Nuveen and Singapore sovereign wealth fund Temasek have closed a $400 million commercial real estate debt fund, tapping a “golden age” for non-bank lending that fund manager Nuveen said was benefiting from high returns and relatively low risks.

Nuveen parent Teachers Insurance and Annuity Association of America (TIAA) and the $S389 billion ($446 billion) Temasek have equally put money into the third-party fund focusing on industrial, logistics and residential property, Nuveen’s ANZ regional head of debt Dugald Marr said.