Sustainability-focused private equity startup Ardabelle Capital announced today a new strategic partnership and anchor fund commitment from alternative asset management firm TPG’s investment firm seeding and scaling strategy TPG NEXT.

Founded in 2024 by former Eurazeo CEO Virginie Morgon, Paris-based Ardabelle targets opportunities presented by the shift to sustainability within the value chain of consumer corporations, or the “Scope 3 value chain transition,” driven by Europe’s industrial transformation and sustainable transition.

The firm aims to invest primarily in mid-market industrial, services, and technology businesses that provide sustainable solutions and services within the supply chains of their corporate customers, with areas of focus including resource preservation, value chain digitization, material circularity, and sustainable logistics.

Pamela Pavkov, Managing Partner of TPG NEXT, said:

“Virginie is an experienced investor with a history of identifying differentiated opportunities. With its targeted investment strategy and deep insights, Ardabelle will capitalize on rising global demand for sustainable value chains by building next-generation suppliers and service providers who can drive them. We are excited to partner with Virginie and the Ardabelle team to support the firm’s growth.”

According to the firms, in addition to the anchor fund commitment, the new partnership will also support Ardabelle’s business building and expansion efforts, with the firm gaining access to TPG’s global ecosystem, including its deep expertise in climate and impact investing.

TPG launched its inaugural TPG NEXT fund in 2023, with a $500 million anchor commitment from CalPERS, aimed at providing capital and support to help managers establish and grow their firms. Ardabelle is the first European GP to be backed by TPG NEXT.

Morgon said:

“The Ardabelle strategy is rooted in our ability to invest in regional champions and scale them to be international leaders. To do so, we align broad networks and forge powerful partnerships to create the winners of tomorrow. TPG will be a strategic asset in broadening those networks, and the firm’s partnership-driven approach and pioneering climate expertise make them the perfect partner to help launch and scale Ardabelle.”