# Nuveen Real Asset Income & Growth Fund

Nuveen Real Asset Income & Growth Fund is an Asset Manager based in Chicago, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** nuveen.com

## Regulatory record

- **Reports private funds:** No

## About

Launched in 2012 by Nuveen, the investment manager with $1.1 trillion in assets under management, the Nuveen Real Asset Income & Growth Fund (JRI) operates as an exchange-listed closed-end fund. The fund is managed by William Huffman, Brenda A. Langenfeld, and Nicolas R. Choumenkovitch, drawing on Nuveen's broader real assets platform that spans private and public markets. It seeks to deliver high current income and long-term capital appreciation by allocating capital across two primary sleeves. The fund deploys roughly 40-60% of its assets into real estate securities, including REITs and real estate operating companies, and the remainder into infrastructure equities, covering electric utilities, pipelines, toll roads, airports, and communications towers. Geographic exposure spans North America, Western Europe, and select Asia-Pacific markets, with over two-thirds of holdings historically domiciled in the United States. The portfolio emphasizes companies with durable cash flows, often regulated or contracted, that enable consistent dividend growth. Confirmed top holdings have included American Tower Corporation, Prologis, and Crown Castle International (per public filings). The vehicle is structured to use leverage opportunistically, targeting a 20-25% effective leverage ratio to enhance distributable income, a common feature in Nuveen's closed-end fund lineup. As of early 2025, the fund maintained a managed distribution policy that resulted in a yield exceeding 9% on market price, attracting income-focused retail and institutional allocators. The team operates from Nuveen's Chicago headquarters, with additional portfolio management and research support drawn from the firm's global real assets division (per the firm's official communications). A structural differentiator is the fund's permanent capital base. Unlike open-end mutual funds, JRI is not subject to daily shareholder redemptions, allowing the managers to hold less-liquid infrastructure and real estate positions through market cycles without being forced to sell at inopportune times. This architecture, combined with Nuveen's scale in direct real asset investing, gives the portfolio team the flexibility to invest alongside large institutional separate accounts managed by the parent company.

## Sectors

- Real Estate
- Infrastructure
- Real Assets
- Energy Transition & Renewables

## People

- William Huffman — Head of Equities and Fixed Income
- Brenda A. Langenfeld — Portfolio Manager
- Nicolas R. Choumenkovitch — Portfolio Manager

## Questions

### How does the closed-end fund structure benefit an investor in this strategy?

As a closed-end fund, JRI issues a fixed number of shares and does not redeem them daily. This permanent capital base allows the portfolio managers to invest in less-liquid real asset securities and maintain positions through market downturns without the pressure of shareholder redemptions. It also enables the consistent use of leverage to enhance distributable income.

### Who makes the investment decisions for the fund?

Day-to-day portfolio management is led by Brenda A. Langenfeld and Nicolas R. Choumenkovitch, who serve as named portfolio managers. They operate under the broader oversight of William Huffman, Nuveen's Head of Equities and Fixed Income, and draw on the research and analytics of Nuveen's global real assets platform.

### Does the fund invest directly in physical real estate or infrastructure projects?

No. The fund invests solely in publicly traded securities, including common stocks, preferred shares, and convertible securities issued by real estate and infrastructure companies. It does not acquire or operate physical properties or assets, distinguishing it from Nuveen's private real asset strategies.

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Last updated: 2026-06-03T20:00:00.000Z

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