Nuveen Meets Over $200 Million for First Private Equity Fund, Announces Fund Closure

A Brief Summary

Nuveen, a global investment manager with over $1.3 trillion now in assets under management, has closed its Nuveen Global Impact Fund LP.  The fund is the firm's first private equity impact fund, and it raised $218 million from a diverse group of international investors. The fund's goal will be to earn profit while also tackling climate change and inequality.

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The new fund, according to Nuveen, will focus on investments that will enable disruptive businesses to reduce waste and circularly use resources, improving efficiency and lowering emissions, as well as investments that will expand access and lower the cost of products and services for underserved consumers. Annapurna Finance, a microfinance firm, and Advanced Battery Concepts, a battery technology company, are the fund's first two investments.

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.”

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.”