The fourth vintage of Nuveen Green Capital's C-PACE lending program closed above $1 billion, pushing the series past $3 billion raised since 2023 as insurance companies keep expanding into the asset class.
Nuveen Green Capital has closed the fourth vintage of its C-PACE lending fund series with more than $1 billion in new capital commitments, bringing total commitments across the four-fund series to over $3 billion since it launched in 2023. The fund provides long-term private financing to commercial building owners for energy-efficiency, water-efficiency and climate-resilience upgrades, financing typically repaid through a property-tax assessment rather than a conventional loan.
The new money came largely from insurance companies, continuing a pattern from the fund's three earlier vintages. Joseph Pursley, Nuveen's head of insurance for the Americas, said insurers are "building meaningful allocations" to the asset class because it fits their preference for longer-duration, investment-grade paper. Alexandra Cooley, the unit's CEO and chief investment officer, said investors have committed across all four vintages because "fundamentals remain steady."
The program is now active in 39 states plus Washington, D.C., and Nuveen Green Capital has originated more than $6 billion in C-PACE financing since 2015, including a $465 million transaction last year tied to a Washington office-to-residential conversion. That combination, growing state-level program access plus repeat institutional demand, is what has let the fund series roughly triple its per-vintage size since 2023, and it points to C-PACE lending becoming a more established piece of insurers' fixed-income allocations rather than a niche climate-finance product.