Kirkland & Ellis counseled Rubicon Carbon on its launch as a market-based products and solutions platform to help lead the next generation of the carbon market. With an initial capital commitment of $300 million from TPG Rise Climate, TPG’s dedicated climate investing strategy, and TPG’s multi-sector impact investing strategy, The Rise Fund, Rubicon was developed to deliver greater scale, confidence, and innovation across all facets of the carbon market and meet the growing demand for end-to-end, high-integrity emissions reduction solutions. Bank of America, JetBlue Ventures and NGP ETP, the energy transition investment platform of NGP, are also expected to participate in Rubicon’s initial equity financing and intend to close on their co-investment by end of Q4 2022. Including contributions from TPG Rise and co-investment, Rubicon is targeting total capital commitments of $1 billion.
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