Dealflow | February 14, 2022

Nuveen closes its inaugural impact fund at $218 million

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 14 – Nuveen has reached a final close of $218 million for its Global Private Equity Impact Fund, its first dedicated impact private equity fund.

The $1.3 trillion investment manager topped up its Global Private Equity Impact Fund with another $68 million since its first close in July 2020. The final raise falls far short of Nuveen’s initial goal of $400 million for the fund, which is focused on climate change and inequality.

Danish pension fund Velliv was among the fund’s anchor investors. Nuveen did not announce the fund’s latest round of backers. 

Early deals

The fund’s first two investments are in Indian microfinance company Annapurna Finance, which serves 1.7 million mostly female business owners, and Advanced Battery Concepts, a Michigan-based green battery developer.

Nuveen’s broader impact portfolio includes $5.8 billion in public and private investments. The investment manager is known for direct deals in companies like New Jersey-based Do Good Foods, which recycles unused food as livestock feed, and Chennai-based farmer finance venture Samunnati.