Nuveen, the asset management arm of US financial services group TIAA, has acquired European renewable energy fund manager Glennmont Partners for an undisclosed sum.

Founded in 2008, Glennmont Partners focuses exclusively on investment in clean energy infrastructure and manages over $2bn (€1.7bn) worth of assets.

Global investment manager Nuveen said the deal enhances its existing private infrastructure platform, which manages almost $3.7bn across renewable energy, digital, telecoms, transportation and social infrastructure sectors globally.

Glennmont will be Nuveen’s investment centre for clean energy infrastructure and will be ”integrated within Nuveen’s $150bn real assets platform while retaining its independent and proven investment process”, Nuveen said.

Nuveen said the acquisition aims to accelerate Glennmont’s growth in 2021 with a suite of new products backed by seed capital from Nuveen and TIAA that will target investment opportunities in European, US and Asian markets across the equity and credit space.

Nuveen’s CEO Jose Minaya said Glennmont has a proven track record of investment excellence in one of the most dynamic and fastest-growing infrastructure sectors, adding that the ”Glennmont team also shares our values and our unwavering commitment to helping investors meet their long-term goals”.

Joost Bergsma, managing partner and CEO of Glennmont Partners, said the deal will help Glennmont continue its growth and deliver performance for investors from assets across new geographies in the US and Asia, while maintaining its focus on investments in Europe.

“This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition,” Bergsma said.

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