Marc Cardella
Vice President and Controller (Principal Financial Officer) at Nuveen Core Plus Impact Fund
Executive
About Marc Cardella
Marc Cardella (born 1984) serves as Vice President and Controller (Principal Financial Officer) of Nuveen Core Plus Impact Fund (NPCT), with an indefinite term and service since 2024. He is Senior Managing Director, Head of Public Investment Finance at Nuveen; Senior Managing Director at Teachers Advisors, LLC and TIAA‑CREF Investment Management, LLC; and Managing Director at Teachers Insurance and Annuity Association of America (TIAA) and TIAA SMA Strategies LLC. He also serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund (CREF). NPCT’s proxy states fund officers receive no compensation from the Fund, and it does not disclose individual officer performance metrics or TSR/revenue/EBITDA linkage for compensation.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | As of Mar 2025 | Finance leadership for public investment funds; principal financial oversight functions across fund complex |
| Teachers Advisors, LLC | Senior Managing Director | As of Mar 2025 | Senior leadership at adviser to registered funds; supports financial oversight |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | As of Mar 2025 | Senior leadership at investment manager to TIAA‑sponsored funds |
| Teachers Insurance and Annuity Association of America (TIAA) | Managing Director | As of Mar 2025 | Executive role at parent organization; supports broader finance infrastructure |
| TIAA SMA Strategies LLC | Managing Director | As of Mar 2025 | Executive role for SMA strategies; finance/administration duties |
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | As of Mar 2025 | Principal financial and accounting responsibility for insurance separate account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | As of Mar 2025 | Principal financial and accounting responsibility for retirement fund complex |
External Roles
| Organization | Role | Scope |
|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Public investment finance leadership |
| Teachers Advisors, LLC | Senior Managing Director | Registered fund advisory leadership |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Investment management leadership |
| TIAA / TIAA SMA Strategies LLC | Managing Director | Parent company and SMA platform leadership |
| TIAA Separate Account VA‑1 | PFO/PAO/Treasurer | Insurance separate account finance/accounting |
| CREF | PFO/PAO/Treasurer | Retirement fund finance/accounting |
Fixed Compensation
- NPCT has no employees; Fund officers serve without any compensation from the Fund. The Chief Compliance Officer’s compensation is paid by the Adviser, and the Fund may reimburse an allocable portion of the CCO’s incentive compensation. No base salary, bonus, or equity awards for NPCT officers are disclosed at the fund level.
Performance Compensation
- NPCT’s proxy does not disclose officer performance incentives, targets, or payout metrics (e.g., revenue, EBITDA, TSR) for fund officers; officers receive no compensation from the Fund.
Equity Ownership & Alignment
- As of February 18, 2025, each Board Member’s individual beneficial shareholdings of each Fund constituted less than 1% of outstanding shares; Board Members and executive officers as a group beneficially owned less than 1% of each Fund. NPCT (Core Plus Impact) group beneficial holdings are shown below.
| Metric | NPCT (Core Plus Impact) | Source |
|---|---|---|
| Group beneficial ownership (Board Members and officers as a group), shares | 0 | |
| Group beneficial ownership as % of outstanding | <1% |
- Board Member stock ownership guideline: each Independent Board Member is expected to invest at least the equivalent of one year of compensation in Nuveen funds; no officer ownership guideline is disclosed.
- Pledging or hedging of Fund shares by officers is not disclosed in NPCT’s proxy.
Employment Terms
| Term Element | Disclosure |
|---|---|
| Position | Vice President and Controller (Principal Financial Officer) |
| Term length | Indefinite |
| Length of service in current role | Since 2024 |
| Employer of record | Nuveen/Adviser affiliates; NPCT funds have no employees |
| Contract, severance, change‑of‑control | Not disclosed in NPCT proxy |
| Non‑compete, non‑solicit, garden leave | Not disclosed in NPCT proxy |
| Section 16(a) filings | Funds report compliance by Board Members and officers during the last fiscal year and the previous fiscal year |
Investment Implications
- Alignment: Because NPCT officers receive no compensation from the Fund and officer ownership in NPCT is not disclosed individually (group ownership <1%), pay‑for‑performance alignment at the Fund level is limited; incentives reside with the Adviser rather than NPCT shareholders. Monitor Adviser disclosures for any performance‑linked pay that could indirectly influence fund operations.
- Insider activity: The Fund reports Section 16(a) compliance by officers, but NPCT’s proxy does not detail individual officer holdings or transactions; near‑term insider selling pressure signals are therefore absent in Fund disclosures.
- Retention risk: Cardella’s indefinite term and multiple senior roles across Nuveen/TIAA (including PFO/PAO/Treasurer for VA‑1 and CREF) suggest institutional reliance on his finance leadership; however, no employment agreement, severance, or change‑of‑control terms are disclosed at the Fund level to assess retention economics directly.
- Governance: Board Member investment guidelines support board–shareholder alignment; officer alignment is not specified in Fund documents. Keep watch for Item 5.02 8‑K filings for any changes in officers or compensatory arrangements.