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
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
The Lead Left rebrands as The Lead, expanding into a multi-format platform for private capital intelligence
New York, July 16, 2026 – The Lead Left, the private capital thought leadership platform founded by Randy Schwimmer in 2008, today announced its rebrand as The Lead, reflecting its evolution from a weekly newsletter into a multi-format platform for private capital intelligence…
Randy Schwimmer joins Bloomberg “The Close”
New York, July 6, 2026 – Chief Investment Strategist Randy Schwimmer joins Bloomberg TV to discuss deal sourcing in the U.S. core middle market and partnering with leading private equity sponsors to grow resilient portfolios against macro headlines.
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.