Nuveen, the investment manager of TIAA, has hired Don Dimitrievich to build a team that will focus on North American infrastructure credit as part of Nuveen’s private capital capabilities.
Dimitrievich has been managing director and head of energy and power at HPS Investment Partners for 10 years. Before that, he was a managing director of Citi Credit Opportunities, a credit-focused principal investment group. There he focused on strategies similar to those he employed at HPS and will develop for Nuveen.
Dimitrievich’s team will employ debt and credit-like investments to assist borrowers’ efforts to reduce carbon emissions, advance the industrial electrification and ensure the reliability of energy supplies. It will also look to take advantage of market dislocations in energy to produce attractive risk-adjusted returns.
In an internal memo to all Nuveen employees seen by Private Debt Investor, Bill Huffman, the head of Nuveen equity and fixed income, said that the “global economy’s transition to a low-carbon energy future is a huge priority for our investors – and for Nuveen”, given the emerging consensus that climate change poses a global threat.
Though Dimitrievich’s role is a new one, it will be able to build on existing assets such as Glennmont Partners. Nuveen bought Glennmont, one of Europe’s largest renewable energy fund managers, in March 2021.
Huffman’s memo mentions that Glennmont invests in non-listed utility-scale clean energy generation assets using proven tech, and that it provides credit in support of the energy transition in Europe.
Separately, Nuveen Green Capital offers sustainable commercial real estate financing.
Dimitrievich will be based in New York City and will report to Laura Parrott, Nuveen’s head of private placements for its equity and fixed income business. He will also work closely with Biff Ourso, the global head of Nuveen Infrastructure, and Ourso’s team, as well as with Glennmont, to “ensure alignment across out infrastructure platform”.