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uveen, a leading investment manager, and its sustainable commercial real estate financing solutions business Nuveen Green Capital (NGC), have successfully raised $785 million in new capital commitments for the Nuveen C-PACE Lending Fund III. This fund aims to enable insurance investors to finance energy efficiency and sustainability projects for commercial real estate.

    The C-PACE program provides building owners and developers with access to capital to fund improvements towards greater energy efficiency, water conservation, and climate resiliency. Repayments are made through an assessment on their property tax bill, offering a more affordable financing alternative to mezzanine debt and equity.

    This is the third vintage of Nuveen's C-PACE Lending Funds, following its 2021 acquisition of Greenworks, which was later rebranded as Nuveen Green Capital. The firm's C-PACE strategies now total over $6 billion in assets under management (AUM).

    According to Joseph Pursley, Nuveen Head of Insurance, Americas, "Our C-PACE strategies meet the needs of insurers by providing a solution that drives greater climate resiliency while being capital efficient and meeting risk requirements. They also offer scale that insurers are looking for in their investment portfolios."