The Thesis is focused on describing the methodology adopted by the consulting company "Environmental Resources Management" (ERM) to assess climate risks and opportunities linked to Private Equity investments portfolios. This is an emerging field of application, as the literature reviewed did not highlight any study describing a comprehensive methodology adopted to assess the climate risk according to the Task Force on Climate-Related Disclosure (TCFD) guidelines for a Private Equity investment portfolio. The TCFD subdivides the climate risk into physical and transition risks. The first is related to the augmented occurrence of extreme events due to climate change, both acute (i.e., river flooding, coastal flooding, extreme winds and storms, landslides, wildfires) and chronic (i.e., extreme heat and water stress), while the second is related to the risks and opportunities that potentially can arise during the transition towards a lower carbon economy, which can be grouped under three main aspects: Policy & Legal, Market & Technology, Reputation & Brand.