Dry Powder: The Private Equity Podcast
As a managing partner of TPG’s The Rise Funds, Steve Ellis has been a trailblazer in impact investing. He has remained at the forefront of this asset class even at a time of political uncertainty, trade frictions, and technological disruption. But according to Steve, these trends are not necessarily impediments for his team—on the contrary, they could be massive enablers.
You can listen to this episode of Dry Powder and catch future episodes by subscribing on Apple Podcasts, Google Podcasts, Spotify, or wherever you may listen.
Today on the show, I ask Steve what he’s learned over the past 10 years of impact investing and what it will take to succeed in the decade to come. We explore how AI could unlock access to underserved markets and how deglobalization could make TPG’s global footprint even more valuable. This was a fascinating and often counterintuitive conversation, as it’s rare to see a private equity firm embrace impact investing on such a global scale.
“The building of this ecosystem over the last 10 years has brought us to a point where the flywheel is spinning,” Steve says, “the brand is a real asset in the market, and the track record is deep enough and long enough that we’ve sort of hit escape velocity.”
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in September 2025