Nuveen Secures $785M for C-PACE Fund III
Nuveen and its affiliate Nuveen Green Capital (NGC) have secured $785 million in new capital commitments for Nuveen C-PACE Lending Fund III, a vehicle designed to give institutional investors—particularly insurers—exposure to investment-grade, long-duration real estate debt with measurable sustainability impact.
The fund supports U.S. commercial property improvements focused on energy efficiency, water conservation, and climate resiliency through the C-PACE (Commercial Property Assessed Clean Energy) program.
NGC’s vertically integrated C-PACE platform originates proprietary loans for qualified property upgrades, offering low-cost capital to developers and building owners. The strategy aligns with growing institutional demand for fixed-income alternatives that meet ESG criteria and offer attractive risk-adjusted returns.
“While sustainability and impact remain key considerations for insurers and their investments, we also continue to see life insurers prioritizing longer duration, investment grade asset backed securities with attractive risk-adjusted returns,” said Joseph Pursley, Nuveen Head of Insurance, Americas.
Alexandra Cooley, CIO and Co-founder of NGC, emphasized the firm’s ability to scale with quality: “NGC’s vertically integrated platform brings investors scaled and proprietary flow of C-PACE assets with established sponsors with both compelling economics and positive social impact.”
The momentum behind Fund III builds on NGC’s existing track record. Since 2017, Nuveen and NGC have originated over $3 billion in C-PACE financings across securitizations and private funds. In a notable move last October, NGC partnered with CDPQ to launch a $600 million sustainable CRE lending program that integrates C-PACE with senior bridge and construction financing.
Backed by Nuveen’s broad insurance client base—which spans over 125 firms and $325 billion in managed assets—Fund III also reflects a broader institutional pivot. According to Nuveen’s recent survey, 93% of global insurers now consider or plan to consider environmental and social factors in their investment decisions.