TPG Rise Climate has agreed to acquire a majority controlling stake in A-Gas from KKR. The transaction represents a doubling down on TPG's thematic focus on the circular economy. The strategic rationale centers on scaling A-Gas's ability to recover and recycle critical gases globally, thereby reducing the carbon footprint of the HVAC and industrial sectors. TPG intends to leverage its specific expertise in the US carbon credit market to unlock new value streams for the company. KKR, which had owned the business since 2017, will retain a significant minority stake to partner with TPG in the next phase of growth, while the minority investor LDC will fully exit.