Churchill Asset Management and Seviora Holdings announced the closing of an approximately $400 million collateralized fund obligation. The CFO combines U.S. and Asian private capital strategies, giving institutional investors diversified exposure across sponsors, investment strategies, and geographies.
Churchill is the U.S. asset management company of Nuveen Private Capital. Seviora is Temasek’s main asset management platform.
The CFO invests across Churchill’s U.S. junior capital and private equity secondaries strategies, along with Seviora’s Asian private credit and global fund-of-funds strategies.
The structure is split evenly between the two platforms, with 50% exposure to Churchill and 50% exposure to Seviora. The allocation was designed to meet institutional investor objectives including credit exposure, yield enhancement, and diversification across the U.S. and Asia.
The rated structure was oversubscribed, reflecting broad institutional demand. The companies said demand was particularly strong among U.S. insurance companies seeking highly rated fixed income investments.
The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to new and existing strategies.
Nuveen Private Capital is part of Nuveen, a $1.4 trillion global asset manager owned by TIAA. The platform has $99 billion in assets and includes Churchill Asset Management and Arcmont Asset Management.
Churchill provides customized financing solutions to U.S. middle-market private equity firms and their portfolio companies. The firm has $66 billion of committed capital and invests across first lien, unitranche, second lien, mezzanine debt, equity co-investments, secondary solutions, and private equity fund commitments.
Seviora Group is a Singapore-headquartered asset management group wholly owned by Temasek. The group had approximately $75 billion in assets under management as of December 31, 2025, and provides investors with access to public and private market strategies.
The Seviora Group’s asset management companies include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings International, and Seviora Capital.
Support: PJT Partners served as sole structuring advisor and placement agent for the transaction. Dechert and Debevoise & Plimpton served as legal advisors.
KEY QUOTES:
“We are pleased to collaborate with Seviora on this unique transaction and create new opportunities for institutional investors. The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments. We believe the combination of differentiated investment strategies, an investor-friendly structure, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek – two of the world’s largest investors in private debt and equity, respectively – resonated strongly with investors.”
Ken Kencel, President and CEO of Churchill Asset Management
“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs. This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets.”
Gabriel Lim, Executive Director and CEO of Seviora Holdings
