Who We Are

Churchill Asset Management combines a team of highly experienced investment professionals with a strong track record and TIAA’s best-in-class institutional infrastructure to deliver flexible, reliable financing solutions that meet the needs of middle market private equity sponsors and their portfolio companies.


Board of Directors

Heather Davis

Heather Davis

Senior Managing Director, Chief Investment Officer, TIAA Global Real Assets

Heather Davis is a senior managing director and the Chief Investment Officer of TIAA Global Real Assets for the TIAA organization. Ms. Davis is responsible for strategy, investment originations, portfolio management and board reporting for the organization’s investments in real assets and alternatives sectors including real estate, agriculture, timber, infrastructure and energy, private equity and private debt.

Most recently she was Chief Investment Officer of Private Markets Investments for TIAA. Prior to this position, she served as Head of Global Private Markets Investments and Head of Global Private Markets Portfolio Management where she oversaw the $40 billion global private markets portfolio which included private placements, private equity, distressed investments, commercial mortgages, natural resources and infrastructure investments. While at TIAA, she has been an investor in many sectors within the private asset classes. Ms. Davis joined the organization in 1995 and has 31 years of investment industry experience.

Prior to joining TIAA, Ms. Davis worked for Prudential Financial in a variety of roles including commercial mortgage origination, mortgage underwriting, portfolio management, and credit underwriting. In 2009, Ms. Davis created TIAA’s Fruits of Employment initiative, which employs people with autism and other disabilities on TIAA farms. The Fruits of Employment program has won numerous awards for its groundbreaking work in autism employment in the farming sector. In 2014, Ms. Davis received the Athena International award for Corporate Leadership. Ms. Davis serves on the boards of Westchester Global Investment Management, Radar Propriedades Agricolas, S.A., Churchill Asset Management, the John M. Belk Endowment and the Carolinas Chapter of Autism Speaks. Ms. Davis holds a B.A. in economics from Cornell University and an M.B.A. in finance from Cornell University, Johnson School of Management. She serves on the Dean’s Advisory Council of the Cornell College of Agriculture and Life Sciences.

Ken Kencel

Ken Kencel

President and CEO, Churchill Asset Management

Kenneth J. Kencel serves as President and CEO of Churchill Asset Management. Throughout his over 30-year career Mr. Kencel has a broad range of experience in leading middle market financing businesses. Previously, he was a Managing Director of The Carlyle Group and President and a Director of Carlyle GMS Finance, Inc. and NF Investment Corp. (Carlyle’s two privately-traded business development companies); founded and was President and CEO of Churchill Financial; and served as Head of Leveraged Finance for Royal Bank of Canada as well as Head of Indosuez Capital—a middle market merchant banking and asset management business. Mr. Kencel also helped to found high yield finance businesses at both Chase Securities (now JP Morgan) and SBC Warburg (now UBS). He began his career in the Mergers & Acquisitions Group of Drexel Burnham Lambert.

Mr. Kencel serves on the Board of Advisors and is an Adjunct Professor at the McDonough School of Business at Georgetown University. He earned his B.S. in Business Administration, magna cum laude, from Georgetown University and his J.D. from Northwestern University School of Law.

John MacCarthy

John MacCarthy

Chief Legal Officer, TIAA Global Asset Management

John MacCarthy will become the Chief Legal Officer of TIAA Global Asset Management in March 2017.  John has been Chief Operating Officer of TIAA Global Real Assets since January 2016.  Responsibilities include overseeing and serving on the boards of subsidiary asset managers specializing in Real Estate, Agriculture, Timber, Agribusiness Private Equity and Middle Market Lending.  Initial focus was on unifying the $65 billion AUM U.S. Real Estate business of TIAA Global Real Assets with the $30 billion AUM TH Real Estate business headquartered in London.

John previously worked at Nuveen Investments joining the firm as General Counsel in 2006 and becoming Executive Vice President, Secretary and General Counsel in 2008.  John was also a member of Nuveen’s Executive Committee.  Before joining Nuveen, John held various positions at the law firm of Winston & Strawn LLP starting in 1985, including Chairman of the Corporate Department and member of the firm’s Executive Committee from 2001 to 2006.

John received his undergraduate degree from Williams College in 1982 and his law degree from Stanford Law School in 1985.  He is currently the Board Chair of Metropolitan Family Services.

Jose Minaya

Jose Minaya

Executive Vice President, President TIAA Global Investments

Jose Minaya is an Executive Vice President and was named President of Global Investments in December 2016 with accountability for leading and managing over $900 billion in AUM within thirteen distinct Public and Alternative affiliates. He also acts as Chairman to several of our subsidiary companies. In addition, he is a member of the TIAA Investment and Risk committees. Previously, Mr. Minaya was President of TIAA Global Real Assets where he was responsible for the business activities and strategic direction across various asset classes including real estate, agriculture, timber, infrastructure, energy, and alternative credit strategies. Prior to that, Mr. Minaya was Head of Private Markets Asset Management and served as Head of Natural Resources & Infrastructure Investments where he was responsible for building and managing the agriculture, timber, energy, and infrastructure investment platforms. Since joining the TIAA organization in 2004, Mr. Minaya also managed transactions involving privately-placed debt and equity.

Mr. Minaya has over 23 years of investment experience including positions at AIG Global Investment Group where he was involved in emerging markets equity transactions, and the investment banking groups at Merrill Lynch and JP Morgan where his responsibilities included mergers and acquisitions and private equity transactions. He holds a B.S. in finance from Manhattan College, where he was a member of Omicron Delta Epsilon, an international economics honor society, and an MBA from Dartmouth College, Amos Tuck School of Business where he was a Robert Toigo Fellow.

Mr. Minaya is a distinguished recipient of the 2016 Toigo Blazing Trails award for his demonstrated commitment to the education and leadership of the next generation of financial services talent. He also Co-Chairs the TIAA Military/Veterans Employee Resource Group which advances active duty and reserve military membership while helping TIAA better serve military and veteran clients. Finally, he is a recognized expert on real assets investing and is frequently sought after by the media and industry events for his perspectives and insights on the asset class.

Brian Roelke

Brian Roelke

Managing Director, Head of TIAA Private Capital

Brian Roelke is a Managing Director and Head of Corporate Finance Originations for TIAA Global Asset Management’s private markets team. In this capacity he sits on the private markets investment committee and leads a group of investment professionals responsible for originating investment transactions in private asset classes including debt private placements, project finance, credit tenant loans, private ABS, senior leveraged loans, mezzanine, and private equity funds and co-investments. In addition to serving on Churchill Asset Management’s Board of Directors, he is on the firm’s investment committee.

He previously served as Head of the Debt Private Placements team, and in a number of different positions throughout TIAA’s investment organization. Mr. Roelke has over 20 years of industry experience and joined the TIAA organization in 2002.

Mr. Roelke earned a B.A. in history and economics from Colgate University and an M.B.A. in finance and accounting from New York University, where he was a Stern Scholar, was awarded a Stern Fellowship, and was a member of Beta Gamma Sigma, the international business honor society.

C24423