Nuveen, the investment manager of TIAA, announced it raised $1.3 billion in initial capital commitments for it’s Energy and Power Infrastructure Credit Fund II, which aims to provide private capital to support the growing demand for energy.
“EPIC II delivers directly-originated credit solutions supporting the build-out of secure and reliable energy and power generation while also focusing on credit opportunities involving sustainable infrastructure,” Nuveen stated. “This multi-pronged approach invests across the entire energy and power ecosystem, from renewables and energy storage to hydrocarbons, midstream and liquified natural gas.”
EPIC II was anchored by an unidentified Canadian pension fund, as well as TIAA. Nearly half of commitments came from limited partners from outside the U.S., including global insurers, Japanese and Korean pension funds, and other global institutional investors.
The fund will continue the same strategy as its predecessor, EPIC I. Nuveen’s energy infrastructure credit team has invested more than $13 billion in the strategy utilized by EPIC I and Epic II.
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“Bringing together the resiliency of infrastructure assets and the private credit playbook that utilizes covenant protection and structural flexibility has unlocked a strong level of investor demand across the globe,” said Don Dimitrievich, Nuveen’s senior managing director and portfolio manager for energy infrastructure credit, in a statement.
Nuveen managed $1.3 trillion in assets as of March 31, including $35 billion in infrastructure assets.
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Tags: Nuveen, Private Credit
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