New York, NY, January 13, 2022 – Churchill Asset Management (“Churchill” or the “Firm”), an investment-specialist of Nuveen that provides customized financing solutions to U.S. middle market-focused private equity sponsors and their portfolio companies, today announced that it has surpassed previous records of investment activity and fundraising in 2021, both reaching the highest annual totals in the Firm’s history.
Churchill more than doubled its 2020 fundraising figures, garnering $13 billion of new committed capital in 2021. With ample dry powder and strong portfolio performance, the Firm’s investment teams closed and/or committed to $11 billion in new investments in 2021, an increase of nearly 80% from the prior year, while remaining highly selective and diversified in their underwriting approach.
“Investors seeking attractive risk-adjusted returns from a manager who has demonstrated discipline and strong performance across economic cycles spurred extraordinary activity for our Firm in 2021,” said Ken Kencel, President and Chief Executive Officer of Churchill. “Now with $37 billion in committed capital under management, we believe our scale, differentiated sourcing and best-in-class team continue to set us apart in the industry, and we are extremely grateful to be trusted as a premier one-stop capital provider of choice to private equity firms and investors alike.”
2021 Highlights and Achievements:
- Closed and/or committed $11 billion across more than 400 distinct transactions, with record originations of over $5 billion in the fourth quarter alone;
- Raised $13 billion of new committed capital across the Firm and added over 60 new global institutional and family office investors;
- Named “Lender Firm of the Year” by The M&A Advisor and consistently ranked as top three “Most Active Lender in U.S. Buyouts” by Pitchbook1; and
- Added 30 new employees (50% of which were women and/or ethnic minorities) and surpassed 100 professionals, while being selected as one of Pension & Investments’ “Best Places to Work in Money Management.”
With a 16-year track record, Churchill has a strategically integrated middle market private capital platform, which provides private equity sponsors a full array of solutions across the capital structure, including senior lending, junior capital and equity co-investments, as well as private equity fund investments. Churchill is led by a senior management team with an average of more than 25 years of industry experience and has invested $47 billion in private capital across more than 1,200 transactions.
Kencel added, “As the private capital market continues to flourish and attract more institutional and retail interest, we are excited to work with new and existing investors to continue to provide best-in-class solutions in the new year.”
1 Source: Pitchbook Data’s Q3 2021 League Tables.
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 $37 billion of committed capital, Churchill provides first lien, unitranche, second lien and mezzanine debt, 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 unique origination strategy, best in class execution and investment are driven by more than 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.
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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.
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