Renewable energy fund manager Glennmont Partners has been acquired by global investment manager Nuveen.
The acquisition will allow Glennmont to accelerate its growth in 2021, including launch a suite of new products backed by seed capital from Nuveen and its parent company TIAA.
Set up in 2008, Glennmont is one of Europe’s largest fund managers with a focus on clean energy infrastructure. It has more than €2 billion of assets under management, through 31 investments with 1,523MW per technology.
In 2019, Glennmont successfully raised over $1 billion for its third private fund. This was the largest ever amount raised for a European-focused clean energy fund at the time, the company said.
Joost Bergsma, Glennmont Partners managing partner and CEO, said they were delighted to be entering into the agreement with Nuveen, “where we can continue our growth and deliver strong performance for investors from assets across new geographies in the US and Asia, while maintaining our focus on investments in Europe, which remains a key market for us.
“This acquisition will also enable Glennmont to better support the global decarbonisation agenda and help lead the clean energy transition.”
For Nuveen, the acquisition helps to grow its existing $3.7 billion private infrastructure platform, which currently covers renewable energy, digital, telecoms, transportation and social infrastructure sectors globally.
Glennmont will become Nuveen’s investment centre for clean energy infrastructure. It will be integrated with the company’s Real Assets platform, although it will retain its independent investment process.
“Glennmont has a proven track record of investment excellence in one of the most dynamic and fastest growing infrastructure sectors,” said Nuveen CEO Jose Minaya. “The Glennmont team also shares our values and our unwavering commitment to helping investors meet their long-term goals.”
The transaction is expected to close in Q1 2021, subject to regulatory approval, with Nuveen taking a 100% stake in Glennmont.