Andrew Kleinig

Nuveen, one of the largest asset managers globally with over USD$1.4 trillion AUM, has extended access to its Global Cities REIT strategy to Australian wealth investors.

The access comes via the firm’s Australian-domiciled feeder fund, Nuveen Global Cities Private Real Estate Fund (“The Fund”), with a recently registered product disclosure statement (PDS).

Currently available via platform providers including Netwealth, Mason Stevens, CFS, and Praemium, the Fund now offers its existing Australian wholesale investors the opportunity to invest alongside major Australian private banks and wealth managers, and ultimately Nuveen’s parent company, TIAA, which has invested over USD$300 million of its own capital in the strategy.

The Fund (invested via Nuveen GCREIT, its US-domiciled master fund) is a perpetual-life investment vehicle, which seeks to provide favourable long-term risk-adjusted returns, current income and capital preservation through investments in global private commercial real estate.

As of 31 October, 2025, the Nuveen GCREIT has a total asset value of approximately USD$3.0 billion. Assets are diversified across a range of asset types including industrial, healthcare and retail, and geographies, with allocations spanning North America, Europe, and Asia-Pacific.

From over 4,000 cities worldwide, Nuveen has identified the top 2% of cities through a detailed filtering process centred on structural megatrends as a guide for investment, which Nuveen believes will deliver superior, risk-adjusted returns.

The Fund also includes a hedge against USD foreign exchange (FX) exposure, helping to mitigate currency risk for Australia-based wholesale investors.

Richard Kimble, Managing Director, Portfolio Management Americas, at Nuveen said: “Our strategy is focused on providing global and sector diversification by targeting commercial real estate in the cities that we believe are best positioned to benefit from demographic and structural megatrends, such as urbanisation, technological innovation and the rise of the knowledge economy.

“We’re pleased to bring this strategy to Australian wholesale investors, providing access to a differentiated portfolio bringing long-term capital appreciation and resilient income through market cycles.”

Andrew Kleinig, Head of Australia at Nuveen, said: “Access to the benefits of global real estate has traditionally been reserved for institutional investors. Through the Nuveen Global Cities Private Real Estate Fund, we’re continuing to democratise access to high-quality, alternative investment strategies, for Australian wholesale investors. With fundamentals turning positive across key global city markets, we believe this is an opportune time to bring the strategy to Australia’s wealth audience.

“We’re seeing growing demand from family offices, private wealth advisers, and high-net-worth individuals for diversified, lower-volatility solutions with strong risk-adjusted returns. Backed by Nuveen’s global scale, deep sector expertise, and long-standing track record in real assets, the Nuveen Global Cities Private Real Estate Fund is well positioned to meet that demand.”

The Fund is an Australian registered investment scheme. Channel Investment Management Limited (AFSL 439007) is the trustee and manager of the Fund.

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Andrew Kleinig

Nuveen, one of the largest asset managers globally with over US$1.3 trillion AUM*, has reached second close of its commingled Australian commercial real estate debt strategy with commitments of over A$650 million.

Canada Pension Plan Investment Board (CPP Investments), through its subsidiary CPPIB Credit Investments Inc., invested A$300 million, joining Teachers Insurance and Annuity Association of America (TIAA) and Temasek as strategic partners of Nuveen for this strategy. Total AUM are expected to exceed A$1 billion including capital approved for co-investments.

The strategy is already more than 40% deployed via committed loan investments focusing on institutional senior and junior loans secured by prime real estate in Australia. Preferred sectors for the strategy are industrial / logistics and residential, with a selective approach to retail, office and alternatives across major cities in Australia.

The strategy leverages both Nuveen Real Estate’s global debt platform, which currently has over 55 dedicated specialists, and the team of more than 60 at Nuveen Real Estate in Asia. The strategy is led by Dugald Marr, Nuveen’s Head of Debt Australia and New Zealand, and the support of an experienced team with a long track record of originating and structuring high-quality loan investments in this market.

Investments are also aligned to Nuveen Real Estate’s comprehensive responsible investment processes and ESG factor analysis. This includes waste reduction and energy consumption, climate risk analysis and social aspects with the ability to structure Green Loans or Sustainable Linked Loans where applicable to incentivise ESG targets on behalf of clients.

The investment comes at a time when Australian commercial real estate debt offers the potential for a compelling blend of stability, attractive yields, and strong collateral protection, all of which are increasingly important to investors concerned about global volatility.

