Global asset manager Nuveen and its affiliate Nuveen Green Capital have announced a first close exceeding $1 billion in new capital commitments for Nuveen CPACE Lending Fund IV.
The milestone brings total commitments across the fund series to $3 billion (£2.3 billion) since its launch in 2023. Nuveen Green Capital, which manages over $6 billion in assets, provides Commercial Property Assessed Clean Energy (C-PACE) financing—a public-private mechanism allowing commercial building owners and developers to secure low-cost, long-term private capital for energy efficiency, water conservation, and climate resiliency upgrades.
Fund IV builds on 73 per cent year-on-year growth at Nuveen Green Capital, driven by strong proprietary origination volumes. The strategy provides institutional investors with deployment into investment-grade, long-dated assets backed by real estate improvements.
Commenting on the fundraise, Alexandra Cooley, Chief Executive Officer and Chief Investment Officer of Nuveen Green Capital, stated: “Investors have committed to this strategy across four vintages because the fundamentals remain steady throughout variable market cycles. NGC’s vertically integrated platform continues to deliver a scaled, proprietary flow of C-PACE assets originated with established sponsors, combining compelling economics with measurable impact. The momentum behind this raise has been bolstered by our track record of strong origination volume, deployment, and consistent performance.”
Demand for the fund was driven significantly by North American insurance companies expanding allocations to private fixed income and private asset-backed securities.
Joseph Pursley, Head of Insurance for the Americas at Nuveen, noted: “The continued growth in commitments from across four funds tells us that insurers aren’t just testing this asset class – they’re building meaningful, repeatable allocations to it. Life insurers in particular continue to prioritize longer duration, investment grade, asset-backed securities with attractive risk-adjusted returns, and NGC’s C-PACE strategy consistently delivers on that mandate while advancing climate resiliency at scale.”
The expansion of the C-PACE market supports the fund’s deal pipeline, with active legislative programs operating across 39 US states and the District of Columbia. Recent transactions financed by the platform range from $5 million middle-market projects to large-scale deals, including the office-to-residential conversion of The Geneva in Washington, D.C.
