ImpactAlpha, April 12 — Nuveen, the $1.3 trillion asset-management arm of TIAA, has enlisted Shell Foundation to allocate growth capital to companies helping vulnerable communities in Asia and Africa get clean energy and build resilience in the face of climate change.
“To reach under-served consumers in a way that is affordable, commercially sustainable and scalable, game-changing social enterprises require an appropriate continuum of capital,” said Shell’s Ashish Kumar. He said the five-year partnership “will catalyze entire markets into addressing the Sustainable Development Goals.”
Nuveen made the commitment through Nuveen Global Impact, a dedicated private equity fund that raised $218 million in February.
Nuveen’s Rekha Unnithan said the asset manager had vetted companies in Shell Foundation’s portfolio, many of which target the new fund’s strategies in agri-renewables, agri-finance, energy for business, mini-grid renewables, mobility and off-grid utilities.