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Laxman Pai, Opalesque Asia:

The global investment manager with over $1 trillion in assets under management, Nuveen has achieved the first close of its Global Impact Strategy, having reached $150m with a long-term target of $400m.

The Global Impact Strategy is designed to drive positive change in inclusive growth and resource efficiency, with a 40-60% split between the two themes, said a press release from the US investment house.

Danish pension fund Velliv is one of the first investors in Nuveen's new Global Impact Strategy, targeting six United Nations Sustainable Development Goals (SDGs) to tackle income inequality and climate change in the wake of the COVID-19 pandemic.

Nuveen, the investment manager of TIAA, said that its Global Impact Fund seeks to drive positive change in two critical sustainable development challenges - inclusive growth and resource efficiency.

Global pandemic underscores the critical need for private equity investment as equality gap widens and issues of waste, energy efficiency, and climate change become more pressing than ever due to COVID-19, it said.

"The current global pandemic heightens the need for investment in mitigating accelerated climate change, pollution and waste, and in creating a more inclusive economy addressing inequality. Low-income individuals have been hit the hardest by Covid-19, further widening the equality gap as the lack of access to quality and affordable services like education, health, and financ......................

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