Scale and a powerful sponsor network awards Churchill robust deal flow that is pre-vetted by top quartile sponsors2.”
Jason Strife
Head of Junior Capital and Private Equity Solutions
Investment criteria
Junior capital
Structured capital
Company size (EBITDA)
$10 - $100 mm
$10 - $100 mm
Target position size
$25 - $100 mm
$25 - $100 mm
Capabilities
- 2nd lien
- Subordinated notes
- PIK HoldCo notes
- Preferred equity
- Customized structures
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, prepare preliminary financial models, and form a view on debt structure.
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
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USG Water
USG Water
Lender
- Equity
- Structured Capital
- Subordinated Note
Warren Equity Partners
June 2026
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Dobbs Tire & Auto Centers
Dobbs Tire & Auto Centers
Lender
- Subordinated Note
Audax Management Company
February 2026
-
-
Care Options for Kids
Care Options for Kids
Lender
- Subordinated Note
Webster Equity Partners
February 2026
News & Press
Churchill Asset Management Closes Record $1.54 Billion Junior Capital Opportunities Fund III, More Than Doubling Predecessor
New York, NY – November 2, 2026 – Churchill Asset Management LLC, the U.S. asset management company of Nuveen Private Capital, today announced the final close of Junior Capital Opportunities Fund III with $1.54 billion in total commitments. The largest fund raised to date in Churchill’s Junior Capital Opportunities program, JCOF III exceeded its original $1 billion target by more than 50% and more than doubled the $737 million raised by its predecessor.
Ken Kencel on CNBC’s “Power Lunch”
New York, October 30, 2026 – Ken Kencel, President and CEO, joins Kelly Evans on CNBC’s “Power Lunch” to discuss why experienced managers with proven track records and long-term capital matter as dispersion widens.
Exclusive: Nuveen Private Capital hits $100bn after three-year fundraising drive
New York, October 19, 2026 – Nuveen Private Capital has passed $100bn (£75bn) in committed capital, growing by more than half in three years despite the turbulence rattling…
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