– Nuveen and Nuveen Green Capital (NGC) announced a first close exceeding $1 billion for Nuveen CPACE Lending Fund IV.
– The close brings total commitments across the CPACE Lending Fund series to $3 billion since its inception in 2023.
– Nuveen manages more than $1.4 trillion in AUM, while NGC has more than $6 billion in AUM.
– Founded in 2015, NGC is a pioneer in Commercial Property Assessed Clean Energy (C-PACE) financing, providing long-term private capital for energy, water efficiency and climate-resilience upgrades to commercial properties.
– Fund IV builds on 73% year-over-year growth at NGC, driven by proprietary origination volumes from its vertically integrated origination and investment-management platform.
– The fund targets investment-grade assets and aims to provide investors with long-dated, steady returns while financing sustainable improvements to commercial buildings.
– Alexandra Cooley, CEO and CIO of NGC, said investor demand across four vintages reflects the strategy’s resilience through different market cycles and highlighted NGC’s proprietary pipeline and strong origination and deployment track record.
– NGC has originated more than $6 billion in C-PACE financings since 2015, including through securitizations.
– Joseph Pursley, CIMA®, Nuveen Head of Insurance, Americas, said insurers are increasingly treating C-PACE as a repeatable, core allocation, particularly given its longer duration, investment-grade and asset-backed characteristics.
