Nuveen has acquired European renewable energy fund manager Glennmont Partners. Nuveen is an asset management arm of US financial services group TIAA.
Established in 2008, Glennmont Partners focuses mainly on investment in clean energy infrastructure. The company manages more than €1.7 billion worth of assets.
The asset manager told the media, Glennmont will be “integrated within Nuveen’s $150 billion real assets platform while retaining its independent and proven investment process. The acquisition is anticipated to enhance its existing private infrastructure platform.
Joost Bergsma, Managing Partner and CEO of Glennmont Partners, told the media, “My co-founders and I are delighted to be entering into this agreement with Nuveen, where we can continue our growth and deliver strong performance for investors from assets across new geographies in the US and Asia, while maintaining our focus on investments in Europe, which remains a key market for us. This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition.”
The transaction is expected to close in the first quarter of 2021. However, it is subject to regulatory approvals. The asset manager overall serves 400 institutional clients in the EMEA region, focusing on a wide array of investors, including pension funds, insurance companies, sovereign wealth funds, banks and family offices. It is reported that the acquisition will result in Nuveen’s assets under management to more than $15o million. The platform is focused on long-term and sustainable investment growth strategy, with a key focus on renewable energy.