Global investment manager Nuveen has raised an initial $1.3bn (€1.1bn) for its energy and power infrastructure credit strategy.
Nuveen said the Energy & Power Infrastructure Credit strategy, which seeks to raise $2.5bn, was anchored by commitments from its parent TIAA and a “leading Canadian pension fund manager”.
The fund’s first close was backed by a global mix of investors, with nearly half of the commitments coming from outside the US. The investor base includes global insurers, Japanese and Korean public and corporate pensions, asset managers and other limited partners, the manager said.
Energy & Power Infrastructure Credit will invest across the entire energy and power ecosystem, from renewables and energy storage to hydrocarbons, midstream and liquified natural gas in North America, Europe and other OECD countries.
Don Dimitrievich, senior MD and portfolio manager, energy infrastructure credit at Nuveen, said: “Bringing together the resiliency of infrastructure assets and the private credit playbook that utilises covenant protection and structural flexibility has unlocked a strong level of investor demand across the globe.
“Investors are increasingly interested in strategies that capitalise on their conviction in the growing global energy demand brought on by digitalisation, electrification and reindustrialisation while also seeking downside risk mitigation to guard against macro volatility, and inflationary and geopolitical risk.
“As we reach this latest milestone, we remain focused on deploying capital into resilient companies and projects across the energy and power ecosystem that capture this historic market opportunity while providing durable income potential.”
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