Churchill Asset Management, Nuveen’s middle-market private capital platform, said it recorded its highest levels of investment and capital raising in 2025 as it enters its 20th anniversary year.
The firm reported closing and committing nearly $16 billion across more than 380 transactions in 2025, aided by what it described as an all time record fourth quarter. Churchill also said it raised $13.6 billion during the year, bringing firmwide committed capital to $63 billion from more than 4,500 institutional, family office, and high-net-worth investors worldwide.
In its update, Churchill highlighted a series of platform and product milestones. Nuveen Private Capital, which includes Churchill and UK-based Arcmont Asset Management, formed a strategic partnership with Hunter Point Capital and Temasek, both of which made minority investments in the platform. Churchill said Temasek also committed long-term capital to new and existing strategies.
Churchill also pointed to several fundraising achievements, including the closing of a $16 billion senior lending program, which it called its largest capital raise to date. The firm said other transactions included the oversubscribed Churchill Co Investment Fund II with $1.5 billion in LP commitments, a $750 million collateralized fund obligation, and a $750 million collateralized loan obligation.
The company said it expanded leadership within its Investor Solutions Group with hires including Michael Foley as Head of Institutional and Brynjar Agnarsson as a Senior Investment Strategist in Europe. It also cited 21 industry awards in 2025, including recognitions from the M&A Advisor, LAPF Investments, and Pensions & Investments, as well as a lifetime achievement award for CEO Ken Kencel.
Churchill said it provides financing solutions to U.S. middle-market private equity firms and their portfolio companies across the capital structure, including first lien, unitranche, second lien, and mezzanine debt, as well as equity co-investments, secondary solutions, and private equity fund commitments. The firm said it operates with more than 200 professionals across several U.S. offices and, together with Arcmont, comprises Nuveen Private Capital, a $94 billion private capital platform.
KEY QUOTE:
“Our tremendous success over past year reinforced the strength of our platform and disciplined, time-tested strategy. Our deep sponsor relationships enabled us to capitalize on opportunities as market conditions evolved, while our U.S. core middle market focus positioned us well amid geopolitical shifts. As we enter our 20th year with strong momentum, we remain committed to delivering consistent results for our investors and partners. Success in private capital comes not from timing the market, but from taking a long-term view and leveraging trusted relationships to unlock value across market cycles.”
Ken Kencel, President & CEO, Churchill Asset Management
