Private equity firm Nuveen successfully achieves $1.3 billion first closing for its energy infrastructure credit strategy.
Nuveen, a subsidiary of TIAA, has successfully completed the first close for its Energy and Power Infrastructure Credit Strategy, also known as the Energy & Power Infrastructure Credit Fund II (EPIC II). The strategy aims to raise a total of $2.5 billion, with an initial commitment of $1.3 billion from global institutional investors as of August 2025[1][2][3].
Target and Investment Size
The EPIC II targets a $2.5 billion capital raise, with the first close achieving $1.3 billion in commitments. This capital will be used to finance diverse energy infrastructure assets across North America, Europe, and OECD countries[1][2][3].
Investment Universe
The strategy provides private credit solutions across the full energy and power infrastructure ecosystem. It invests in renewable energy and energy storage, hydrocarbons, midstream infrastructure, and liquified natural gas (LNG), all of which are designed to capitalize on growing global energy demand from digitalization, electrification, and reindustrialization[1][2][3].
Investment Approach
The strategy focuses on bespoke project and corporate financings, including equipment and growth capital, acquisition financings, recapitalizations, and structured credit solutions. Key elements of the approach include downside risk mitigation via hard asset collateral protection, long-term contracts with strong counterparties, strong pricing protections, and targeting investments with resilient, strong projected cash flows[1][2][3].
Investor Base
The $1.3 billion initial commitments came from a diverse group of global institutional investors, including those from the US, Canada, Korea, Japan, Canadian pension fund managers, global insurers, and TIAA, Nuveen's parent company[1][2][3][4].
Management
The strategy is managed by Don Dimitrievich, Nuveen's senior managing director and portfolio manager for energy infrastructure credit. He leads an experienced 13-person team dedicated to this strategy[2].
This strategy builds upon Nuveen’s existing Energy Infrastructure Credit platform and aims to deliver durable income potential through resilient infrastructure assets combined with private credit structures designed for downside protection and flexibility.
According to Dimitrievich, the strategy combines the resiliency of infrastructure assets with a private credit playbook that utilizes covenant protection and structural flexibility, which has generated a strong level of global investor demand[1]. This combination has attracted global investor demand due to the strategy's unique blend of infrastructure asset resiliency and private credit risk mitigation.
[1] Nuveen Press Release, "Nuveen Announces First Close for Energy and Power Infrastructure Credit Strategy," August 2025. [2] Nuveen Corporate Website, "Energy & Power Infrastructure Credit," August 2025. [3] Pension & Investments, "Nuveen raises $1.3 billion for energy infrastructure credit strategy," August 2025. [4] Financial Times, "Nuveen's Energy and Power Infrastructure Credit Fund II secures $1.3 billion in commitments," August 2025.
The EPIC II aims to finance diverse energy infrastructure assets globally, targeting a $2.5 billion capital raise with the initial close reaching $1.3 billion from a diverse group of institutional investors. This strategy managed by Don Dimitrievich, seeks to deliver durable income potential by combining resilient infrastructure assets with private credit structures designed for downside protection and flexibility.
