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
$10 - $100 mm
$10 - $75 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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Dobbs Tire & Auto Centers
Dobbs Tire & Auto Centers
Lender
- Subordinated Note
Audax Management Company
February 2026
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Care Options for Kids
Care Options for Kids
Lender
- Subordinated Note
Webster Equity Partners
February 2026
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News & Press
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.
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…