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
Target position size
$10 - $100 mm
Capabilities
- Common equity
- Preferred equity
Insight
White paper
Private capital in 2026: Foundations for a changing market
Lower financing costs, improving buyer-seller alignment and pressure on sponsors to transact may create a more constructive environment for private capital this year…
Streamlined investment process:
Originate
Evaluate opportunities from leading private equity sponsors and deal intermediaries.
Analyze
Conduct initial company and industry analysis, review comparable transactions, and prepare preliminary financial models.
Early deal discussion
Engage in management meetings, perform exploratory financial due diligence, and assess industry trends, competitive landscape, and transaction structure.
Investment committee
Conduct diligence in key areas, review third-party research, arrange industry calls, and evaluate financial and operational resilience. Present to investment committee for final approval.
Closing
Negotiate and finalize legal documentation, manage the capital funding process, and ensure a seamless transition into portfolio monitoring.
Originate
Analyze
Early deal discussion
Investment committee
Closing
Recent transactions
News & Press
In Conversation with Julie Segal: Churchill’s Ken Kencel on Private Credit’s Second Act
New York, July 2, 2026 – Churchill Asset Management CEO Ken Kencel describes that recent redemption pressures say less about private credit itself, but rather that investors and managers are still adjusting to the realities of an illiquid asset class. As he puts it, private credit isn’t “semi-liquid.” It’s fundamentally illiquid, and products need to reflect that.
Ken Kencel on Bloomberg TV Live from SuperReturn International
New York, June 10, 2026 – Churchill Asset Management CEO Ken Kencel described the current private credit landscape as a “platinum period,” where market disruptions — including retail redemptions and overexposure to software loans — are creating fresh opportunities for traditional middle market lenders…
Randy Schwimmer on CAIS Live
New York, May 13, 2026 – Randy shares his view on why he believes the core middle market may be one of the most overlooked corners of the private market and why the current wave of headline risk, from tariffs to rate uncertainty, could reinforce that case.