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News

Nuveen invests alongside Lime Rock New Energy and management to acquire Power TakeOff

Curving rays of light

Nuveen, the $1.1 trillion asset manager of TIAA, announced today that the Private Equity Impact team has joined Lime Rock New Energy to invest in Power TakeOff (PTO), a software-enabled energy efficiency services company. The investment represents the seventh in the Nuveen Global Impact Fund I and aligns with Nuveen’s goal of driving an inclusive transition to a low carbon economy.

PTO’s AI/ML-based offerings generate significant energy savings and greenhouse gas emissions mitigation for the traditionally underserved small and medium business (SMB) market. Nuveen will leverage its experience scaling impact-oriented businesses, while bringing expertise from its broader real assets and private markets platform to support PTO in this next stage of growth. As part of the investment, Radhika Shroff, Managing Director on Nuveen’s Private Equity Impact Investing team, will join the company’s board of directors and will work collaboratively with the board to manage impact performance, while driving the growth of the business. 

“Energy efficiency is an essential component the transition to a low carbon economy, accounting for more than 40% of the emissions mitigation needed by 20401,” said Shroff. “By leveraging advanced metering infrastructure data and artificial intelligence, PTO is tackling this challenge head on, targeting the SMBs that are often overlooked in the energy efficiency space. We look forward to working with PTO, leveraging our expertise in decarbonization and broad real assets platform to address underserved segments and support the company’s continued growth.”

Through its partnerships with major utilities across the U.S., PTO identifies power savings opportunities for SMBs that are delivered virtually and do not require capital expenditures to implement. PTO’s energy advisors engage directly with SMBs to implement these changes to reduce energy usage. 

Nuveen is a pioneer in impact investing, with a long track record of driving strong financial results and a positive influence for society’s most pressing problems. The Private Equity Impact team seeks to drive an inclusive transition to a low carbon economy, targeting disruptive businesses that reduce waste and emissions, use resources in a circular manner, and expand access to and reduce the cost of basic products and services for underserved consumers.  Nuveen made its first impact investment in the 1980s and now manages over $1.0 billion in private equity impact capital. 

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1 https://www.iea.org/commentaries/how-energy-efficiency-will-power-net-zero-climate-goals

Note that Nuveen Global Impact Fund I is closed to new investment.

Past performance of products associated with the Manager is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results. 

As an asset class, real assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Investments will be subject to risks generally associated with the ownership of real estate related assets and foreign investing, including changes in economic conditions, currency values, environmental risks, the cost of and ability to obtain insurance, and risks related to leasing of properties. 

Please note socially responsible investments are subject to Social Criteria Risk, namely the risk that because social criteria excludes securities of certain issuers for non-financial reasons, investors may forgo some market opportunities available to those that don’t use these criteria. 

Responsible investing incorporates Environmental Social Governance (ESG) factors that may affect exposure to issuers, sectors, industries, limiting the type and number of investment opportunities available, which could result in excluding investments that perform well. ESG integration is the consideration of financially material ESG factors in support of portfolio management for actively managed strategies. Financial materiality of ESG factors varies by asset class and investment strategy. Applicability of ESG factors may differ across investment strategies. ESG factors are among many factors considered in evaluating an investment decision, and unless otherwise stated in the relevant offering memorandum or prospectus, do not alter the investment guidelines, strategy or objectives. 

The historical returns achieved by private equity vehicles is not a prediction of future performance or a guarantee of future results, and there can be no assurance that comparable returns will be achieved by the strategy. Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the use of leverage, short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary  market or ready purchasers for such securities, they may not be required to provide periodic  pricing or valuation information to investors, there may be delays in distributing tax information to  investors, they are not subject to the same regulatory requirements as other types of pooled  investment vehicles, and they may be subject to high fees and expenses, which will reduce  profits. Alternative investments are not suitable for all investors and should not constitute an entire investment program. Investors may lose all or substantially all of the capital invested. 

Nuveen, LLC provides investment solutions through its investment specialists. Nuveen Securities, LLC, member FINRA and SIPC.

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