New York, October 6, 2021 – Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment-specialist affiliate of Nuveen that provides customized financing solutions to U.S middle market focused private equity sponsors and their portfolio companies, today announced a significant investment into its Private Equity platform with the closing of two new funds totaling approximately $1.5 billion of committed capital; Churchill Secondaries Partners, L.P. (the “Secondary Fund”) and Churchill Co-Investment Partners, L.P, (the “Co-Investment Fund”). Both funds were established in partnership with Ardian, a world-leading private investment house, as part of a strategic transaction that expanded institutional investor access to Churchill’s private equity platform.
The Secondary Fund is comprised of a diversified portfolio of more than 35 U.S. middle market private equity funds. Additionally, new primary capital was raised for a Co-Investment Fund which will support the growth of Churchill’s existing co-investment platform, already one of the largest programs dedicated to the U.S. middle market.
“The strategic nature of the Secondary Fund and Co-Investment Fund along with Churchill’s market leading private equity platform attracted a select group of prominent global institutional investors alongside Ardian. We look forward to long lasting partnerships with these investors.” said Chris Freeze, Head of Investor Relations at Churchill.
“This transaction highlights Churchill’s reputation as a leading investor and co-investment partner. We can offer investors differentiated investment opportunities in the U.S. middle market through bespoke products,” said Jason Strife, Head of Private Equity & Junior Capital at Churchill. “The Co-Investment Fund provides us additional capacity to deliver on our growing investment pipeline.”
Over the past 10 years, Churchill’s Private Equity & Junior Capital team, comprised of 18 dedicated investment professionals, has committed more than $13.0 billion to middle market private equity funds and co-investments across 150+ fund relationships.
Vladimir Colas, Member of Ardian’s Executive Committee and Co-Head of Ardian US added, “The Churchill team has an established co-investment track record and extensive relationships with middle market private equity sponsors making them a strong strategic partner for Ardian. We enjoyed working with the Churchill team on this landmark transaction and look forward to our partnership.”
Campbell Lutyens & Co. was the exclusive financial advisor to Churchill.
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About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to private equity firms and their portfolio companies across the capital structure. With $32 billion of committed capital under management, our solutions include first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund investments. 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.
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. 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.
Ardian is a world-leading private investment house with assets of US$114bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 750 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
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