Asset manager Nuveen and its affiliate Nuveen Green Capital raised just over $1 billion in a first close of a new fund to finance energy efficiency improvements for commercial buildings as well as new projects. The amount raised so far for Nuveen CPACE Lending Fund IV puts the fund close to a $1.2 billion goal indicated in a regulatory filing and brings total overall commitments for Nuveen's Commercial Property Assessed Clean Energy lending strategy to $3 billion since 2023.

The new fund has already collected 27% more capital than its predecessor, which closed last year with $785 million. The firm last year provided $465 million in so-called C-PACE financing to convert a 600,000-square-foot property from office space to residential use.