The Oversubscribed Fund Hit its Hard Cap and Surpassed its Predecessor Fund by Nearly 3.5x
New York, NY, June 10, 2025 – Churchill Asset Management LLC, an investment-specialist of Nuveen, today announced the final close of Churchill Co-Investment Fund II (the “Fund”) with $1.5 billion in limited partner commitments. The oversubscribed fund, which seeks to generate superior risk-adjusted returns through equity co-investments alongside private equity sponsors in U.S. middle market businesses, reached its hard cap and is nearly 3.5x the size of its predecessor fund.
The Fund attracted equity commitments from a global and diversified investor base, including sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, family offices and high-net-worth individuals.
Central to Churchill’s investment philosophy is its long-standing commitment as an LP in over 280 private equity funds. Churchill commits more than $1 billion annually to U.S. middle market private equity funds, with over $11 billion invested since inception. This sponsor-centric model provides investors with differentiated access to the U.S. middle market.
“We’re proud to announce the close of our latest co-investment fund,” said Jason Strife, Head of Junior Capital & Private Equity Solutions at Churchill. “As a reliable co-investor to top-tier GPs for the last 14 years, we continue to leverage our differentiated model to gain valuable insights and early access to pre-syndication deal flow, allowing us to source a high volume of attractive opportunities. We are incredibly grateful for our investors’ continued support and trust with their capital.”
Alternatives spark growing interest in wealth channel
The Fund also reflects the increasing participation of private wealth in Nuveen and Churchill’s strategies, as nearly 20% of the capital was raised from high-net-worth investors globally.
“Individual investors are increasingly focused on growing their exposure to alternative investment strategies, and the success of the Fund in the wealth channel underscores the strong demand we’re seeing from high-net-worth investors for differentiated private capital opportunities,” said Moshe Bajnon, Global Head of Private Wealth & Co-Head of Investor Solutions Group at Churchill. “Churchill’s proven track record and expertise – combined with Nuveen’s marketplace relationships and history of product innovation – position us as a leader in expanding access to private markets.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $55 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy and investment approach are driven by over 200 professionals in New York, Charlotte, Chicago and Los Angeles. To learn more, visit www.churchillam.com.
About Nuveen
Nuveen, the investment 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 $1.3 trillion in assets under management as of 31 Mar 2025 and operations in 32 countries. Its investment specialists 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.
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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 LLC, registered investment advisor, is a majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are distributed by Nuveen Securities, LLC, Member FINRA and SIPC.
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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