Nuveen to buy Glennmont, manager of Renewable Energy Fund

Adam

US investment manager Nuveen stated it would acquire Glennmont Partners- a renewable-focused peer in an attempt to satisfy growing demand in capital markets for social, environmental and corporate governance (ESG) items. Glennmont, a green energy fund manager situated in the United Kingdom, will be merged into Nuveen’s real asset platform, becoming the “clean energy infrastructure investment center,” Nuveen stated. There was no financial information available for the purchase.

The deal is intended to reinforce Nuveen’s current framework for private infrastructure, under which the United States company controls approximately USD 3.7 billion (EUR 3.04 billion) in assets, including renewables. In the meantime, the acquired firm will be able to deliver a suite of innovative products funded by seed funding from Nuveen as well as its parent corporation TIAA, thus expanding its growth.

“My co-founders and I have been pleased to join this partnership with Nuveen, in which we can continue our development and offer good results to asset holders through new geographies in the United States and Asia while retaining our emphasis on investments in the Europe, which remains a core market for us,” stated Joost Bergsma, Chief executive of Glennmont.  Pending regulatory approval, the transaction is scheduled to be concluded within the current year.

Glennmont Partners is among the biggest fund managers in Europe, focused primarily on investments in renewable energy infrastructure, investing funds worth over $2 billion across 31 investments of 1,523 MW per technology. Investing in renewable power generation schemes, like on- and off-shore wind turbines, biomass power plants, solar parks as well as small-scale hydropower facilities creates long-term capital. His carefully chosen, risk-managed investments accomplished sustained success and stable returns over duration of ten years or even more.

Glennmont has invested in more than 2 GW of blended renewable energy generation to give investors a yield-return balance. Since the year 2007, the founding partners, headquartered in London, have indeed been working together to build a reputation for making smart, long-term ventures that produce absolute returns. In the year 2019, for its third private investment, Glennmont effectively raised more than $ 1 billion. This was the highest amount ever earned at the period for a European-centered fund for renewable energy, the organization said. Subject to regulatory clearance, the deal is scheduled to conclude in Q1 2021, with Nuveen taking a 100 percent interest in Glennmont.

Collectively, Nuveen represents roughly 400 institutional clients through a broad spectrum of investors in EMEA areas, including insurance firms, pension funds, sovereign wealth funds, family offices and banks. The business provides clients a wide variety of different accounts, commingled fund as well as UCITS strategies through a wide variety of various liquid as well as illiquid strategies, which include fixed income and the traditional equities and the private capital, as well as real assets and real estate.

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