Over the past two decades, the private equity secondaries market has transformed into one of the highest growth yet, in our opinion, most undercapitalized areas of alternative investments.”
Nick Lawler
Head of Secondaries
Investment criteria
Secondaries
Target transaction size
$10 mm - $1 bn
Target position size
$10 - $100 mm
Capabilities
- GP-Led: Single & muti-asset continuation funds
- LP-Led: LP interests
Target % of portfolio3
- GP-Led: 70-80%
- LP-Led: 20-30%
Insight
Publication
PEI – Secondaries’ evolving use case
Secondaries technology is increasingly proving its worth as a multi-faceted tool for GPs and LPs, says Churchill Asset Management’s head of secondaries, Nick Lawler…
Streamlined investment process:
Originate
Evaluate opportunities through the lens of Churchill's sponsor relationships, portfolio insights, and industry expertise to assess strategic fit and information advantage.
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
News & Press
Ken Kencel on the state of private credit
New York, March 30, 2026 – CEO Ken Kencel joins Bloomberg Open Interest to discuss recent headlines around redemptions and the challenge of applying short-term liquidity expectations to long-term investments.
Churchill Asset Management Celebrates 20th Anniversary, Reports Record Investment Activity and Capital Raising in 2025
New York, NY, January 26, 2026 – Churchill Asset Management LLC, an investment-specialist of Nuveen, announced record investment and capital raising activity in 2025, as the firm enters its 20th anniversary year. Founded in 2006, Churchill is a market-leading middle market private capital platform with a proven track record of disciplined investing across economic cycles.
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…