NEW YORK--(BUSINESS WIRE)--Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment-specialist of Nuveen, announced today that it has raised over $12 billion in third-party committed capital for the Firm’s most recent senior lending program.
This milestone includes the closings of the Firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts (collectively, the “Funds”). The Funds attracted equity commitments from a diverse group of approximately 150 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, endowments, foundations and family offices based in North America, Europe, the Middle East and Asia.
“We are very grateful for the strong support we received from both new and existing investors across the globe, which we believe speaks to our excellent track record and reaffirms our leadership position in the private debt market,” said Ken Kencel, President & CEO of Churchill. “The senior lending asset class is particularly attractive in today’s market environment given the floating rate nature of the investments, strong current income potential, significant lender protections and senior position in the capital structure. The volatility and more limited availability of credit in the public markets this year has accelerated investment activity for Churchill, while our scale, differentiated sourcing approach and proven track record provides our Firm a unique opportunity to capitalize on the long-term trend towards flexible private debt solutions.”
With five offices across the U.S., Churchill has over 140 employees and manages over $41 billion of committed capital, approximately half of which is dedicated to the Firm’s senior lending strategy. A majority of the Firm’s senior lending investment committee has worked together for more than 16 years, funding over $25 billion of middle market senior loans in approximately 770 transactions utilizing a focused and disciplined investment strategy that has been tested over several economic cycles.
In recognition of its industry-leading platform, Churchill was named “2021 Lender Firm of the Year” by the M&A Network and “2021 Private Markets Manager of the Year” at the LAPF Investments Awards1. Further, Churchill continues to be ranked as one of the most active private debt investors in the U.S. and was recently ranked as the #1 “most active U.S. buyouts lender” by Pitchbook and the #2 “most active direct lender” by Direct Lending Deals2.
1. Selected as one of five finalists for Lender Firm of the Year in November 2021 by an independent panel of judges appointed by the M&A Advisor. A nominal fee was required to submit a nomination. Winners announced in November 2021. Selected by the LAPF Investments Awards as one of four finalists for Private Markets Manager of the Year in 2021. Winners announced in April 2022 and were judged independently by judging panel composed of some of the most-respected names in the industry. 2 Source: Pitchbook Data’s Q2 2022 US PE Lending League Tables; Direct Lending Deals 2021 League Tables.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With over $41 billion of committed capital, Churchill provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 140 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. More information can be found at www.churchillam.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America.
Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.
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