Dry Powder: The Private Equity Podcast
On the previous episode of Dry Powder, Steve Ellis, a managing partner of TPG’s The Rise Funds, shared what he’s learned over the past 10 years of impact investing. Today on the show, we explore how impact investing can also enhance carve-out strategies.
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.
Carve-outs may be one of the oldest strategies in the industry’s playbook, but they’re getting more competitive and more complex. In fact, returns on carve-outs have dropped significantly over the past decade. In part two of our interview series, we’ll see how TPG is bucking that trend. I ask Steve how the impact lens can reveal unique carve-out opportunities and clarify value-creation plans.
“Many of these types of businesses reside today within large corporations and are not being pushed to their full potential,” Steve says. “And so a big part of our impact mission is to find those opportunities, those assets, and help these corporations unlock them.”
We also consider how a track record of outsize returns might attract even more capital to impact funds and just how big those funds could get.
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 septembre 2025