Equity Co-Investment
Since 2011, we have provided our sponsor base with flexible, reliable capital to close on highly attractive U.S. middle market equity co-investments. Our sponsor-centric approach is hallmarked by our speed, certainty to close, and team with substantial middle market transaction experience.
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committed capital
1 As of 31 March 2024 since 2011. Equity co-investment platform was established in 2011; the first transaction was closed in August 2011. Weighted average (“W.A.”) IRR of each vintage’s cumulative cash flow is included due to the portfolio ramp since 2011. Churchill believes using a time-zero IRR better reflects the returns of individual in vestments, while a cumulative IRR over-weights earlier investments which results in a lower cumulative IRR.
2 Over the cour se of 2021 and 2022.
Churchill’s scale, experience, and 14+ year track record of consistency has positioned our program as a go-to co-investment partner to many of the top middle market sponsors.”
Derek Fricke
Head of Direct Investments
Investment criteria
Equity Co-Investment
Company size (EBITDA)
$10 - $100 mm
Maximum commitment
Up to $100 mm
Target investment
$10 - $100 mm
Capabilities
- Common equity
- Preferred equity
Insight
White paper
The year ahead: top 5 private capital trends
Private capital stands primed to capitalize on what looks set to be a favorable environment for generating returns and income as the macroeconomic fog clears,…
Streamlined investment process:
Investment committee
Deeper dive on key diligence areas, review third-party research, conduct industry calls and access financial and operating resilience
Recent transactions
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Nellson Nutraceutical
Nellson Nutraceutical
Lead Left Arranger
- Senior Secured Credit Facility
Kohlberg & Company
April 2025
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News & Press
Ken Kencel on private credit opportunities
Los Angeles, May 6, 2025 – Live from the 2025 Milken Institute Global Conference, CEO Ken Kencel addressed areas of opportunity opening within private credit, as companies seek alternatives to the syndicated loan market.
Ken Kencel on CNBC discussing the impact of tariffs on private credit
April 8, 2025 – Ken Kencel, Churchill Asset Management president and CEO, joins the ‘Fast Money’ traders to discuss the state of the private credit market and why he’s maintaining an optimistic outlook.
Churchill Asset Management Closes Third Collateralized Fund Obligation, a 30 year $750 Million Transaction Investing across Nuveen Private Capital Strategies
New York, NY, March 27, 2025 – Churchill Asset Management LLC, an investment-specialist of Nuveen, has closed its third collateralized fund obligation, NPC SIP 2024-1 (the “Long Duration Bond” or “LDB”). The $750 million transaction is structured as a long-duration bond and invests across the flagship strategies of Churchill and Arcmont Asset Management Limited, the operating businesses of Nuveen Private Capital (“NPC”)