New York, December 6, 2017 — Churchill Asset Management LLC (“Churchill”), a leading provider of senior and unitranche debt financing to middle market companies, today announced the closing of its second structured debt investment offering, a $340 million collateralized loan obligation fund (“CLO”) named TIAA Churchill Middle Market CLO II Ltd. This follows TIAA Churchill Middle Market CLO I Ltd., a $382 million transaction which closed in September 2016 and the more recent final closing of the Churchill Middle Market Senior Loan Fund, LP (and related investment vehicles) with over $1.1 billion in committed capital in November 2017.
“We are encouraged by the positive response from investors to our second middle market CLO offering. The offering was oversubscribed, attracted capital from a diverse group of institutional investors and established new pricing levels for middle market CLOs,” said David Heilbrunn, Churchill’s Head of Product Development & Capital Raising. “We are grateful for our investors continued confidence in our seasoned team of investment professionals and Churchill’s experience as a middle market CLO manager.”
“Our affiliation with Nuveen allows us to continue to be an active CLO issuer while providing our investors with new opportunities to invest in vehicles that offer compelling sources of income in today’s low interest rate environment,” added Ken Kencel, President and CEO of Churchill. “We believe that the combination of our senior investment team’s strong private equity relationships, deep investment experience and Nuveen’s scale will continue to position our middle-market CLO business well into the future.”
The closing of TIAA Churchill Middle Market CLO II Ltd. grows Churchill’s total committed capital under management to $3.8 billion. Churchill is part of the Nuveen Private Markets platform that oversees more than $60 billion of investments on behalf of TIAA and other institutional investors. The firm is led by a senior investment team that has worked together for over a decade and has deep experience in middle market lending, averaging over 25 years of experience. To date, the Churchill team has collectively invested over $6.5 billion in middle market senior loans across more than 500 transactions.
About Churchill Asset Management
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. The company has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
Nuveen, the asset manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $948 billion in assets under management as of September 30, 2017 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.
Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America. Nuveen, LLC, formerly known as TIAA Global Asset Management, delivers the expertise of TIAA Investments and its independent investment affiliates. Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.
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