2021-2022 Nuveen private equity impact report

Driving an inclusive climate transition

2021-2022 were landmark years for the Nuveen private equity impact platform. In December 2021, we closed our inaugural third party impact fund – extending the pool of assets available to drive growth in transformative businesses around the world.

A decade ago, when we launched our private equity impact investing platform, we identified two key themes: inclusive growth and resource efficiency. These themes are rooted in market inefficiencies - capital markets have failed to account for climate change related externalities, and the unequal allocation of resources has led to rising inequality and systemic barriers to prevent its reversal. Since then, we’ve invested in transformative companies that are focused on addressing these market inefficiencies– from microfinance institutions focused on female smallholder farmers, to agritech platforms, and circular economy clothing companies.

As the challenges have been brought even further to the fore in the last several years, and the urgency to address them grows, we’ve come to realize that each of these—climate change and inequality—cannot be viewed in a vacuum. In fact, these challenges are inextricably linked. A holistic impact investing approach is necessary—one that recognizes that every investment we make can and should mitigate climate change and build resilience, while also addressing inequality.

2021-2022 PE impact report highlights include:

• How we stack up to the GIIN’s IRIS+ Impact performance benchmark
• How we measure impact against cross-portfolio ESG and climate risk information as well as company-specific data tied to Sustainable Development Goals
• Detailed case studies, including reporting on gender and racial equity within our portfolio companies: Advanced Battery Concepts, Annapurna Microfinance, Kinara Capital and America’s Thrift Stores
• Overview of our six-part impact management framework process to drive social and environmental outcomes
• Nuveen’s impact score from BlueMark, an independent provider of impact verification services, and how we’ve earned the designation of ‘practice leaders’ in the top 10% of verified managers