Continued Investor Demand Led by Insurers Underscores Growing Appeal
for Scaled Exposure to the C-PACE Asset Class
NEW YORK, Aug. 25, 2026 — Nuveen, one of the largest asset managers globally with over $1.4 trillion AUM1, and Nuveen Green Capital (“NGC”), a Nuveen affiliate and a leading provider of sustainable commercial real estate financing solutions with over $6 billion in AUM, today announced a first close exceeding $1 billion in new capital commitments for Nuveen CPACE Lending Fund IV. This brings total commitments to the Fund Series to $3 Billion since the series’ inception in 2023.
Founded in 2015, Nuveen Green Capital is a pioneer in Commercial Property Assessed Clean Energy (C-PACE) financing. C-PACE is a public-private financing program administered at the state level that provides building owners and developers with low-cost, long-term private capital for these upgrades.
Nuveen CPACE Lending Fund IV builds on the momentum of Nuveen Green Capital’s 73% year-over-year growth, driven by proprietary originations volume from vertically integrated originations and investment management. Consistent with prior vintages, Fund IV provides investors with predictable deployment into attractive investment-grade assets that offer the potential for long-dated, steady returns while financing capital improvements that make commercial buildings more energy efficient, water efficient, and climate resilient.
“Investors have committed to this strategy across four vintages because the fundamentals remain steady throughout variable market cycles. NGC’s vertically integrated platform continues to deliver a scaled, proprietary flow of C-PACE assets originated with established sponsors, combining compelling economics with measurable impact,” said Alexandra Cooley, CEO and CIO of Nuveen Green Capital. “The momentum behind this raise has been bolstered by our track record of strong origination volume, deployment, and consistent performance. Since 2015, NGC has originated more than $6 billion in C-PACE financings across securitizations. Fund IV strengthens our leadership position with increasing balance sheet capacity that institutional borrowers value.”
Nuveen’s 2026 EQuilibrium survey of global institutional investors shows that North American insurers continue to prioritize private fixed income, with 46% planning to increase their private fixed income allocations over the next two years — and among those, 53% identify private asset-backed securities like C-PACE as a key target asset class.2
“The continued growth in commitments from across four funds tells us that insurers aren’t just testing this asset class – they’re building meaningful, repeatable allocations to it,” said Joseph Pursley, Nuveen Head of Insurance, Americas. “Life insurers in particular continue to prioritize longer duration, investment grade, asset-backed securities with attractive risk-adjusted returns, and NGC’s C-PACE strategy consistently delivers on that mandate while advancing climate resiliency at scale. The demand we’re seeing for Fund IV – including new insurance LPs – reinforces that this is becoming a durable, core allocation for insurance portfolios rather than a one-off commitment.”
Growth of the asset class is supported by continued expansion of the C-PACE program, which is now active in 39 states plus the District of Columbia. As more states adopt C-PACE legislation and refine their programs, NGC’s addressable market continues to widen, further supporting the origination pipeline behind Fund IV. This is reflected in the diversity of transactions closed across the platform in 2025 – from $5 million transactions to those exceeding hundreds of millions, such as The Geneva, a landmark office-to-residential conversion in Washington, D.C., the largest C-PACE financing in history.3
Media Contact
Andrew Chironna, [email protected], 212-913-1015
About Nuveen
Nuveen is a global investment leader, managing $1.4T in public and private assets for clients around the world, as of June 30, 2026. With broad expertise across income and alternatives, we invest in the growth of businesses, real estate, infrastructure, and natural capital, providing clients with the reliability, access, and foresight unique to our 125+ year heritage. Our prevailing perspective on the future drives our ambition to innovate and adapt our business to the changing needs of investors — all to pursue lasting performance for our clients, our communities, and our global economy. For more information, please visit www.nuveen.com.
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C-PACE assets are subject to various risks, including but not limited to: risks of insufficient cash flow of the subject property due to impaired operations or value; risks of a decline in the real estate market or financial conditions of a major tenant; risks of delinquencies and defaults; failure of the subject properties to complete agreed upon construction, repairs or improvements or achieve projected energy savings; limited operating history of certain subject properties; risk of assessments underlying certain C-PACE assets failing to comply with applicable state or local laws; risks of disputes with subject property owners and mortgage lenders; environmental contamination risks affecting the subject property; lack of industry-wide prepayment information available for commercial C-PACE assessments; and changes in laws and policies impacting C-PACE programs.
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Nuveen Green Capital is an indirect subsidiary of Nuveen LLC and Teachers Insurance and Annuity Association of America (TIAA) and a member of the TIAA group of companies.
1 As of June 30, 2026
2 Nuveen 2026 Global Institutional Investor Survey, EQuilibrium Insurance Edition.
3 Commercial Observer, Nuveen Green Capital Originates Record C-PACE Financing With $465M D.C. Deal (January 6, 2026)
SOURCE Nuveen
