Churchill Asset Management Closes $2 Billion In Limited Partner Commitments

By Pulse 2.0 Staff ● March 25, 2020
  • Churchill Asset Management, an investment-specialist affiliate of Nuveen, announced it completed fundraising for a Fund at $2 billion in commitments

Churchill Asset Management — an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies — announced recently that it completed fundraising for Churchill Middle Market Senior Loan Fund II (and related investment vehicles) with $2 billion in limited partner commitments thus exceeding its original target of $1 billion.

The new fund — an unlevered vehicle that invests in traditional senior and unitranche loans to private equity sponsor-backed U.S. middle market companies — is the firm’s second commingled fund offering since becoming an affiliate of TIAA/Nuveen in 2015. And the new fund attracted equity commitments from a diverse base of institutional clients globally, including several large pension plans and insurance companies, based in Europe, North America and Asia.

“We are very proud to build upon Churchill’s successful middle market senior lending strategy with this latest offering,” said Churchill Asset Management LLC president and CEO Ken Kencel. “The strong level of support received from institutions across the globe provided further evidence that investors recognize Churchill’s leadership position in the middle market, as well as the value of our longstanding private equity sponsor relationships, unique sourcing model and disciplined investment approach.”

Now Churchill manages nearly $23 billion of committed capital, including more than $8 billion dedicated to the firm’s senior lending strategy through a variety of investment vehicles such as separately managed accounts, collateralized loan obligations, commingled funds and a business development company. And Churchill’s senior lending investment team has worked together for 14 years funding nearly $13 billion of middle market senior loans in approximately 620 transactions with over 190 private equity sponsors.

Churchill has nearly $23 billion of committed capital under management and its solutions include first lien, unitranche, second lien and mezzanine debt in addition to equity co-investments and private equity fund investments. Plus Churchill has a long history of disciplined investing across multiple economic cycles and its investment strategies are driven by more than 60 professionals in New York, Charlotte and Chicago.