Nuveen to acquire UK-based renewable energy fund manager Glennmont

Global investment firm Nuveen Investments Inc. agreed to acquire London-based renewable energy fund manager Glennmont Partners for undisclosed financial terms.

The acquisition will expand Nuveen's existing private infrastructure platform, which manages almost $3.7 billion across renewable energy, digital, telecoms, transportation and social infrastructure sectors globally, according to a Jan. 19 news release.

The deal is expected to close in the current quarter, subject to regulatory approval and other customary closing conditions.

Glennmont Partners will be Nuveen's investment center for clean energy infrastructure and will be integrated within the firm's real assets platform, while retaining its independent and investment process.

The acquisition aims to accelerate Glennmont's growth in 2021 with a suite of new products backed by seed capital from Nuveen and its parent TIAA that will target investment opportunities in European, U.S. and Asian markets across the equity and credit space, according to the release.

Since its inception in 2007, Glennmont has invested in more than 2 GW of mixed renewable energy generation and managed over $2 billion worth of assets. Glennmont Partners is a trading name of Clean Energy Partners LLP and Glennmont Asset Management Ltd.