Australia’s mature market, supported by robust economic foundations, strict regulatory requirements for banks and the need for more alternative capital sources provides a good foundation for long-term investment in this space.

The strategy will continue to focus on repeat institutional borrowers, conservative lending parameters and prime assets in sectors that benefit most from Australia’s high population growth and limited supply.

Andrew Kleinig, Head of Australia and the Global Client Group for South East Asia at Nuveen, said: “This is another milestone for the strategy. With CPP Investments’ commitment, we will continue our focus on strategic, in-depth partnerships with the highest calibre of investors. We are excited to work with a like-minded partner who also shares a high conviction on the asset class. CPP Investments has provided significant value-add as a strategic investor, ensuring long-term success and growth of the partnership. It showcases Nuveen’s pedigree in real estate investment and our ability to bring regionally tailored solutions across both equity and debt platforms. We believe Nuveen’s offering across real assets more broadly is well-positioned to help clients across Asia navigate volatility alongside managing their responsible investment goals.”

Raymond Chan, Managing Director & Head of APAC Credit at CPP Investments, said: “Australia is one of our key markets in Asia Pacific and this transaction marks an important milestone for our credit strategy in the region. The investment builds upon our extensive market research and insights from our successful investments in Australia. Leveraging Nuveen’s strong local network and capabilities, this partnership enables us to tap into attractive real estate debt investments in Australia and further augment our credit program in the region. These opportunities offer stability and attractive yields amid global volatility, contributing to long-term returns for the CPP Fund.”

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Colin Woods

PAN-Tribal Asset Management has announced the recent launch of the Nuveen Churchill Private Credit Income Fund, which will provide Australian investors access to Churchill Asset Management’s US middle market private capital platform.

As part of Nuveen, a global asset manager with over US$1.3 trillion in assets under management (at 30 September 2024), Churchill Asset Management has an award-winning team with a proven 18-year track record.

The investment strategy offers indirect access to the booming US private capital market, allowing investors to benefit from a unique and differentiated approach to financing solutions for US-based middle market companies.

The Fund will invest substantially all of its assets in Nuveen Churchill Private Capital Income Fund (PCAP) which was established in March 2022 and now has more than US $1 billion under management invested across 230 portfolio companies among a range of sectors including business services, high tech, healthcare and pharmaceuticals, and construction and building.

Commenting on the new Fund, PAN-Tribal CEO Colin Woods said, “We are delighted to work with Nuveen to distribute this Fund in the Australian market.”

“The Fund’s management team focuses on the traditional US middle market to seek diversification, reliability and attractive risk adjusted returns as a complement to other private market loan segments.”

Andrew Kleinig, Head of Australia at Nuveen, said: “Access to the benefits of private capital have long been the purview of institutional investors alone.”

The launch of the Nuveen Churchill Private Credit Income Fund and our collaboration with PAN-Tribal Asset Management is the latest step in Nuveen’s journey to unlock the power of alternative and innovative investment solutions to, and beyond, its established institutional investor base.”

The Fund has a “Recommended” rating from Lonsec and its research report notes that Churchill is a private credit manager with an established pedigree, has an appropriately structured, reasonably sized and experienced investment team and that notable thought has been given to the structuring of the Australian feeder-vehicle.

The Nuveen Churchill Private Credit Income Fund is available on BT Panorama, Hub24 and netwealth.

Since the PAN-Tribal Global Equity Fund was launched in 2015, PAN-Tribal’s line up has been expanded to include the Ashmore Emerging Markets Equity Fund, the ATLAS Infrastructure Australian Feeder Fund, the Barwon Global Listed Private Equity Fund, the Jennison Global Equity Opp

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Kelli Marti

Nuveen, the US $1.3 trillion global asset manager, has extended access to its award-winning private capital platform to Australian wholesale investors via the launch of the Nuveen Churchill Private Credit Income Fund (the Fund). The Fund has already secured early investment from a range of leading Australian wealth managers, including Drummond Capital Partners, Stanford Brown, and Morrows Private Wealth.

The Fund is an Australian registered unit trust, and Channel Investment Management Limited ACN 163 234 240 AFSL 439007 will act as the responsible entity and manager of the Fund.

It will invest substantially all of its assets in Nuveen Churchill Private Capital Income Fund (PCAP) which was established in March 2022. PCAP is a perpetual-life, non-traded investment vehicle that seeks to provide current income and attractive risk-adjusted returns from private capital investments in US middle market companies. The Fund provides wholesale investors with exposure to a diversified portfolio of predominantly private debt investments in US middle market companies owned by leading private equity firms.

