The deal valued the business, which currently has $221bn under management, at $6.25bn including debt.
Nuveen will operate as a separate subsidiary within TIAA-CREF’s asset management business and John Amboian will continue as its CEO.
Madison Dearborn bought Nuveen in a $5.75bn deal in 2007, making it the largest ever leveraged buyout of an asset management business at that time.
Earlier this mointh Madison Dearborn and investment group CoVant acquired LGS Innovations from Alcatel-Lucent.
The deal valued the networking and communications technology specialist at $200m.
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