Strong initial capital raise highlights Churchill’s position as a preferred partner for investors seeking access to high quality middle market senior loan investments
New York, November 29, 2017— Churchill Asset Management LLC (“Churchill”), a provider of senior and unitranche debt financing to private equity-owned middle market companies, has completed fundraising for Churchill Middle Market Senior Loan Fund, LP (and related investment vehicles), its inaugural fund as part of Nuveen with over $1.1 billion in committed capital (the “Fund”).
“We are delighted with the strong response we received from investors across the globe to our inaugural fund offering as part of Nuveen. Our investors include over 30 leading institutions and family offices globally, and we are grateful for their confidence in us and support for our investment approach,” said Ken Kencel, President and CEO of Churchill. “As investors increasingly look to private credit for income and diversification, we are extraordinarily well-positioned to benefit from our very strong and longstanding relationships in the private equity community and deep expertise in financing middle market companies to provide products that meet the needs of investors globally.”
The Fund invests in senior secured loans to U.S. middle market companies with annual EBITDA (or cash flow) of up to $100 million that are owned or controlled by leading private equity sponsors. The Fund attracted commitments from a diverse base of institutional clients globally, including pension plans, insurance companies, foundations, single and multi-family offices and high net worth investors based in North America, Europe, South America and Asia.
Churchill, an affiliate of Nuveen, LLC, currently has approximately $3.7 billion in committed capital under management. The firm manages capital on behalf of TIAA and other institutional and high net worth investors through comingled funds, separately managed accounts, CLOs and other investment vehicles. It’s senior management team has an average of over 25 years of middle market lending experience and has invested over $6.5 billion in over 500 middle market companies controlled by over 150 private equity sponsors over the past 12 years.
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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