As of 31 August 2024, PCAP has an investment portfolio at value over US $1 billion and has 230 portfolio companies across a range of sectors including business services, healthcare and pharmaceuticals, high tech and construction and building.

Kelli Marti, Portfolio Investment Strategist of PCAP and Head of Collateralised Loan Obligation (CLO) Management at Churchill, said:“Australian wholesale investors looking to diversify their fixed income portfolios globally can find exposure to private credit markets overseas, particularly in the US.

“The private credit market now totals nearly US $2 trillion globally*, having more than doubled since 2015 and now rivals the size of the US high yield bond market. As private credit markets continue to grow and become more diverse, the need for scale is only increasing as the requirement for significant infrastructure favours larger firms with the financial resources to support this complexity. In addition, private equity firms seek to partner with private capital managers with demonstrated scale and expertise.”

Andrew Kleinig, Head of Australia at Nuveen, commented: “Access to the benefits of private capital have long been the purview of institutional investors alone. The launch of the Nuveen Churchill Private Credit Income Fund is the latest step in Nuveen’s journey of unlocking the power of alternative and innovative investment solutions to, and beyond, its established institutional investor base.

“We are seeing strong interest from family offices, private wealth and high-net-worth individuals for private markets solutions as they seek solutions targeting diversification, low volatility and attractive risk adjusted returns. We believe Nuveen, via its private credit specialists Churchill and Arcmont and rich heritage in broader private markets investment, has the scale and proven track record to provide what investors need across the breadth of the distribution spectrum.”

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Andrew Kleinig

AustralianSuper, Australia’s largest superannuation fund, today announced it has increased the program size of its partnership with Churchill Asset Management, an investment specialist affiliate of Nuveen, to US$1.5 billion.

The investment program targets senior and unitranche loans to private equity-backed U.S. middle market companies and builds on the partnership established in December 2022.

AustralianSuper has over US$4.5 billion (A$7 billion) invested in private credit globally, with the stated ambition to triple its exposure in coming years through a mix of direct lending by its in-house private credit team and strategic partnerships with best-in-class specialist managers such as Churchill.

AustralianSuper was ranked as the 18th largest pension fund in the world^[1] earlier this year in the Pensions and Investments / Thinking Ahead Institute’s Global Top 300 Pension study.  The Fund manages more than $300 billion of retirement savings on behalf of its 3.3 million members. AustralianSuper is looking to increase its investments in private credit as it is an asset class which could have the potential to provide attractive income, returns and stability during uncertain economic times.

Nuveen’s 2023 EQuilibrium survey found that over 80% of global institutional investors were planning to expand their reach for yield. Nearly half of those respondents were revisiting their traditional fixed income allocations, and the next most popular course of action was investment into private credit.

Churchill is the US$47 billion U.S. private capital investment-specialist of Nuveen, the asset manager of TIAA. Churchill has an established 17-year track record of disciplined investing in middle market senior loans across economic cycles and was recently ranked as the #1 most active U.S. direct lender in Q3 2023 by KBRA Direct Lending Deals^[2] . The firm reached a record high in activity in 2022 as it invested US$11 billion in over 375 transactions across senior lending, junior capital, equity co-investments and private equity fund commitments.

Churchill first partnered with Nuveen as the firm’s exclusive middle market senior and unitranche debt financing group in 2015. In 2022, Nuveen expanded its private debt platform with the acquisition of Arcmont Asset Management, covering the European market.

Ken Kencel, President and CEO of Churchill said: “We are excited to grow our partnership with AustralianSuper, Australia’s largest superannuation fund, and increasingly an investment leader on the global stage. AustralianSuper’s latest instalment reinforces the strength of our strategic partnership and their confidence in both our strategy and the private credit market. We believe we are currently in one of the most attractive investment environments in recent history, and we are pleased to provide AustralianSuper differentiated access to our directly originated, proprietary senior loan assets.”

AustralianSuper Head of Private Credit Nick Ward said: “We believe the current environment is especially appealing to increase our investments in private credit. Lending margins have increased due to heightened macroeconomic risks, base rates have gone from zero to 5% so you are now looking at yields of 10-12% for senior lending to middle market companies^[3] .

We believe Churchill is a best-in-class loans manager. Together with their long track record and being able to underwrite loans with knowledge of the higher rates environment represents an attractive risk-adjusted proposition.”

