Churchill Asset Management, the U.S. private capital affiliate of Nuveen Private Capital, said it has raised more than $16 billion in committed capital for its most recent senior lending program, marking the largest capital raise in the firm’s history.
The milestone includes the closings of the fifth vintage of Churchill’s flagship senior loan strategy across levered, unlevered, and evergreen vehicles, as well as separately managed accounts. Collectively, the funds drew commitments from roughly 325 institutional and high net worth investors worldwide, including public and private pension plans, insurers, superannuation funds, and family offices across North America, Europe, the Middle East, and Asia.
The program focuses on providing first-lien and unitranche financing to U.S. middle market companies backed by private equity sponsors. Churchill attributed demand to what it described as the durability of core middle market senior lending and a broader shift toward private credit as investors seek risk-adjusted returns and diversified exposure to privately held businesses.
Churchill said its approach is supported by its scale, a 20-year track record across market cycles, and long-standing sponsor relationships. The firm also highlighted its activity as a limited partner in more than 330 private equity funds, which it said supports sourcing and underwriting.
The firm noted it was named “2025 Lender Firm of the Year” by The M&A Advisor and said it continues to rank among the most active U.S. private debt investors.
Beyond senior lending, Churchill said it offers junior capital, equity co-investments, and secondaries strategies. Together with sister firm Arcmont Asset Management, Churchill operates within Nuveen Private Capital, which it described as a $94 billion global private capital platform.
KEY QUOTES:
“This record capital raise highlights the strength and resiliency of Churchill’s private credit platform and the attractiveness of core middle market senior lending. It also underscores the increasingly important role that private credit plays within investment portfolios today – particularly for those seeking solid risk-adjusted returns and diversified access to high quality mid-sized businesses. The very positive response from our global investor base reflects our platform’s continued strong performance and our ability to deliver scalable, tailored solutions across both institutional and wealth channels aligned with investors’ strategic objectives.”
Ken Kencel, President & CEO, Churchill Asset Management
