Nuveen, the global investment manager, has announced the first close of its Energy & Power Infrastructure Credit Fund II (EPIC II) with $1.3 billion in initial commitments towards its $2.5 billion target. The private credit strategy aims to provide financing solutions for companies responding to rising energy and power demand driven by digitalisation, electrification and the reindustrialisation of North America, Europe and other OECD countries.
EPIC II will deliver directly originated credit investments supporting secure and reliable energy generation, while also targeting opportunities in sustainable infrastructure. The fund will invest across the energy and power spectrum – from renewables and energy storage to hydrocarbons, midstream infrastructure and liquefied natural gas – with a focus on projects expected to generate strong cashflows. Risk mitigation measures include hard asset collateral, long-term contracts with strong counterparties and robust pricing protections. Investments will range from bespoke project and corporate financings to growth capital, acquisition funding, recapitalisations and structured credit deals.
The fund’s first close was anchored by commitments from a major Canadian pension fund manager and TIAA, with nearly half of the capital coming from outside the US. Investors include global insurers, Japanese and Korean public and corporate pension funds, asset managers and other institutional partners. EPIC II follows the same strategy as its predecessor, EPIC I, which built a track record of investing across the energy and power ecosystem.
“Bringing together the resiliency of infrastructure assets and the private credit playbook that utilises covenant protection and structural flexibility has unlocked a strong level of investor demand across the globe,” said Don Dimitrievich, Senior Managing Director and Portfolio Manager for Energy Infrastructure Credit. “Investors are increasingly interested in strategies that capitalise on the growing global energy demand while also seeking downside risk mitigation to guard against macro volatility and geopolitical risk.”
Nuveen’s Energy Infrastructure Credit platform is led by Dimitrievich, supported by a 13-member team whose senior professionals average two decades of investment experience. Collectively, the team has deployed over $13 billion across multiple market cycles, combining infrastructure asset resilience with a private credit approach designed to balance attractive returns with downside protection.
