Overview
- Nuveen announced a first close of Fund IV that exceeded $1 billion in new commitments, taking the CPACE Lending Fund series to about $3 billion in total since 2023.
- The Fund IV commitments include capital from Nuveen’s parent, TIAA, and insurance company investors who favor long‑dated, investment‑grade private fixed‑income allocations.
- C‑PACE is a state‑level public‑private program that provides long‑term, fixed‑rate financing for building energy efficiency, climate resilience, refinancing and new construction projects.
- Nuveen Green Capital has originated more than $6 billion in C‑PACE financings since 2015 and cites strong origination growth and insurer demand as reasons it can deploy larger, multi‑hundred‑million loans.
- Fund IV is positioned to fill a gap left by some banks reducing commercial real estate exposure and could increase long‑term financing available for conversions and multifamily projects as C‑PACE expands across 39 states plus Washington, D.C.