Paul Hastings (Europe) LLP acted as ESG Counsel for TPG, a leading global alternative asset manager with $222bn in assets under management, advising on its investment in Syre, a new impact venture with a mission to decarbonise the textile industry.

Syre is founded by H&M Group, the global fashion and design company, and Vargas, a long-term investor and an active owner of purpose-led companies. TPG Rise Climate, the dedicated climate investing strategy of TPG, has joined as a founding investor, bringing extensive experience scaling climate solutions globally and in companies focused on the circular economy.

Syre will establish multiple production plants producing circular polyester across the globe, reducing CO2e emissions by up to 85% compared to the production of oil-based virgin polyester.

Partner and Global Co-Chair of ESG & Sustainable Finance Ruth Knox led the Paul Hastings team, which also included partner Jonathan Drimmer and associate Jo Lee.