Nuveen raises $540.5M for infrastructure credit fund in four days

Nuveen Alternatives Advisors sold $540.5 million of its Energy & Power Infrastructure Credit II - Sustainable RN fund in the four days after the vehicle's first sale on Nov. 6, according to a Form D filed Nov. 10.

Nuveen Securities LLC is the placement agent and the offering amount is indefinite. The minimum investment is $10 million, and Nuveen Alternatives Advisors LLC is manager of record. The Form D classifies the vehicle as an other investment fund within the SEC's pooled investment fund category.

The $10 million minimum decides which clients can be shown this fund. It sits well above the $1 million required by Lazard Global Equity Franchise LLC, the $351,000 at Whiteoak Growth Fund II LP and the $100,000 at Clocktower Commodity Access Feeder LP, according to the same week's filings. For any client with less than $10 million to commit, the Nuveen fund is out of reach as a standalone allocation, which makes the question for the firm's wholesaler whether the same energy and power infrastructure credit strategy is offered in a smaller vehicle, and on what fee, redemption and leverage terms.

The pace matters more than the total. Four days of selling produced more than the $494.4 million Greenland Global Fund II Ltd has reported since its first sale in June 2019, and more than the $433 million Oakley Founders Fund SCA-SICAV gathered from a Nov. 2 start.

Elsewhere in the Nov. 9-10 filings, BlackRock Multi-Strategy FoHFs (US), L.P. reported $181 million sold since Oct. 22, Clocktower Commodity Access Feeder LP $114.3 million since Nov. 1, and Lazard Global Equity Franchise LLC $177.7 million since Apr. 30, 2025. Whiteoak Growth Fund II LP reported $12.8 million sold against a $172.9 million offering, with Jefferies LLC as placement agent.

Two Gemspring Capital vehicles registered on Nov. 10 with no sales recorded: Gemspring Capital Fund IV, LP and Gemspring Capital Fund IV-A, LP, each a $3 billion private equity offering, with Asante Capital Group Advisors LLC as placement agent. Yellow Wood Capital Partners IV, L.P. filed Nov. 9 for $950 million, also through Asante, also with no first sale. A filing that records no first sale lists an offering that has yet to place capital; it is a registration, not a measure of demand.

Minimums across these filings run from $79,000 at Monocle Ventures I, LP to $10 million at Nuveen, and the gap separates two different businesses: registered offerings that can sit inside a household allocation and commitments that need an institution or a multi-family office behind them. Nuveen's offering amount is indefinite, so the $540.5 million is a running total rather than a final close.