Financial terms of the transaction, expected to close in the first quarter of this year, were not revealed.
The deal will see Nuveen acquire a 100% stake in Glennmont, subject to regulatory approval.
Founded in 2008, Glennmont primarily focuses on clean energy infrastructure.
Since its inception, the firm is said to have provided risk-managed returns to a range of global institutions including pension funds, insurers, banks, and wealth and asset managers in Europe.
In 2019, Glennmont raised over $1bn for its third private fund. It is said to be the largest amount ever raised for a dedicated European-focused clean energy fund at the time.
Enhancing clean energy infrastructure
The deal will position Nuveen to cater to the increasing international demand for environmentally responsible investments and offer alternative sources of returns to its investors.
Moreover, the purchase will bolster the company’s private infrastructure platform, which oversees nearly $3.7bn in renewable energy, digital, telecoms, transportation and social infrastructure sectors globally.
The acquisition brings Nuveen’s private real assets AUM to over $150bn. It also further diversifies the company’s platform offering, which includes real estate, farmland, infrastructure, timberland, agribusiness, and commodities.
Nuveen CEO Jose Minaya said: “Glennmont has a proven track record of investment excellence in one of the most dynamic and fastest growing infrastructure sectors.”
As part of the acquisition, Nuveen plans to boost Glennmont’s growth with the launch of new offerings targeting the investing opportunities in the equity and credit space across the European, US and Asian markets.
These offerings will be backed by seed capital from Nuveen and its parent company TIAA.
Glennmont Partners managing partner and CEO Joost Bergsma added that the deal will enable the company to better support the global decarbonisation agenda and help it lead the clean energy transition.
In 2016, Nuveen Investments agreed to acquire Incapital’s Unit Investment Trust platform.