A leading capital provider for private equity-owned, middle market companies

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committed capital1
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private capital investments2
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transactions closed
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private equity firms
invested with

Insights

Our advantages

  • Consistent and reliable partner to our private equity firm clients

  • Capability to invest at all levels of the capital structure

  • Unique origination model drives sourcing of proprietary investment opportunities from established relationships in the private equity community

  • Through the significant capital commitment of our parent company TIAA, we invest materially alongside our investors, ensuring strong alignment with their interests

Featured transactions

All numbers are as of March 31, 2024.

1. The amount of ‘private capital invested’ shown above includes investments made, originated or committed to by Churchill Asset Management LLC and its affiliates, including TIAA, since 2011 (in respect of its Private Equity and Junior Capital platform) and since 2015 (in respect of its Senior Lending platform). Investments include committed investments that ultimately may not have been fully drawn or funded.
2. Reflects Nuveen assets under management (AUM), together with total capital committed to its underlying investment specialist as of March 31, 2024. Estimated and unaudited. Refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers (including asset-based leveraged facilities, notes sold in the capital markets or any capital otherwise committed and available to fund investments that comprise assets under management). For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. In determining committed capital in respect of funds and accounts that utilize internal asset-based leverage (e.g., levered funds and CLO warehouses), committed capital calculations utilize a leverage factor that assumes full utilization of such asset-based leverage in accordance with the account’s target leverage ratio as disclosed to investors. In determining committed capital in respect of Churchill’s management of an institutional separate account for its parent company, TIAA, (i) committed capital in respect of private equity fund interests includes commitments made by TIAA to such strategy over the most recent 10 years, and the net asset value of all such investments aged more than 10 years, and (ii) committed capital in respect of equity co-investments, junior capital investments, structured capital investments, and senior loans includes the commitment made by TIAA for the most recent year, and the outstanding principal balance of investments made in all preceding years, (iii) committed capital in respect of secondary investments includes commitments made by TIAA since the inception of the strategy in 2022 and inclusive of the current year's commitment. In determining committed capital in respect of Churchill’s management of institutional separate accounts for third party institutional clients, committed capital includes the aggregate commitments made by such third-party clients, so long as such commitments remain subject to recycling. Thereafter, outstanding principal balance is used in respect of any applicable commitment (or portion thereof) that has expired. Due to the foregoing, committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital.

Churchill Asset Management
Location
375 Park Avenue, 9th Floor
New York, NY 10152
Phone
(212) 478-9200
Email
info@churchillam.com

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The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Past performance does not guarantee future results. Please note investments in middle market loans are subject to various risk factors, including credit risk, liquidity risk and interest rate risk. Churchill Asset Management LLC is a majority-owned subsidiary and member of the TIAA group of companies.