Investment Criteria
Company Size (EBITDA)
Maximum Commitment
Average Investment
$10 mm - $100 mm
Up to $150 mm
$10 mm - $75 mm
Highly Selective Investment Process:
We have stringent underwriting standards focused on relative value, strong credit statistics and a high level of portfolio diversity.
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Initial vetting & structuring
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Early assessment
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Full due diligence
Recent Junior Capital Transactions
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Columbia Home Services
Columbia Home Services
Lender
- Equity
- Subordinated Note
Tenex Capital Management
May 2025
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Momentum Textiles and Wallcovering
Momentum Textiles and Wallcovering
Lender
- Subordinated Note
Riverside Company
March 2025
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News & Press
Credit Due – Cash Flow or Cash Faux?
NEW YORK, May 7, 2015 – Leveraged lending guidelines have set six times total leverage as the limit above which a loan would likely be criticised by examiners. Less noted by the media, but of growing interest to market players, are the components of leverage metrics: specifically, how the numerator (debt) and the denominator (earnings) are being massaged to put the best face on increasingly leveraged transactions.
TIAA-CREF Launches Churchill Asset Management
NEW YORK, April 8, 2015 – TIAA-CREF, a leading financial services provider, today announced the launch of Churchill Asset Management LLC (www.churchillam.com ), a new majority-owned subsidiary focused on originating, underwriting and managing senior loan investments, primarily in U.S. middle-market companies. Terms of the transaction were not disclosed.
The Promise and Pitfalls of Permanent Capital
NEW YORK, April 2, 2015 – We’re seeing a rush to pound out new publicly-traded (and private) business development companies, with many launched and more lined up in registration. Managers have correctly identified the virtues of BDCs: one-to-one fund leverage, tax advantages for investors, access to permanent capital, double-digit return potential, the fact that banks can own them under Dodd-Frank… Need we go on?
1. Includes both junior and structured capital.