Nakane Masateru served as a bushō during the Sengoku period. He was a retainer of the Tokugawa clan. Masateru served as a chief retainer of Matsudaira Nobuyasu and as the chamberlain of Futamata Castle in the Toyoda District of Tōtōmi Province.
The Nakane clan were a gōzoku, or wealthy family, based in Nakane in the Aichi District of Owari Province. The clan was founded by Nakane Masamochi, the youngest son of Taira no Tadamasa, a bushō from the late Heian period descended from the Kanmu-Heishi. From the era of Nakane Masayuki, the clan served Matsudaira Kiyoyasu and Matsudaira Hirotada, becoming chūrō, or deputies to chief retainers. Their descendants served as high-ranking hatamoto, or direct retainers, of the Edo bakufu.
Masateru was born as the son of Nakane Masaaki. In 1568, Tokugawa Ieyasu invaded from Mikawa to Tōtōmi Province and captured Futamata Castle. He then assigned Masateru as the chamberlain of the castle along with Aoki Sadaharu and Matsudaira Yasuyasu as unit commanders at the castle. In the tenth month of 1572, Takeda Shingen invaded Tōtōmi, forcing Masateru to surrender and vacate the castle. This is known as the Siege of Futamata Castle. Shingen then assigned his retainers, Ashida Nobumori and Ashida Nobushige (father and son) to the castle. After departing from the castle, Masateru returned to the base of the Tokugawa in Hamamatsu. Unaware of Masateru’s departure, Ieyasu headed to assist in the defense of Futamata Castle and, after clashing with the Takeda army, fled in defeat to Hamamatsu.
On 12/22 of Genki 3 (1573), Masateru was killed in action during the Battle of Mikatagahara as the Tokugawa army fell in defeat to the Takeda army. Masateru did not have children so Ieyasu arranged for Oda Nobuteru (the tenth son of Oda Nobuhide) to be an adopted heir to the Nakane family. Nobuteru was the younger brother of a different mother of Oda Nobunaga.