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Nuveen Real Estate Raises $650 Million for US Real Estate Debt Fund

New York, December 2, 2025 - Nuveen Real Estate, the $139 billion investment management arm of TIAA, has raised $650 million for its US Strategic Debt Fund, surpassing its initial target.

The oversubscribed fundraise underscores the continued investor appetite for exposure to the US real estate debt market, which has remained resilient despite broader economic uncertainty. Nuveen's fund will target senior and mezzanine debt investments across property sectors including multifamily, office, industrial and self-storage.

"We're seeing strong investor demand for strategies that can generate stable income and downside protection in the current market environment," said David Lee, Head of US Real Estate Debt at Nuveen. "Our focus on transitional and value-add assets allows us to capitalize on dislocations and provide flexible capital solutions to borrowers."

According to industry sources, the final close represents a roughly 30% increase over Nuveen's initial $500 million target, underscoring the firm's track record and reputation in the space. The fund's investor base includes public and corporate pensions, insurance companies, and other institutional allocators seeking exposure to the US real estate credit market.

Nuveen's latest fundraise comes amid heightened activity in the real estate debt space, as investors seek alternatives to the volatile public markets. Recent data shows US commercial mortgage-backed securities (CMBS) issuance topped $100 billion so far this year, a 20% increase from 2024.

"Nuveen has established itself as a leading provider of creative financing solutions for real estate owners and developers," noted industry analyst Sara Jennings. "This latest fund raise positions them well to capitalize on the growing opportunity set, particularly in transitional assets and higher-yielding segments of the market."

With $650 million in committed capital, Nuveen's US Strategic Debt Fund will provide financing for value-add acquisitions, repositionings, and ground-up developments across major US markets. The firm expects to deploy the capital over the next 12-18 months.