$1.3 Trillion Asset Manager Nuveen Announces Close of Australia First Commingled Real Estate Debt Strategy with Anchor Investments of Over $255 Million (AUD 400 Million) from Singapore Temasek and Teachers Insurance & Annuity Association of America (TIAA), Fund Focuses on Institutional Senior & Junior Secured Real Estate Loan Investments in Australia in Industrial, Logistics, Residential and Selectively Retail, Office & Alternatives in Major Cities in Australia, Strategy Led by Nuveen Real Estate Head of Debt Australia & New Zealand Dugald Marr
9th December 2024 | Hong Kong
United States asset manager Nuveen ($1.3 trillion AUM) has announced the close of Australia first commingled real estate debt strategy with anchor investments of over $255 million (AUD 400 million) from Singapore Temasek and Teachers Insurance & Annuity Association of America (TIAA). The new fund will focus on institutional senior & junior secured real estate loan investments in Australia in industrial, logistics, residential and selectively retail, office & alternatives in major cities in Australia. The fund strategy is led by Nuveen Real Estate Head of Debt Australia & New Zealand Dugald Marr. Nuveen (5/12/24): “Nuveen, one of the largest asset managers with over $1.2tn AUM, has closed its first commingled Australian commercial real estate debt strategy with anchor investments of over AU$400M from the Teachers Insurance and Annuity Association of America (TIAA) and Temasek, a global investment company headquartered in Singapore. These commitments are expected to grow via additional investments from other global investors who are currently progressing due diligence. The strategy is focussing on institutional senior and junior secured real estate loan investments in Australia. It primarily will look to the industrial, logistics and residential sectors, with a selective approach to retail, office and alternatives across major cities in Australia. The strategy leverages both Nuveen Real Estate’s global debt platform, which currently has over 55 dedicated specialists, and the 60+ team at Nuveen Real Estate in Asia. The strategy is led by Dugald Marr, Head of Debt Australia & New Zealand, together with an experienced team who have a long track record of originating and structuring high-quality loan investments in this market. The team has already secured a large seed loan portfolio and pipeline with the backing of TIAA for the benefit of current and future investors. Investments will also be influenced and aligned to Nuveen Real Estate’s comprehensive responsible investment processes and ESG factor analysis. This includes waste reduction and energy consumption, climate risk analysis and social aspects with the ability to structure Green Loans or Sustainable Linked Loans where applicable to incentivise ESG targets on behalf of its clients.” In 2024 October, Nuveen ($1.2 trillion AUM) launched a new $170 million measurable social & environmental credit fund Global Credit Impact Strategy, investing in investment grade corporates & other credit sectors.
“ $1.3 Trillion Asset Manager Nuveen Announces Close of Australia First Commingled Real Estate Debt Strategy with Anchor Investments of Over $255 Million (AUD 400 Million) from Singapore Temasek and Teachers Insurance & Annuity Association of America (TIAA), Fund Focuses on Institutional Senior & Junior Secured Real Estate Loan Investments in Australia in Industrial, Logistics, Residential and Selectively Retail, Office & Alternatives in Major Cities in Australia, Strategy Led by Nuveen Real Estate Head of Debt Australia & New Zealand Dugald Marr “
Dugald Marr, Head of Debt – Australia, Nuveen Real Estate: “We believe investment in Australian commercial real estate debt offers investors a compelling blend of stability, attractive yields and strong collateral protection. Australia’s mature market, supported by robust economic foundations, strict regulatory requirements for banks and the need for more alternative capital sources provides a good foundation for long-term investment in this space. Our focus is institutional borrowers, conservative lending parameters and prime assets or projects in sectors that benefit most from Australia’s high population growth and limited supply … … Those market fundamentals and strategy, coupled with Nuveen Real Estate’s extensive real estate debt platform, presents an enticing opportunity for institutions to diversify their portfolios whilst looking to achieve stable returns. Through continued partnerships with like- minded clients, we are excited to continue taking advantage of opportunities in Australasia and beyond.”
Gracee Teo, Head of South East Asia Institutional, Nuveen: “This milestone for the strategy, and partnership with such high calibre investors in the region, truly showcases Nuveen’s pedigree in real estate investment and our ability to bring regionally tailored solutions across both equity and debt platforms. We believe Nuveen’s offering across real assets more broadly is well-positioned to help clients across Asia navigate volatility alongside managing their responsible investment goals.”
Nuveen – Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of 30 September 2024 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies.
