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
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
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…
Ken Kencel joins Bloomberg TV live from the 2026 Milken Institute Global Conference
New York, May 5, 2026 – CEO Ken Kencel joins Bloomberg TV to discuss the current state of private credit markets, highlighting how credit fundamentals remain strong despite the broader media narrative.