(Credit: Pixabay)Nuveen, the global investment manager of TIAA, has successfully completed the initial public offering of the Nuveen Core Plus Impact Fund. The closed-end fund will begin trading on the New York Stock Exchange (NYSE) today, under the symbol NPCT.
The fund raised $575 million in its common share offering (excluding any exercise of the underwriters' option to purchase additional shares and seeks to deliver total return through high current income and capital appreciation). The fund invests in a diversified portfolio of fixed-income investments across four social and environmental themes: Affordable Housing, Community and Economic Development; Renewable Energy and Climate Change; and Natural Resources; or in issuers that demonstrate environmental, social, and governance (ESG) leadership.
The fund strategy deploys Nuveen's "Public Markets Impact Framework" to identify opportunities to generate measurable positive social and environmental impact, as well as its ESG criteria, while also delivering competitive financial return. A portion of the fund's assets under management will be dedicated to impact investing opportunities, including investments that provide exposure to issuers and/or individual projects with direct and measurable social and/or environmental benefits.
Nuveen says the remaining portion of the fund will be dedicated to ESG investments, providing exposure to issuers with leading ESG practices relative to industry peers. All investments in the fund are evaluated using Nuveen's relative value framework in order to deliver competitive financial returns.