Andrew Kleinig, Managing Director and Head of Australia at Nuveen, said: “We are delighted to expand our remit with AustralianSuper and further extend what has been a very successful partnership to date. We’ve seen a well-documented increase in the search for yield around the world.

​This rings especially true in Australia’s superannuation market as ever-growing funds, and an aging population, mean post-retirement stage members are driving increased demand for consistent income opportunities.

Nuveen Private Capital is uniquely equipped with specialist partners, including Churchill and Arcmont Asset Management in Europe, to meet the demand for private capital from AustralianSuper and other local institutional investors.”

———-

[1] “World’s top pension funds see the largest assets fall in 20 years”. WTW. Retrieved 20 October 2023.
[2] KBRA Direct Lending Deals League Tables – H1 2023 and Q3 2023.
[3] Represents spread plus the greater of 3-month base rate, or base rate floor, if applicable, plus amortization of OID over 3-year assumed loan life. Portfolio yield is only one component of expected performance and is not and should not be viewed as a statement of the future performance of the strategy

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Jaxon Rudduck

Nuveen, one of the largest global asset managers with over US$1.1 trillion assets under management, this week announced the appointment of Jaxon Rudduck as the new Head of APAC ex-Japan Consultant Relations.

Mr Rudduck’s appointment is part of a strategic expansion to Nuveen’s Asia-Pacific Global Client Group. In his new role, Mr Rudduck will foster Nuveen’s relationships with counterparts at key global investment consulting firms throughout APAC ex-Japan, to develop and retain assets for Nuveen’s investment strategies.

With an impressive track record and strong expertise in consultant relations, strategy and distribution, Mr Rudduck brings a wealth of experience to Nuveen. He has previously worked at Janus Henderson Investors Australia as Head of Consultant Relations, and as Senior Product Development Manager & Research Manager. Additionally, he has held key roles at Man Group PLC.

Andrew Kleinig, Managing Director and Head of Australia at Nuveen, said: “We are delighted to welcome Jaxon, and I am confident his depth of industry knowledge and technical skillset will be advantageous to Nuveen’s strategic expansion.”​

“Jaxon’s specialist expertise in consultant relations, strategy and distribution provide us with new opportunities to drive positive commercial outcomes at Nuveen and build on the existing valuable relationships we have established in the institutional landscape.”

Jaxon Rudduck, Head of APAC ex-Japan Consultant Relations at Nuveen, said: “I am looking forward to joining and working with the incredible team at Nuveen. My ability to establish key relationships have equipped me well to lead the development of deep partner relationships and build strong organic growth for the business.”

Mr Rudduck holds a Bachelor of Science (Business Administration), majoring in Finance and Business Law at Boston University, and holds qualifications as a Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA).

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The new investors, which include Cbus Super, Hostplus and TWUSUPER, represent some of Australia’s largest superannuation funds. Hostplus and TWUSUPER were advised by JANA Investment Advisers, noting the diversification benefits of investing in sectors not readily available in the Australian market.

Together, Cbus Super, Hostplus and TWUSUPER manage over $176.5 billion of retirement savings on behalf of over 2.5 million members.

Nuveen’s US Cities Workplace strategy invests in alternative workplace assets, primarily across the medical office, life science, technology R&D and studio production sectors in American cities best positioned for demographic and structural growth. The strategy is built on the foundation of innovation, healthcare and technology demand drivers.

It sits within the firm’s global resilient series based on its core income strategy, and long- term capital growth potential. The underlying subsector selection provides strong diversification and its mission-critical attributes have proven particularly valuable through the pandemic period.

Andrew Kleinig, Managing Director and Head of Australia at Nuveen, said: “For us, this is the exciting start of four new partnerships with institutions looking to generate long term income for their investees. Against a difficult economic background, we see fundamental opportunities in the US alternative workplace sector and look forward to sharing these with our new partners.

We are thrilled to be growing our Australian footprint and deepening relationships with local institutions who value our unique global and sectoral expertise.”

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Rekha Unnithan

Nuveen, a leading global investment manager with over US$1.2 trillion of assets under management, has announced the final close of the Nuveen Global Impact Fund, LP and affiliated entities (the “Fund”).

The Fund, which is the first private equity impact fund raised by Nuveen, has secured a total of US$218M from a diverse mix of global investors, with the aim of generating strong financial returns and addressing two of the greatest sustainable development challenges: climate change and inequality.

