Direct access platform creates a one-stop capital source for private equity firms and institutional investors
NEW YORK, January 9, 2020 – Nuveen, a leading global investment manager, is bringing its private equity and junior capital group together with Churchill Asset Management, its award-winning middle-market senior loan and unitranche financing business, to create a direct access platform with over $21 billion in committed capital.
The combined platform, operating as Churchill, manages over 250 portfolio investments and has more than 150 limited partner investments in leading middle market private equity funds. Collectively, the combined businesses invest over $5 billion annually in over 100 middle market companies, led by highly experienced investment teams.
“The combination of these two highly complementary businesses – backed by the scale, capital and resources of Nuveen – creates one of the largest, most differentiated middle market private capital investment platforms in the United States, allowing us to be a premier one-stop capital provider of choice to private equity firms and institutional investors,” said Ken Kencel, President and Chief Executive Officer of Churchill. “Our experienced investment teams and deep relationships in the sponsor community are an excellent fit.”
Nuveen’s private equity and junior capital group brings a 20-year-plus track record of investing in junior debt, direct equity co-investments and private equity funds to Churchill. The group manages a portfolio of nearly $9 billion of private equity fund commitments and invests alongside private equity sponsors in their transactions. In addition to those fund investments, the team has deployed over $5 billion of junior debt and equity co-investment capital since 2011 under the leadership of Jason Strife, who will continue to lead the firm’s junior capital efforts and also serve on the Churchill senior management team. Both the senior lending and private equity and junior capital investment teams will continue to operate with no change to their investment focus or process.
Churchill is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. With over $21 billion of committed capital under management, the platform now provides customized financing solutions across the capital structure including first lien, unitranche, second lien and mezzanine debt and equity co-investments, in addition to private equity fund investments. Churchill offers broad experience in all aspects of the middle market financing business, including origination, structuring, credit analysis, syndication, and deal monitoring and oversight, supported by over 60 professionals located in New York, Charlotte and Chicago.
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 more than $1 trillion in assets under management as of September 30, 2019 and operations in 24 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 information does not constitute investment research as defined under MiFID.