TPG Rise Climate Acquires Aurora Energy Research from CGE Partners

TPG and CGE partner to accelerate Aurora’s next phase of growth

London and San Francisco, 4 JUNE 2025 – CGE Partners (“CGE”), a private equity investor investing in high growth information and software businesses, 22C Capital (“22C’), and TPG Rise Climate, the climate investing platform of global alternative asset management firm TPG, today announced that TPG will acquire a majority stake in Aurora Energy Research (“the Company”).

Founded in 2013, Aurora provides critical intelligence to energy market participants, governments, and investors through its proprietary data, analytics, and software platform. Since CGE led the management buyout in 2020, the Company has grown from a UK-based advisory firm into a global energy intelligence platform serving more than 1,000 institutions across 40+ markets with 17 offices in 14 countries.

As part of the transaction, CGE will make a significant reinvestment, reflecting the firm’s confidence in Aurora’s continued growth journey. Aurora’s CEO, John Feddersen will also make a substantial investment alongside 22C Capital.

“This transaction represents an exciting next chapter for Aurora. Combining the exceptional momentum we’ve created from CGE and 22C’s support with the climate investing leadership of TPG Rise Climate, we are poised to continue to deliver market leading support for our clients,” said John Feddersen, Founder and CEO of Aurora. “CGE and 22C have been transformative partners for Aurora, supporting our evolution from a UK-focused firm into a global software and data analytics platform at the heart of the energy transition. We look forward to working together with TPG Rise Climate to continue innovating for our clients and deepening our impact in energy markets worldwide.”

The transaction reflects CGE’s proven ability to identify high-potential businesses and work with exceptional management teams to scale businesses into leaders in their sectors. Together with Aurora’s management team and 22C Capital’s operational expertise, CGE has supported the Company’s software-led transformation, sharpened its execution, and unlocked scalable growth, setting the foundation for continued operational excellence and international expansion. 

Nick Heslop, Managing Partner at CGE, said: “Aurora’s transformation into a global leader in energy market intelligence is a testament to its exceptional leadership team and the strength of our partnership.”  

Chloe Holding Curtis, Partner at CGE, said: “We are proud to have supported John and his team at Aurora in its growth journey to date and are delighted to remain investors alongside management, TPG Rise Climate and 22C in this next phase of growth.” 

“With increasing power demand across the globe, Aurora’s service offering has already proved invaluable, and we expect it to have strong growth prospects in the US, Asia, and beyond,” said Ed Beckley, Managing Partner at TPG Rise Climate. “Increased visibility into data and analytics for the power industry will continue to be a strategic differentiator across the energy value chain, and we are excited to partner with John, CGE, and 22C to accelerate Aurora’s growth,” added Jamie Gilbert, Business Unit Partner at TPG Rise Climate.

Kevin Black, Partner at 22C, said: “It’s been an amazing five years working alongside the Aurora team to enhance the company's analytics platform and facilitate its global expansion – we are excited to be a part of the next phase of the journey.”

Arma Partners advised Aurora, CGE and 22C on the sale. The transaction is subject to customary closing conditions and regulatory approvals.

CGE Media contact
Greenbrook – James Madsen / Tashi Lassalle
E: cge@greenbrookadvisory.com
T: +44 (0) 20 7952 2000

TPG
Ari Cohen 
media@tpg.com

About Aurora Energy Research

Established in 2013, Aurora Energy Research is a leading global provider of power market forecasting and analytics for critical investment and financing decisions. Headquartered in Oxford, we operate out of 17 offices worldwide covering Europe, North & South America, Asia, and Australia. Our comprehensive services include market outlook packages for energy industry participants, advisory support, and innovative software solutions. We foster diversity with a team of 900 experts with backgrounds in energy, finance, and consulting, offering unparalleled expertise across power, renewables, storage, hydrogen, carbon, and fossil commodities. Our mission is to ease the global energy transition through widely trusted quantitative analysis and high-quality decision support.

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals around the world, the strategic relationships and insights developed across TPG’s broad portfolio of climate companies, and a global network of executives, advisors, and corporate partners. As part of TPG’s $28 billion global impact investing platform, TPG Rise Climate invests broadly across the climate sector, with a focus on building and scaling leading climate solutions across the following thematic areas: clean electrons, clean molecules and materials, and negative emissions.

For more information, please visit www.tpg.com/platforms/impact/rise-climate

About CGE Partners

CGE Partners is a private equity firm investing in information, data and software businesses that are shaping the future of their industries. Founded in 2018 and based in Mayfair, London, the firm invests in companies operating within global megatrends – from the energy transition and artificial intelligence to compliance, resource efficiency, digital learning, and the productisation of intelligence. With a proven team of entrepreneurially minded investors with experience across a range of sectors globally, CGE Partners backs the vision of founders and CEOs, supporting companies on their unique journeys to scale with confidence and unlock their full potential. 

About 22C Capital

22C is a private investment firm committed to delivering capital and critical resources to companies operating at the intersection of technology enablement and data analytics adoption.  22C partners with world-class management teams to build companies that are leaders in their respective markets.  The firm’s operational and technology resources deliver practical, real-world support to help convert businesses’ challenges into opportunities and unlock their full potential.