ImpactAlpha, November 11 – TPG Growth’s two Rise Funds have raised more than $4 billion to channel into impact businesses. Smallholder farmers are the latest beneficiaries, with Rise Funds’ investment in Ugandan dairy processing company Pearl Dairy.

Pearl Dairy employs 1,800 people and supports more than 10,000 Ugandan dairy farmers by buying and processing their milk for distribution in 10 countries. In addition to its buying power, Pearl provides technical assistance for farmers in its supply chain, and is working with select farms to build Uganda’s commercial dairy sector.

Rise Fund acquired a 34% stake in Pearl for an undisclosed sum. The deal is Rise Funds’ second dairy sector investment, following its investment in Dodla Dairy in India in 2017.

Agribusiness hasn’t gotten significant attention from the Rise Funds, in spite of the sector’s high impact potential. (There are 500 million smallholder farmers in the world, most of whom lack access to finance and markets.) Most of Rise Funds’ publicly disclosed portfolio companies are based in the financial services, healthcare, and skills and education sectors.