Shadow Banking Tops Lending Activity in Private Equity
NEW YORK, March 20, 2019 – Churchill Asset Management was featured on the most active lenders for U.S. buyouts and private-equity owned companies, according to PitchBook…
Thought Leadership
Investors Are Piling Into Loans That Banks Have Avoided Since the Crash
NEW YORK, December 17, 2018 – …Churchill’s CEO, Ken Kencel, steers clear of pockets of the market where discipline is slipping. He lends to mid-size U.S. firms where loans are senior-secured, meaning he’s first in line for payouts if the firm defaults. He lends to borrowers with strong cash flow, plenty of equity and junior debt that serve as buffers if the firm hits a bump. He’ll average an all-in yield of 7 percent to 7.5 percent…
Is Your Direct Lending Portfolio Safe?
NEW YORK, November 28, 2018 – …And institutions know they now have options across direct lending that differ on risk, return, and sector exposure, as well as between private equity sponsor-backed loans versus “non-sponsored” ones, says Ken Kencel, CEO at Churchill Asset Management, a Nuveen affiliate… (Full text behind paywall)
Portfolio Strategy Credit: Reading the Cycle
New York, Nov 6, 2018 – Just what that message is remains unclear. What is clear is that credit investors and investment managers face a similar dilemma, says Randy Schwimmer, senior managing director and head of origination and capital markets at Churchill Asset Management, which concentrates on lending to private-equity-sponsored middle-market companies. Like archeologists, participants in loan and credit markets are also “experts at digging for meaning among otherwise inscrutable signs”, Schwimmer says…
Defining the Taxonomy of Private Credit: The Strategies and Risks
London, Oct 10, 2018 – Private credit is a rapidly maturing asset class, but the different strategies involved are still not all that well understood or defined. What does private credit mean? What are the risks involved for different strategies? Where are the best opportunities for investors? Randy Schwimmer shares his thoughts in KNect365’s exclusive interview…
Rattner: “I Worry about a Trade War”
NEW YORK, Oct 1, 2018 – Inflationary pressures and deal structures are among the other things that the former Obama administration adviser thinks could derail the long recovery. We bring you the transcript from his Q&A with Churchill’s Randy Schwimmer at the PDI New York Forum…
A Goldilocks Moment for Private Credit
New York, September 3, 2018 – Even at this stage in the cycle, industry experts say conditions in the US private debt market are just right for LPs seeking to fill that sweet spot in their portfolio…
LCD Middle Market Review
NEW YORK, July 24, 2018 – “There has been a clear shift to the prominence of the unitranche deal,” says Ken Kencel, President and CEO of Churchill Asset Management. “It’s a direct result of sponsors seeking one-stop debt solutions. Unitranche eliminates intercreditor issues. The economics and pricing of the unitranche are also comparable to the two-part debt structure, but with no syndication risk. You can’t be a full-service debt provider today without this capability.”…
Why CLOs are On the Rise
New York, July 11, 2018 – Diversification, friendlier regulations and high barriers to entry are among the reasons these securitised products are becoming a bigger part of the private debt universe. View this short presentation to find out more…