Nuveen Asset Management, a global investment management firm under the U.S. Teachers' Retirement System, successfully raised $1.3 billion (approximately 1.8 trillion won) through the 'Energy and Power Infrastructure Credit (EPIC) Fund.'
Nuveen Asset Management noted that it completed the first closing by raising over half of the EPIC Fund's target amount of $2.5 billion on the 14th.
The EPIC Fund is an investment vehicle that targets the energy and power industry ecosystem, including renewable energy, energy storage, hydrocarbon refining and transportation, and liquefied natural gas (LNG). It invests in project financing (PF), corporate finance, acquisition financing, capital restructuring (recap), and structured credit solutions to support the development and construction of related infrastructure.
Don Dimitrievich, executive vice president of Nuveen Asset Management's Energy Infrastructure Credit, said, 'There has been a surge in global investor demand for the EPIC Fund, which combines private credit strategies that leverage the resilience of infrastructure assets, investor protection terms, and structural flexibility.' He added, 'Building on the successful first closing of the EPIC Fund, we will focus on deploying capital into resilient corporations and projects across the energy and power sectors.'
The EPIC Fund has attracted major Canadian pension fund managers and TIAA as anchor investors. Approximately half of the fund's commitments have come from outside the U.S., with participation from public and corporate pensions in Korea and Japan, global insurance companies, asset managers, and other limited partners (LPs) from major institutional investors worldwide during the first closing.