Nuveen Raises $785 Million in Commitments For Nuveen C-PACE Lending Fund III

Nuveen, one of the largest asset managers globally with over $1.3 trillion AUM¹, and Nuveen Green Capital (“NGC”), a Nuveen affiliate and leading provider of sustainable commercial real estate financing solutions, announced $785 million in new capital commitments to Nuveen C-PACE Lending Fund III.

Nuveen Green Capital’s C-PACE lending strategy provides insurance investors with access to investment-grade impact assets, offering the potential for long-dated, steady returns while supporting much-needed capital expenditures on commercial properties. C-PACE is a public-private financing program led at the state level that provides building owners and developers with low-cost, long-term capital to fund commercial property improvements towards greater energy efficiency, water conservation and climate resiliency.

“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,” said Joseph Pursley, Nuveen Head of Insurance, Americas. “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.”

“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,” said Alexandra Cooley, CIO and Co-founder of Nuveen Green Capital. “For property owners, this fund enhances NGC's balance sheet lending capabilities and our readiness to provide attractive financing that improves buildings' bottom lines.”

Nuveen's recent survey of major global institutional investors reveals that 93% of insurers consider or plan to consider environmental and social impact when making investment decisions. The firm currently manages approximately $325 billion in assets for over 125 global insurance clients.

As a leading C-PACE player based on 2024 market originations, NGC has continued to pioneer the access, structure and packaging of C-PACE assets on behalf institutional investors². Since 2017, the company has issued more than $3 billion through securitizations and private funds, establishing itself as the first to securitize the asset class and launch a private fund series³.

According to a recent NGC impact report, its C-PACE financings in 2024 reduced CO2 emissions equivalent to the impact of more than 407,000 acres of forest; saved more than 461 million gallons of water and more than 585 megawatt hours of energy and supported the creation of more than 2,100 housing units⁴.