The push to create impact investment-dedicated firms is spreading among large private equity houses as they look to make acquisitions while being mindful of social and environmental factors.

US private equity firm TPG Capital is seeking up to $3.5bn for The Rise Fund II. If it reaches that goal, the vehicle would be much larger than the $2bn that the firm raised in 2017 for its first impact fund and would rank as the largest such fund raised to date.a