“Nuveen has been at the forefront of impact investing for decades, and there is an immediate opportunity to drive positive influence on some of world’s most pressing problems relating to climate change and inequality,” said Rekha Unnithan, CFA, co-head of private markets impact investing at Nuveen. “We are proud to build on our momentum from our initial fund closing in 2020 and look forward to engaging with more companies that meet our investors’ values and market views.”

The Fund will target investments that enable disruptive businesses to reduce waste and use resources in a circular manner, improving energy efficiency and reducing emissions. In addition, the Fund will target investments that expand access to and reduce the cost of basic products and services for underserved consumers. Nuveen takes an active approach to impact management, working with portfolio companies to both better understand the social and environmental outcomes of their companies’ products, services, and operations; and actively working with them to improve those outcomes.

Nuveen has also confirmed that leading Australian financial services group Perpetual has made a meaningful investment into the Fund.

“We are delighted with Perpetual’s meaningful investment to the Fund and appreciate the ongoing partnership between our firms,” said Andrew Kleinig, Managing Director, Head of Australia at Nuveen. “We are committed to further strengthening our impact investing capabilities and commitments globally and we look forward to assisting other Australian institutions with their impact investing objectives in the future.”

Nuveen is a pioneer in impact investing, with a strong track-record of driving strong financial results and an overall, positive influence for society’s most pressing problems. The firm made its first impact investment in the 1980s and has since invested over US$500 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. Today, Nuveen manages over US$5.8 billion across all of its public and private markets impact investing strategies.

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Anupam Damani

Nuveen, the global investment manager with over $1.2 trillion in assets under management, announces the launch of a Global Core Impact Bond strategy.

Drawing on Nuveen’s 50-year legacy in responsible investing, the strategy offers an actively managed, multi-currency global bond portfolio that invests across global fixed income markets. The strategy follows the well-established ESG/impact investment process established in 2007 by Stephen Liberatore, Head of ESG/Impact – Global Fixed Income. As is the case for the (US) Core Impact Bond and Short Duration Impact Bond strategies, the Global Core Impact Bond strategy will direct capital to best-in-class ESG leading issuers and securities that provide direct and measurable environmental or social impact.

The strategy will be co-managed by Liberatore, Anupam Damani, Head of International and Emerging Markets Debt, and Jessica Zarzycki, co-portfolio manager for the existing ESG/impact fixed income accounts.

As an early adopter, with a strong history, of impact investing, Nuveen has a long track record of putting capital to work for both people and planet. The strategy harnesses Nuveen’s proprietary public fixed income impact framework, including transparent use of proceeds and annual disclosure of measurable outcomes, to ensure positive impact. The strategy will direct capital at the following impact themes: affordable housing; community and economic development; renewable energy and climate change; and natural resources.

The strategy is further defined by its allocation to ESG Leaders. Taking a best-in-class approach, the team invests with issuers who are setting an example for others in their industry or market sector with respect to material ESG risks and behaviors. Unlike other ESG strategies that may consider or integrate ESG factor analysis to value securities and price risk, ultimately investing in ESG laggards or material ESG risk when they feel appropriately compensated, this strategy seeks to avoid investments in such securities – regardless of price.

As is customary for global, multicurrency fixed income strategies with a total return objective, the team will seek investment opportunities across the broad bond market. The strategy may allocate up to 40% in emerging markets and 15% in high yield, at the managers’ discretion. It will launch with $25M of seed capital.

Commenting on the launch, portfolio manager Stephen Liberatore said: “Significant investment is needed to combat some of the key issues our society faces, including climate change, global inequality and chronic housing shortages across the world. Yet the perception – an inherently false one – is that impact objectives either require a performance sacrifice or can be pursued only through private strategies.

“We firmly believe public markets, and in particular the fixed income space given its size, can offer investors attractive risk adjusted returns, while ensuring they have a measurable societal and environmental impact.”

Andrew Kleinig, Managing Director, Head of Australia, commented: “The global pandemic has brought to the fore the need to tackle social and environmental issues head on. In response, we are seeing increasing demand from our clients for investment solutions that offer both returns and tangible impact. We can make real progress in areas such as affordable housing and community development, by investing in a range of public fixed income sectors where proceeds can be tied to specific projects or initiatives or are used to fund entities fully engaged in such efforts. This appeals to clients globally, as they seek to align their investments to specific outcomes.”

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