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C-PACE: making an impact on insurance allocations

Nuveen

Commercial Property Assessed Clean Energy (C-PACE) has become increasingly popular with U.S. insurers due to the impact opportunities it can offer, as well as access to clean energy investments and the potential for attractive and stable risk-adjusted returns.

This latest whitepaper further examines C-PACE as a relatively new asset class and explores why its qualities are particularly appealing to U.S. institutional clients, and insurance companies specifically.

Other key questions discussed include:

  • How does C-PACE differ from other products?
  • What are private asset backed securities (ABS)?
  • How is C-PACE different to other ABS?
  • What makes C-PACE so interesting to insurance companies?
  • The future of C-PACE as a viable investment for insurers

"Historically, the fixed rate coupons on our C-PACE assets have delivered an outpaced yield when compared to alternative investments and benchmark yields with similar capital-adjusted risk/return characteristics.”

Alexandra Cooley, CIO and Co-founder, Nuveen Green Capital

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Contacts

Nuveen

Nuveen is the asset manager for TIAA, one of the world’s most highly rated and financially stable insurance companies1. We leverage our deep expertise in partnering with insurance clients to tailor capital-efficient solutions to meet complex portfolio construction needs. Our platform of $1.4 trillion in AUM2 offers differentiated investments across private credit and private equity, real assets, fixed income, and responsible investing focused strategies. For more information, please visit www.nuveen.com/insurance.

1. For its stability, claims-paying ability and overall financial strength, Teachers Insurance and Annuity Association of America (TIAA) is one of only three insurers in the United States to currently hold the highest rating available to U.S. insurers from three of the four leading insurance company rating agencies: A.M. Best (A++ as of July 2025), Fitch (AAA as of August 2025), Standard & Poor’s (AA+ as of November 2025), and the second highest possible rating from Moody’s Investors Service (Aa1 rating affirmed as of February 12, 2026). There is no guarantee that current ratings will be maintained. The financial strength ratings represent a company’s ability to meet policyholders’ obligations and do not apply to variable annuities or any other product or service not fully backed by TIAA’s claims-paying ability. The ratings also do not apply to the safety or the performance of the variable accounts, which will fluctuate in value.

2. Assets under management as of 31 Dec 2025. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100 % due to rounding.


Joseph Pursley, CIMA  
Head of Insurance, Americas  
Joseph.Pursley@Nuveen.com  
445-245-1063

Nuveen, a TIAA Company  
333 W. Wacker Drive  
Chicago, IL  60606

 

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