Global investment manager Nuveen Real Estate has launched a new division of the business focused on addressing “some of the most pressing social and environmental challenges” in the US, Europe and Asia Pacific region.
Nadir Settles will serve as global head of impact investing with Pamela West as senior portfolio manager, impact investing.
Nuveen said the mandate to invest up to $15bn (£12.2bn) in real estate AUM by 2026 was designed specifically to improve communities by providing supportive services, enhancing residents’ quality of life and financial outcomes, and ensuring affordable, sustainable and climate safe housing.
“Nuveen is a pioneer in impact investing and we are competitively positioned to deliver a market-leading sector globally and at scale,” said Chris McGibbon, global head of real estate at Nuveen. “Under Nadir and Pamela’s leadership, I am confident that this new sector will address some of the most pressing challenges in local real estate across the globe, while creating an avenue for investors to have a significant impact through their capital investment.”
Nuveen said it would invest in early-stage projects and take an impact-led approach to increase the supply of social and affordable housing by targeting low-income and disadvantaged populations, while also focusing on regeneration projects within healthcare, education, and transportation services.
“By leveraging Nuveen Real Estate’s industry expertise, we are going beyond just affordable housing to focus our attention on community revitalisation,” said Settles. “We see an immediate opportunity to scale our strategy and leverage our leading position in the industry to support tenant wellbeing and create a more sustainable future.”
Settles, currently head of Nuveen’s New York office, will report directly to Carly Tripp, global chief investment officer and head of investments, and lead an international team across the US, Europe and APAC in identifying and pursuing relevant real estate impact investments, while growing the overall sector. He will also continue as head of the New York office.
West brings 25 years of industry experience, of which nearly a decade has been dedicated to deploying capital into affordable housing strategies and addressing social and environmental issues. She will continue to oversee the framework’s strategy, portfolio construction, and client relationships. West reports to Shawn Lese, chief investment officer and head of funds management, Americas.
Nuveen made its first investment in impact in the 1980s and has since invested more $500m in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages more than $5.8bn across all of its public and private markets impact investing strategies.
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