Nuveen, the investment manager of TIAA, announced an agreement to acquire renewable energy fund manager Glennmont Partners. Glennmont will be integrated within Nuveen’s Real Assets platform, which also serves TIAA, and will be Nuveen’s investment centre for clean energy infrastructure, according to the firm.
Founded in 2008, Glennmont is singularly focused on clean energy infrastructure. The firm has provided attractive, risk-managed returns to global institutions including pension funds, insurers, banks and wealth and asset managers across Europe. In 2019, Glennmont successfully raised over $1 billion for its third private fund, the largest amount ever raised for a dedicated European-focused clean energy fund at the time.
Joost Bergsma, Managing Partner and CEO of Glennmont Partners, said:
“My co-founders and I are delighted to be entering into this agreement with Nuveen, where we can continue our growth and deliver strong performance for investors from assets across new geographies in the US and Asia, while maintaining our focus on investments in Europe, which remains a key market for us. This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition.”
According to Nuveen, the transaction will raise the firm’s private real assets AUM to over $150 billion, and will help to further diversify the platform offering, which includes real estate, farmland, infrastructure, timberland, agribusiness, and commodities. Nuveen stated that the platform is grounded by a long-term and sustainable investment philosophy that seeks to offer investors access to alpha-driven strategies that are deployed through a responsible investing lens.
Nuveen CEO Jose Minaya said:
“Glennmont has a proven track record of investment excellence in one of the most dynamic and fastest growing infrastructure sectors. The Glennmont team also shares our values and our unwavering commitment to helping investors meet their long-term goals.”