Leading Middle Market Private Capital Manager Raised Over $6.4 Billion in New Committed Capital and Closed and/or Committed to over $6 Billion in New Investments
New York, NY, January 11, 2021 – Churchill Asset Management (“Churchill” or the “Firm”), an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies across the capital structure, today announced that it had achieved record levels for the firm in both capital raising and investment activity in 2020.
Churchill raised over $6.4 billion of new committed capital in 2020, more than doubling 2019 fundraising figures, with an additional $2.2 billion expected to close in the first quarter of 2021. With ample dry powder and strong portfolio health, the Firm’s investment teams closed and/or committed more than $6 billion in new investments in 2020, despite a notable slow down in second quarter deal flow due to the COVID-19 pandemic. Consistent with its time-tested investment strategy, Churchill continues to remain highly selective and diversified in its underwriting approach, focused solely on private equity-backed businesses that maintain a defensible market position.
“Churchill’s established 15-year track record of successfully investing across multiple economic cycles has proven incredibly valuable and resilient to our private equity clients and institutional investors alike, especially during uncertain times like these,” said Ken Kencel, President and Chief Executive Officer of Churchill. “Our Firm’s record fundraising and investment performance amidst the unprecedented challenges of 2020 has been a true testament to the trust our clients place in us. We are extremely grateful for their confidence, as we approach the new year with optimism and hopefully a sense of normalcy.”
2020 Highlights and Achievements
- Raised over $6.4 billion of new committed capital from a diverse group of new and existing institutional investors across a variety of investment vehicles;
- Closed and/or committed over $6 billion across 229 distinct transactions; Churchill served as an agent on 63% of direct lending investments, nearly all of which were in a lead or co-lead capacity;
- Named “Private Debt – Mid-Market Lending Fund of the Year” by AltCredit Intelligence (for Churchill Middle Market Senior Loan Fund, LP) and both “Americas Lender of the Year” and “USA Lender of the Year” by Global M&A Network for the second consecutive year; and
- Added 22 new professionals across its investment, investor relations, compliance and operations/finance teams to address the significant investment activity and demand from investors and private equity sponsors.
Churchill offers broad experience in all aspects of the middle market financing business, including origination, structuring, underwriting, syndication, and deal monitoring and oversight. The firm is led by a senior management team with an average of more than 25 years of industry experience and has invested $36 billion in private capital across more than 960 transactions.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $29 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine financing, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our differentiated origination strategy, best in class execution and investment are driven by more than 80 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
# # #
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, 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. Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.