Property investment manager Nuveen announced that it has secured a $100-million private capital mandate from the Government Employees Pension Service of South Korea (GEPS).
Nuveen, a $1.3 trillion global asset manager, said the mandate tapped its US private capital specialist, Churchill Asset Management, for the investment that will focus on US junior capital and private equity solutions.
Per the announcement, Nuveen’s parent company, TIAA, signed a memorandum of understanding for the collaboration that calls for both firms to maintain close cooperation, provide educational programmes, share investment knowledge, and exchange data, among other things.
“This mandate with GEPS marks another significant milestone for Nuveen and TIAA in the region as we continue to see growth in this strategically important market,” said Mike Perry, head of the Global Client Group and Global Product at Nuveen.
Nuveen, which operates in 27 countries, recently announced raising about $275 million in the first close of its first commingled Australian commercial real estate debt strategy.
The strategy, which leverages Nuveen Real Estate’s global debt platform, focuses on institutional senior and junior secured real estate loan investments in Australia.
In April, Nuveen raised $150.4 million from US investors for its latest climate inclusion fund.
In Asia, Nuveen’s Asia Pacific Cities Fund focuses on 17 principal and progressive cities across the region, including Tokyo, Sydney, Brisbane, Singapore, and Seoul. The fund primarily invests in office, retail, industrial, and residential assets.
GEPS, on the other hand, is a South Korean pension fund that manages retirement benefits for public sector employees in the country. It focuses on investments across various asset classes, including global and domestic markets.
