Nuveen raises more than $550m for farmland and forestry funds

The firm expanded its partnership with iCapital last year to include access to farmland investments through its open-end Global Farmland Fund.

Nuveen Natural Capital has raised more than $280 million over the past year for its open-end farmland vehicle and more than $300 million for its distinct forestry fund, according to regulatory filings.

The open-end 2019-vintage Nuveen Global Farmland Fund has raised $1.3 billion from 41 LPs, according to a January filing.

A comparison between a January 2023 filing for the Global Farmland Fund and the January 2024 filing shows Nuveen raised $284 million from an additional 14 LPs in the 12-month period.

A separate filing shows $305 million raised for its open-end Nuveen Global Timberland Fund, which was launched in November 2022.

Nuveen declined to comment.

In July, Nuveen expanded its partnership with wealth advisory platform iCapital to include access to farmland investments through the Global Farmland Fund.

Nuveen and iCapital had a preexisting relationship that gave wealth management advisers access to Nuveen’s private equity, real estate and credit strategies.

iCapital co-founder Dan Vene told Agri Investor that Nuveen had initiated the expansion into farmland and planned to waive certain fees in order to entice independent broker-dealer and wealth management firms. “In this particular case, we are not necessarily going out and finding the fund we desire to work with. However, Nuveen’s experience was a factor in iCapital’s desire to partner.”

Nuveen announced earlier in January that it had secured a commitment of an undisclosed size to its Global Timberland Fund from the Scottish Border Council Pension Fund. Nuveen drew from the vehicle to support its December 2022 acquisition of 41,751 acres of Oregon timberland from privately owned Green Crow Companies.

In November, Nuveen hired Nick Moss, a London-based sustainability executive with fund management experience, to serve as head of nature-based solutions.

Nuveen Natural Capital is a unit of Nuveen, which manages $151 billion of discretionary and $327 million in non-discretionary assets as of a November filing.