Global investment manager Nuveen has agreed to acquire renewable energy fund manager Glennmont Partners in order to meet increasing global demand for environmentally responsible investments that provide alternative sources of attractive returns.
The acquisition will enhance Nuveen’s existing private infrastructure platform, which manages almost $3.7bn across renewable energy, digital, telecoms, transportation and social infrastructure sectors globally.
The transaction is expected to close during the first quarter of 2021, subject to regulatory approval and other customary closing conditions.
Glennmont will be Nuveen’s investment centre for clean energy infrastructure and will be integrated within Nuveen’s Real Assets platform, while retaining its independent and investment process.
No details of the price of the deal have been disclosed.
Nuveen chief executive Jose Minaya said: “Glennmont has a proven track record of investment excellence in one of the most dynamic and fastest growing infrastructure sectors.
“The Glennmont team also shares our values and our unwavering commitment to helping investors meet their long-term goals.”
Glennmont Partners chief executive and managing partner Joost Bergsma said: “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.”