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
Markets aim to rally on calming news and data
June 26th, 2025 – Randy Schwimmer, Vice Chairman and co-head of Senior Lending at Churchill Asset Management, discusses renewed confidence in private equity and whether there’s rising risks in private credit…
Nuveen Private Capital Named 2025 “Institutional Direct Lender Firm of the Year” in the 16th Annual International M&A Awards
New York, NY, June 26, 2025 – Nuveen Private Capital, which is comprised of U.S. and European asset managers Churchill Asset Management and Arcmont Asset Management, today announced it has been named 2025 “Institutional Direct Lender Firm of the Year” in the 16th Annual International M&A Awards. The team will be honored at a black-tie gala on Tuesday, September 16th in New York City.
Middle Market Private Equity Firms Cautiously Optimistic on M&A, Exits and Returns, Churchill Asset Management Survey Finds
New York, NY, June 24, 2025 – The survey polled 164 senior leaders from Churchill’s private equity relationships to gauge sentiment in today’s market environment and how these perspectives are influencing investment decisions.