Private equity giant TPG said Jon Winkelried will become the sole chief executive officer as his counterpart, co-founder Jim Coulter, shifts focus to its fast-growing impact investing business.

Winkelried, 61, will take on day-to-day operations. Coulter will become executive chairman and lead the firm’s climate initiatives. The centerpiece of that is TPG Rise Climate, a fund he’s raising with former U.S. Treasury Secretary Hank Paulson.

The concentration under Winkelried elevates a former Goldman Sachs Group Inc. president who helped double TPG’s assets to $91 billion and move the firm into more than a dozen investment strategies during his tenure. It’s also recognition that specialized funds — whether focused on clean energy or backing women fund managers — are key to TPG’s future.

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Source: Bloomberg

By Jason Kelly