Nuveen acquires European renewable energy fund manager
Through this acquisition, Nuveen aims to bolster its existing private infrastructure platform, which manages almost $3.7bn across renewable energy, digital, telecoms, transport and social infrastructure sectors globally. The acquisition is also aimed at meeting increasingly global demand for environmentally responsible investments that provide alternative sources of attractive returns.
Glennmont, which singularly focuses on clean energy infrastructure, managed to raise over $1bn for its third private fund in 2019 – the largest amount ever raised for a dedicated European-focused clean energy fund at that period. The renewable energy specialist was founded in 2008 by Joost Bergsma, Francesco Cacciabue, Peter Dickson and Scott Lawrence, and has institutional clients such as pension funds, insurers, banks and wealth and asset managers across Europe, and manages $2bn worth of assets. This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition, said Joost Bergsma, managing partner and CEO of Glennmont Partners. The renewables asset manager has invested in over 2GW of mixed renewable energy generation and is based in London and regulated by the UK Financial Conduct Authority (FCA).
The acquisition will take Nuveen’s private real assets AUM to over $150bn, with an aim to accelerate Glennmont’s growth in 2021 with a suite of new products backed by seed capital from Nuveen and its parent company, TIAA, targeting European, US and Asian markets across the equity and credit space.