Nuveen raises over $1B for fourth C-PACE fund, pushing series past $3B
What's the deal? NuveenDealroom has a profile for this one. Try Dealroom → and its affiliate Nuveen Green Capital (NGC)Dealroom has a profile for this one. Try Dealroom → have closed a first round exceeding $1 billion in commitments for Nuveen CPACE Lending Fund IV. That brings the series' total commitments to $3 billion since its 2023 inception.
What's the endgame? The fund finances Commercial Property Assessed Clean Energy (C-PACE) upgrades — a state-administered program that gives building owners low-cost, long-term capital to make properties more energy efficient, water efficient, and climate resilient. NGC, which has originated more than $6 billion in C-PACE financings since 2015, targets investment-grade assets offering long-dated, steady returns.
Who's backing it? Insurers are driving demand, including new insurance limited partners. Nuveen's 2026 EQuilibrium survey found 46% of North American insurers plan to increase private fixed income allocations over the next two years, and 53% of those name private asset-backed securities like C-PACE as a target.
Why now? C-PACE is now active in 39 states plus the District of Columbia, widening NGC's addressable market. NGC posted 73% year-over-year growth, and 2025 deals ranged from $5 million to The GenevaDealroom has a profile for this one. Try Dealroom →, a Washington, D.C. office-to-residential conversion it calls the largest C-PACE financing in history.
"Insurers aren't just testing this asset class — they're building meaningful, repeatable allocations to it," said Joseph Pursley, Nuveen's head of insurance, Americas.
Alexandra Cooley, NGC's chief executive officer and chief investment officer, said investors have committed across four vintages "because the fundamentals remain steady throughout variable market cycles."
The signal: With over $1.4 trillion in assets under management, Nuveen is scaling a niche financing tool into a core institutional allocation. As more states adopt C-PACE legislation, the model links insurers' appetite for long-duration, investment-grade returns to climate-resilient building upgrades.
Image credit: Nuveen
