Kirkland Advises Rubicon Carbon, backed by TPG Rise, as it Launches as a Next Generation Carbon Solutions Provider With $1 Billion in Target Commitments
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.
Read Rubicon Carbon’s press release
The Kirkland team is led by corporate partners Kevin Crews, John D. Furlow and Brian Wolfe and associates Blake Longoria and Jacqueline Scioli; investment funds partners Erica Berthou, Matt Cohen and Susan Eisenberg and associate Radhika Kshatriya; technology & IP transactions partner Jeff Norman and associate Trevor Martin; derivatives partner Jaime Madell; capital markets partners Josh Korff and Jennifer Wu; executive compensation partner Stephen Jacobson and associates Karsten Busby and Austin Vincenzini; with support from ESG & impact partners Alex Farmer, Ruth Knox and Paul Barker and associate Varnika Chawla; asset finance and securitization partner Janette McMahan; financial services regulatory partner Julia Dixon; environmental transactions partner Jim Dolphin; tax partners Lee Morlock and Michael Milazzo; and energy regulatory partner Drew Stuyvenberg.