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
-
-
Elevate ENT Partners
Elevate ENT Partners
Investor
- Structured Capital
Audax Management Company
July 2025
-
-
News & Press
Bloomberg Open Interest: Churchill’s Kencel Expects New Entrants Into Private Credit
New York, November 14, 2025 – Churchill Asset Management President and CEO Ken Kencel discusses the state of the private capital market, takeaways from his firm’s Annual Investor Meeting and how mid-market companies are participating in a data center boom.
Randy Schwimmer live on Bloomberg Surveillance Radio
New York, October 17, 2025 – In this podcast, Randy provides important insight on how lending to sponsor backed traditional core middle market businesses can help insulate investors from the volatility affecting other segments.
Churchill’s Ken Kencel to receive the 2025 Lifetime Achievement Award and be inducted into the M&A Advisor Hall of Fame
New York, NY, October 14, 2025 – The M&A Advisor is proud to announce that Ken Kencel, President and CEO of Churchill Asset Management, will be recognized as The M&A Advisor’s 2025 Lifetime Achievement Award recipient. Mr. Kencel will be honored for his significant contributions in the fields of private capital and middle-market finance at the 2025 Future of Dealmaking Summit, on November 18th & 19th in New York City. Mr. Kencel will also be formally inducted into The M&A Advisor’s Hall of Fame…