UBS raises $325 million for Bono-backed impact investment fund

ZURICH (Reuters) – UBS has raised $325 million for a private equity impact investment fund, as the world’s biggest private bank looks to meet wealthy clients’ growing appetite to combine philanthropy with money making.

The Rise Fund, which counts Irish rock star Bono among its co-founders, aims to achieve “measurable, positive social and environmental outcomes alongside competitive financial returns”, UBS said in a statement on Monday.

Impact investing — a term coined in 2007 — grew out of the desire by socially conscious individuals to extend philanthropy to their financial holdings.

The fund, whose total size is around $2 billion, is managed by Bill McGlashan, founder and managing partner of TPG Growth, the growth-capital fund of U.S. private equity firm TPG.

 

Source: Reuters

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