Evaluating and Managing Governance Issues

Thorough ESG due diligence helps us to identify environmental liability, legal liability or reputational risk that we may determine to be unacceptable. For example, in researching an investment opportunity, we discovered that a senior executive at the company had been involved with securities fraud and his securities license was revoked. While the infraction took place while the executive was employed at a different company, we considered this to be a significant governance concern and, as a result, we did not feel comfortable lending to the company. We communicated the reason for declining the investment to the sponsor, as is common practice.

Reducing Investment Risk

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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.