Nuveen and Nuveen Green Capital have secured more than $1 billion in the first close of Nuveen CPACE Lending Fund IV, bringing aggregate commitments across the fund series to approximately $3 billion since its launch in 2023.
Nuveen manages approximately $1.4 trillion in assets, while Nuveen Green Capital manages more than $6 billion.
Fund IV provides institutional investors with exposure to Commercial Property Assessed Clean Energy financing.
C-PACE programs provide long-term private capital for qualifying improvements to commercial properties through state-administered public-private frameworks.
The strategy finances projects designed to improve energy efficiency, water efficiency and climate resilience while targeting long-duration investment-grade assets.
Nuveen Green Capital reported 73% year-over-year growth, supported by its vertically integrated origination and investment management platform.
Since 2015, the company has originated more than $6 billion of C-PACE financing across securitizations.
The C-PACE market is now active in 39 states and the District of Columbia.
Nuveen said insurance companies have become increasingly important investors in the asset class.
Its 2026 institutional investor survey found that 46% of North American insurers intend to increase private fixed income allocations over the next two years. Among those respondents, 53% identified private asset-backed securities such as C-PACE as a priority.
Nuveen Green Capital’s transactions range from approximately $5 million to hundreds of millions of dollars.
Its deals have included the $465 million financing of The Geneva office-to-residential conversion in Washington, D.C., described as the largest C-PACE financing to date.
KEY QUOTES:
“The momentum behind this raise has been bolstered by our track record of strong origination volume, deployment, and consistent performance. Since 2015, NGC has originated more than $6 billion in C-PACE financings across securitizations.”
Alexandra Cooley, CEO And CIO Of Nuveen Green Capital
“The demand we’re seeing for Fund IV, including new insurance LPs, reinforces that this is becoming a durable, core allocation for insurance portfolios rather than a one-off commitment.”
Joseph Pursley, Head Of Insurance, Americas At Nuveen
