Nuveen, a major global asset manager with over $1.3 trillion in assets, and its affiliate Nuveen Green Capital (NGC), a leader in sustainable real estate financing, have announced $785 million in new commitments to the Nuveen C-PACE Lending Fund III.
NGC’s C-PACE strategy allows institutional investors to access stable, impact-focused assets while funding energy efficiency and climate resilience upgrades for commercial properties. The C-PACE program provides building owners with low-cost capital for improvements.
A Nuveen survey found that 93% of institutional investors consider environmental and social impact in their decisions. Since 2017, NGC has issued over $3 billion in C-PACE financing and became the first to securitize this asset class.
In 2024, NGC reported that its financing efforts resulted in a reduction of carbon dioxide emissions equivalent to over 407,000 acres of forest, saved more than 461 million gallons of water, and created over 2,100 housing units.
KEY QUOTES:
“While sustainability and impact remain key considerations for insurers and their investments, we also continue to see life insurers prioritizing longer duration, investment grade asset backed securities with attractive risk-adjusted returns. NGC’s C-PACE strategies meet both of these considerations, which provide a solution that drives greater climate resiliency while being capital efficient, meets risk requirements and offers scale that insurers are looking for in their investment portfolios.”
Joseph Pursley, Nuveen Head of Insurance, Americas
“NGC’s vertically integrated platform brings investors scaled and proprietary flow of C-PACE assets with established sponsors with both compelling economics and positive social impact. For property owners, this fund enhances NGC’s balance sheet lending capabilities and our readiness to provide attractive financing that improves buildings’ bottom lines.”
Alexandra Cooley, CIO and Co-founder of Nuveen Green Capital
