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Nuveen reaches first close of its second private equity climate inclusion strategy with injection from Danish investor

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Nuveen, the $1.2tn global asset manager, announces the first close of its second global climate inclusion private equity strategy with c.$200mn from a mix of global investors, including Danish pension fund Velliv.

Nuveen’s second climate inclusion strategy will build on the firm’s first private equity impact strategy of aiming to generate strong financial returns and address two of the greatest sustainable development challenges: climate change and inequality.

It will seek to target climate inclusion around the world in key global growth markets, seeking to mitigate climate change, provide access to basic financial services and leverage relationships with low income consumers to build resilience to climate change.

Nuveen’s private equity impact team takes an active role in driving financial, social and environmental results by leveraging board seats and shareholder positions in the companies in which it invests. The team has developed a proven approach to impact management, engaging companies to ensure they integrate climate considerations, and build products for low income consumers.

The first iteration of Nuveen’s private equity impact series secured over $200mn and established a strong track record by investing in 8 global businesses since its launch in 2021. Continuing with this high conviction strategy has led to its latest investment in Perch Energy, a clean energy technology platform and community solar servicer looking to expand access to renewable energy.

Rekha Unnithan, Head of Private Equity Impact at Nuveen, said:
“We believe that climate change and inequality, two of the biggest challenges the world faces, can be addressed by commercial businesses. The changing regulatory environment and shifts in consumer sentiment means overcoming those challenges also presents a compelling investment opportunity.

“As a longtime leader in impact investing, we look forward to leveraging our years of experience and $1bn track record to target positive returns for our investors and the world we live in.”

Anders Stensbøl Christiansen, Chief Investment Officer at Velliv, said:
“At Velliv, we have been investing in Nuveen’s Impact funds for many years, as we believe that impact investing demonstrates how generating returns can go hand in hand with addressing the world’s challenges, whether they are social, environmental or a combination of both. Nuveen Private Equity Impact enables Velliv to achieve a global reach in our impact portfolio, delivering returns and measurable impact across several SDGs through both socially and environmentally focused investments.”

Nuveen is a pioneer in impact investing, with a strong track-record of driving strong financial results and an overall, positive influence for society’s most pressing problems. The firm made its first impact investment in the 1980s and has since invested over $500 million in direct and indirect private equity capital in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages over $5.8 billion across all of its public and private markets impact investing strategies on behalf of a broad range of institutional investors and its parent company TIAA.

Nuveen’s Global Climate private equity series meets the requirements of SFDR Article 9, and is a signatory to the Operating Principles for Impact Management.

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