Nuveen has formed a strategic partnership with Hunter Point Capital and Temasek to expand its presence in private credit, one of the fastest-growing areas of the private market space, according to a report by Reuters.

Under the deal, both Hunter Point and Singapore-based Temasek will take minority stakes in Nuveen Private Capital, while Temasek will also provide long-term capital commitments across new and existing private credit strategies. Nuveen will retain majority ownership, with no change to its investment strategy or leadership.

Nuveen Private Capital, which manages $87bn through Churchill Asset Management and Arcmont Asset Management, finances transactions across the US and Europe. Its parent, Nuveen, oversees $1.3tn in assets and is part of TIAA.

BofA Securities advised Nuveen on the transaction.