Nuveen has raised $785 million in capital commitments for its third C-PACE Lending Fund, reinforcing its position in sustainable commercial real estate financing. The fund is managed through Nuveen Green Capital, the firm’s dedicated platform for clean energy and energy efficiency financing.
Supporting Sustainability Through C-PACE
The fund, known as Nuveen C-PACE Lending Fund III, supports insurance investors seeking to finance energy-efficient upgrades and sustainability projects in commercial properties. C-PACE, or Commercial Property Assessed Clean Energy, is a state-administered program that enables property owners to fund improvements such as energy conservation and climate-resilient infrastructure. Repayments are structured through property tax assessments, offering a more accessible alternative to mezzanine debt or equity financing.
Growing Interest from Insurance Investors
According to Nuveen, insurers are increasingly focused on investments that balance sustainability with long-term value. The firm’s C-PACE strategies appeal to life insurers by offering investment-grade, long-duration assets with potential for stable, risk-adjusted returns.
Joseph Pursley, Head of Insurance for the Americas at Nuveen, noted that the strategy addresses dual objectives: driving climate resilience and meeting insurers’ financial requirements.
A Scaled Platform for Sustainable Lending
The fund marks the third installment in Nuveen’s C-PACE series since acquiring Greenworks Lending in 2021, which was later rebranded as Nuveen Green Capital. With this new raise, the total assets under management across Nuveen’s C-PACE strategies exceed $6 billion.
The company is expected to continue expanding its sustainable real estate lending offerings in the coming year, as market demand grows for capital-efficient, ESG-aligned investment opportunities.
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By Ravi Kumar