Nuveen agreed to acquire renewable energy money manager Glennmont Partners in a deal that will bolster the firm’s private infrastructure platform.
Money manager Nuveen already manages almost $3.7 billion in renewable energy, digital, telecom, transportation and social infrastructure sectors worldwide.
European clean energy infrastructure manager Glennmont runs more than $2 billion in assets. It raises long-term capital to invest in alternative power generation projects, including onshore and offshore wind farms, biomass power stations and small-scale hydroelectric power plants.
Terms of the deal were not disclosed, a spokeswoman for Nuveen said. The deal is set to complete in the current quarter and is subject to regulatory approval and other customary closing conditions, she said.
Glennmont’s partnership structure and distribution will remain the same, the spokeswoman said.
Glennmont will become Nuveen’s investment center for clean energy infrastructure and be integrated within the firm’s real assets platform. It increases Nuveen’s private real assets AUM to more than $150 billion.
“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 U.S. and Asia, while maintaining our focus on investments in Europe, which remains a key market for us,” Joost Bergsma, managing partner and CEO of Glennmont Partners, said in a joint news release. “This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition.”
Nuveen, the money manager arm of TIAA, had $1.1 trillion in assets under management as of Sept. 30.