Nuveen, the $1.3 trillion AUM investment manager of TIAA, announced today the final close of its first private equity impact fund, Nuveen Global Impact Fund, LP, raising a total of $218 million in commitments from a diverse mix of global investors.
Nuveen’s global impact strategy focuses on investments aimed at addressing critical sustainable development challenges, including climate change and income inequality.
David Haddad, Co-Head of Private Markets Impact Investing at Nuveen, said:
“There are many rapidly-growing, dynamic, and profitable businesses globally that are disrupting traditional supply chains and leveraging technology to deliver products and services that fill basic needs to underserved customers. We believe that there are strong financial returns that can be generated by adeptly identifying and supporting those innovative companies globally that are successfully targeting these two macro themes.”
According to Nuveen, the new fund targets investments that will enable disruptive businesses to reduce waste and use resources in a circular way, improving efficiency and cutting emissions, as well focusing on investments that expand access and reduce cost of products and services for underserved consumers. The fund’s first two deals include microfinance institution Annapurna Finance and battery technology company Advanced Battery Concepts.
Rekha Unnithan, CFA, Co-Head of Private Markets Impact Investing at Nuveen, said:
“Nuveen has been at the forefront of impact investing for decades, and there is an immediate opportunity to drive positive influence on some of world’s most pressing problems relating to climate change and inequality. We are proud to build on our momentum from our initial fund closing in 2020 and look forward to engaging with more companies that meet our investors’ values and market views.”