Private Equity Fund Commitments
For over two decades, Churchill has built a differentiated primaries platform by being a meaningful LP who supports our GPs through multiple vintages. This drives deep relationships and leads to further collaboration with our GPs on direct deal flow throughout senior lending, junior capital, equity co-investment, and secondaries.
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committed capital
1 Defined as GPs in the 2022 vintage with at least one fund that measures top quartile on a MOIC or IRR basis using the State Street US Buyout index for the relevant vintage. Past performance is no guarantee of future results.
We really view our LP commitments through a partnership lens. We invest as a significant limited partner and often serve as an advisory board member offering our GPs our full suite of firmwide value added capabilities up and down the balance sheet.”
Anne Philpott, CFA
Head of Private Equity Fund Investments
Investment criteria
PE Fund Investments
Target fund size
$500 mm - $2.5 bn+
Underlying portfolio company size (EBITDA)
$10 - $100 mm
Commitment size
$30 - $60 mm
Churchill’s select private equity fund relationships
Churchill has committed $11+ billion in middle market private equity funds driving improved access to deal flow
Primary strategy
Diversified
Industry specialist
Operationally focused
Sourcing specialists
Small-cap/LMM focus
News & Press
TIAA-CREF Launches Churchill Asset Management
NEW YORK, April 8, 2015 – TIAA-CREF, a leading financial services provider, today announced the launch of Churchill Asset Management LLC (www.churchillam.com ), a new majority-owned subsidiary focused on originating, underwriting and managing senior loan investments, primarily in U.S. middle-market companies. Terms of the transaction were not disclosed.
The Promise and Pitfalls of Permanent Capital
NEW YORK, April 2, 2015 – We’re seeing a rush to pound out new publicly-traded (and private) business development companies, with many launched and more lined up in registration. Managers have correctly identified the virtues of BDCs: one-to-one fund leverage, tax advantages for investors, access to permanent capital, double-digit return potential, the fact that banks can own them under Dodd-Frank… Need we go on?
No Payback Time for Leveraged Borrowers
NEW YORK, March 5, 2015 – One tenet of sound lending practices is establishing the borrower’s capacity to repay its debt over the contractual life of the obligation. So it’s not surprising that regulators have taken banks to task in recent reports highlighting a growing number of leveraged loan issuers which lack that capacity.