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
Survey
Mid-Year 2025 Private Equity Survey
In June 2025, Churchill’s survey polled 164 senior leaders from private equity relationships to gauge sentiment in today’s market environment and how these perspectives are…
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
Randy on Bloomberg TV’s “The Close” with Romaine Bostick
New York, July 7, 2025 – Randy Schwimmer – Vice Chairman, Investor Solutions Group – joined Bloomberg TV’s “The Close” to discuss findings from Churchill’s mid-year private equity survey and the opportunity in the traditional middle market today.
Bloomberg Surveillance: Renewed confidence in private equity and optimism in deal flow
New York, June 26, 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.