Greenwood (New York), executive compensation & employee benefits partner Alexandra Alperovich (New York), labor & employment partners Megan Bisk and Jeffrey Webb (both of Boston), private equity transactions associate Jennifer Gautier (New York), and corporate associate David Sandyk (New York).