Asset manager Nuveen has acquired Glennmont, a UK-based renewable energy fund manager, as it looks to meet increased investor demand for environmental funds and bolster its real assets portfolio.
The deal will see Nuveen take a 100% stake in Glennmont, adding to its existing private infrastructure platform which currently has more than $3.7 billion in assets under management (AuM).
Founded in 2008, Glennmont has more than €2 billion in AuM and raised more than €850 million for its third fund in 2019.
Glennmont will be integrated into Nuveen’s real assets platform but retain its independent investment process.
According to Glennmont, the acquisition will finance its expansion into the US and Asia. Nuveen is also expected to provide seed capital for a number of new products planned by Glennmont for 2021.
Glennmont managing partner and chief executive Joost Bergsma said the acquisition will enable the firm to “better support the global decarbonisation agenda and help lead the clean energy transition”.
The transaction is expected to close in the first quarter of 2021, subject to regulatory approval.
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