Public Fixed Income Drives 10X More Impact Than PE, VC & Public Equities Combined! - Nuveen's Steve Liberatore Tells Us How (#061)

When we think of impactful investments, public fixed income probably isn’t the first thing that comes to mind. 

Yet, it’s driving far more capital into climate finance than we see in private equity, venture capital, and public equities combined. It’s not just statistics – it’s proof of the powerful impact fixed income can achieve.

To learn more about the role of fixed income in sustainable impact investing, I’m speaking with Steve Liberatore, Head of ESG and Impact for Global Fixed Income, at Nuveen, one of the world’s largest asset managers. A true pioneer, Steve has spent nearly two decades defining what sustainable bonds can achieve, crafting innovative green, blue, and nature bond frameworks that have become blueprints for the industry. 

Under his leadership, Nuveen’s impact fixed income strategy is tackling some of today’s most urgent challenges through a carefully structured approach that prioritizes positive social and environmental outcomes without compromising returns.

Steve’s strategy centers on “ring-fencing” proceeds to fund projects in four critical areas: affordable housing, renewable energy and climate, community and economic development, and natural resources. His approach drives large-scale impact by lowering the cost of capital for issuers, making it more affordable to finance sustainable projects that deliver long-term value.

In this interview, Steve breaks down how Nuveen’s global ESG strategy leverages public fixed income to drive measurable impact. 

Tune in for a fresh perspective on how responsible fixed income’s unmatched scale is redefining impact investing and driving real, measurable change.

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About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing. In each episode, I interview a world-class investor who is an accomplished practitioner from all asset classes. In my interviews, I cover everything from their early personal journeys to insights into how they developed and executed their investment strategies and what challenges they face today. Each episode is a chance to go way below the surface with these impressive people and gain additional insights and useful lessons from professional investors.

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Key Takeaways:
Introduction (00:00) 
Steve Liberatore's background and education (03:15) 
Early work experience (17:38) 
Joining Nuveen and expanding its ESG & impact portfolio (31:23) 
Overview of green, blue, social, and orange bonds (46:36) 
Benefits of sustainable bonds for issuers (50:56) 
Theory of change for impact investing in fixed income (57:30) 
Performance of ESG-integrated bond funds (01:04:53) 
Investing in bonds: Avoiding losers over picking winners (01:11:24) 
Nuveen’s four thematic areas (01:22:33) 
Nuveen’s impact measurement process (01:26:09) 
Future of ESG and impact investing in fixed income (01:32:25) 
Rapid fire questions (01:41:34)
Contact information (01:47:19) 

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Additional Resources:

- Stephen M. Liberatore LinkedIn
- Nuveen Website