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
Randy Schwimmer talks core middle market resilience on Bloomberg Radio
New York, September 10, 2026 – Chief Investment Strategist Randy Schwimmer recently joined Bloomberg Radio to discuss how growing deal activity and improving private equity exits may signal a more constructive environment for private credit. He also highlighted the historical resilience of ground-level businesses in the core middle market that have the potential to offer steady, recurring revenue and less exposure to headline risk.
Nuveen Private Capital appoints Robert Rdzak as Managing Director, Consultant Relations
New York, NY – September 9, 2026 – Churchill Asset Management and Arcmont Asset Management, the U.S. and European asset management companies of Nuveen Private Capital (“NPC”), announced Robert Rdzak has joined as Managing Director, Consultant Relations. In this newly created role, he will lead engagement with institutional investment consultants across North America in support of NPC’s $99 billion global private capital platform.
Churchill Asset Management Launches Capital Solutions Strategy, Appoints Noah Charney to Lead Business
New York, NY – August 12, 2026 – Churchill Asset Management, the U.S. asset management company of Nuveen Private Capital, today announced the launch of its Capital Solutions strategy and appointed Noah Charney as Managing Director and Head of Capital Solutions.
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