Nuveen Real Estate – Nuveen Real Estate is one of the largest investment managers in the world with US$143 billion of assets under management at 30 September 2024. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 85 years of real estate investing experience and 785 employees* located across 30+ cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
$1.2 Trillion Asset Manager Nuveen Launches New $170 Million Measurable Social & Environmental Credit Fund Global Credit Impact Strategy Investing in Investment Grade Corporates & Other Credit Sectors, Global Investors Include Parent Company TIAA & Norway Gjensidige Pensjonsforsikring, New Fund Co-Managed by Nuveen Portfolio Manager Jessica Zarzycki & Head of Fixed Income Impact Stephen Liberatore
14th October 2024 – United States asset manager Nuveen ($1.2 trillion AUM) has launched a new $170 million measurable social & environmental credit fund Global Credit Impact Strategy, investing in investment grade corporates & other credit sectors. The $170 million fund launch was raised from global investors including Nuveen parent company TIAA & Norway Gjensidige Pensjonsforsikring. The fund is co-managed by Nuveen Portfolio Manager Jessica Zarzycki & Head of Fixed Income Impact Stephen Liberatore. Nuveen (13/10/24): “Nuveen, the $1.2 trillion global asset manager, has launched a Global Credit impact strategy with the aim of generating long term returns while seeking to create a direct, measurable social and environmental impact. It has been launched with investment around $170 million from a range of global investors, including Gjensidige Pensjonsforsikring* and Nuveen’s parent company TIAA. The Global Credit impact strategy, which is the latest in a series of launches from Nuveen’s $413 billion fixed income platform, draws upon the firm’s deep sector expertise and long history of managing fixed income portfolios focused on sustainability. It will seek to provide investors with access to investment grade corporates and other credit sectors designed to deliver alpha and total return. Investments in the portfolio will include exclusive use of proceeds benefiting environmental or social outcomes, and from issuers with commitment and an ability to deliver transparent impact reporting. It will aim to address real world issues such as access to affordable housing and community development, as well as environmental issues ranging from climate change to the regeneration of natural resources. Nuveen’s ability to be at the cutting-edge of responsible and sustainable investment across fixed income is driven by its proprietary impact investing framework and its proactive engagement with issuers. The framework, which was established in 2007, identifies impact investments across global fixed income markets based on a range of direct and measurable criteria. Alongside Nuveen’s parent company TIAA, Gjensidige’s decision to invest is further testament to Nuveen’s deep understanding of the fixed income impact market, having been at the forefront of product innovation over the years. This includes, but is not limited to, being anchor investors to the World Bank’s Rhino Bond, the Seychelles Blue Bond, Barbados Blue Bond and, most recently, the Amazon Reforestation Bond.” *Gjensidige Pensjonsforsikring is a wholly owned subsidiary of Gjensidige Forsikring ASA; a leading general insurance company in the Nordics aimed at the life- and pension business, focused on sales of defined contribution plans.
Anders Persson, CIO of Global Fixed Income, Nuveen: “Growing our fixed income platform and specialist range are cornerstones of our continued international expansion as a truly global asset management business. Nuveen has a deep history of being at the forefront of product innovation, from our founder John Nuveen pioneering the municipal bond market as a means of financing US infrastructure, to our work in green, blue and orange bonds in recent years. This launch is just the next step in Nuveen’s continued growth in terms of offering alongside further partnering with like-minded investors across the world who share in our vision of investing to make an enduring impact on the world.
Jessica Zarzycki, Portfolio Manager of the Global Credit Impact Strategy: “The strategy will seek to not only consistently outperform the global corporate bond market on an excess and risk-adjusted basis, but also aim to lower the cost of capital for environmental and social projects by funding initiatives through the easily accessible, liquid public fixed income markets. We are encouraged by the level of client interest in the strategy at launch and their belief in our position as an innovator in impact investing.”
Åge Sætrevik, CIO at Gjensidige Pensjonsforsikring: “We had been searching a like-minded partner for our global impact credit allocations long before launching sustainable pension profiles in Norway two years ago with the goal of broadening our SFDR Article 9 offering and having a positive world impact. By partnering with Nuveen to invest in the Global Credit Impact strategy, we are providing our clients with innovative, sustainable pension saving options different. Since launching the service, we have seen strong interest and are encouraged by how highly valued the impact sector is to our clients.”
Jessica Zarzycki, Portfolio Manager – Jessica is a portfolio manager for Nuveen’s global fixed income team. She is an integral part of the ESG/Impact fixed income and International strategy teams and a lead portfolio manager for the Global Core Impact strategy and a co-portfolio manager on Core Impact Bond, Green Bond, Emerging Markets Impact Bond, and Short Duration Impact Bond strategies. She is a frequent panellist and speaker at ESG and Impact conferences. She serves on the Steering Committees of the Orange Bond Principals and was a member of the ICMA Advisory Board (2020-21), which provides insight and guidance to the Executive Committee on issues affecting the Green, Social, and Sustainable Bond markets.
Stephen Liberatore, Head of Fixed Income Impact – Steve is the lead portfolio manager for Nuveen’s fixed income strategies that incorporate Environmental, Social and Governance (ESG) criteria and Impact investments. He is also a member of the Investment Committee. Steve was a member of the ICMA Green Bond Principles initial executive committee and subsequently its Advisory Council. He serves on the Steering Committees of the Debt Conversion for Nature and Climate Practice Standards and the Orange Bond Principals. He is also a member of the UN Capital Development Fund’s working group on Climate Resilient Infrastructure Finance, Sustainalytics’ Investor Committee and the board of the Fixed Income Analysts Society, Inc.. He is a frequent speaker at conferences and a subject matter expert across media outlets. Steve and his team were awarded “ESG Fund of the year –fixed income” at Environmental Finance’s (EF) 2024 Sustainable Investment Awards in addition to “Investment team of the year –asset manager” and “Fund of the year –fixed income” at Environmental Finance’s (EF) 2023 Impact Awards. Previously, Steve and team were recognized as “Investor of the Year” (EF 2020 Bond Awards) and “Impact Report of the Year (for Investors)” (EF 2022 Bond Awards).
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