Nuveen Raises More Than $1B for Fourth C-PACE Fund

Nuveen and its Nuveen Green Capital affiliate have raised more than $1 billion in an initial close for their fourth commercial property assessed clean energy lending fund, reflecting growing insurer demand for long-duration, asset-backed credit.

Nuveen CPACE Lending Fund IV is approaching its reported $1.2 billion target and has already raised 27% more than its $785 million predecessor, according to The Wall Street Journal. The latest close brings commitments across the fund series to $3 billion since its 2023 launch.

Fund IV will invest in financings originated by Nuveen Green Capital, which said its annual origination volume increased 73%. The platform has originated more than $6 billion since its founding in 2015.

“The fundamentals remain steady throughout variable market cycles,” Nuveen Green Capital CEO and CIO Alexandra Cooley said. She cited proprietary sourcing, established borrowers, and the measurable environmental impact of financed improvements.

Nuveen’s 2026 EQuilibrium survey found 46% of North American insurers planned to increase private fixed-income allocations during the next two years. Among those respondents, 53% identified private asset-backed securities such as C-PACE as a target.

The strategy’s expansion comes as C-PACE financing fills gaps in commercial real estate capital structures amid tighter bank lending.

Nuveen Green Capital recently provided a record $465 million C-PACE financing for The Geneva, a Washington office-to-residential conversion. The financing was paired with a $110 million senior loan, bringing the project’s total debt package to $575 million.

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