With Two New Funds, Churchill Raises Nearly $1.5 Billion
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With Two New Funds, Churchill Raises Nearly $1.5 Billion

Churchill makes first lien, unitranche, second lien, mezzanine debt, equity co-investments and private equity fund investments

Churchill Asset Management has closed two new funds with a total of $1.5 billion of capital commitments.

The two new funds, Churchill Secondary Partners LP (“Secondary Fund”) and Churchill Co-Investment Partners LP (Co-Investment Fund) were raised in partnership with Ardian and were part of a strategic effort by Churchill to expand institutional investor access to its private equity platform.

The new secondary fund is comprised of a portfolio of more than 35 United States middle-market private equity funds, while the co-investment fund will be used to support Churchill’s existing co-investment platform which, according to Churchill, is one of the largest platforms dedicated to the United States middle market.

“The strategic nature of the secondary fund and co-investment fund along with Churchill’s market-leading private equity platform attracted a select group of prominent global institutional investors alongside Ardian. We look forward to long-lasting partnerships with these investors,” said Chris Freeze, the head of investor relations at Churchill.

“The Churchill team has an established co-investment track record and extensive relationships with middle-market private equity sponsors making them a strong strategic partner for Ardian,” said Vladimir Colas, a member of Ardian’s executive committee and co-head of Ardian US. “We enjoyed working with the Churchill team on this landmark transaction and look forward to our partnership.”

Paris-headquartered Ardian (formerly Axa Private Equity) was founded in 1996 by Dominique Senequier and is one of the largest European-headquartered private equity firms with more than 780 employees and $114 billion of assets under management. Ardian has US offices in New York City and San Francisco.

Churchill Asset Management with $32 billion of committed capital under management, is an affiliate of Nuveen, the asset management arm of TIAA, a Fortune 100 financial services company. Churchill makes first lien, unitranche, second lien, and mezzanine debt investments, in addition to equity co-investments and private equity fund investments.

“This transaction highlights Churchill’s reputation as a leading investor and co-investment partner,” said Jason Strife, the head of private equity and junior capital at Churchill. “We can offer investors differentiated investment opportunities in the United States middle-market through bespoke products. The co-Investment fund provides us additional capacity to deliver on our growing investment pipeline.”

In April 2015, TIAA launched Churchill – led by the former senior management team of Churchill Financial which was acquired by The Carlyle Group in November 2011 – as a new majority-owned subsidiary to originate, underwrite and manage investments primarily in US-based middle-market companies. Over the past 10 years, Churchill’s private equity and junior capital team have invested more than $13 billion in middle-market private equity funds and co-investments.

TIAA changed its name from TIAA–CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) in February 2016. Today, New York-based TIAA has $1.3 trillion in assets under management.

Campbell Lutyens was the financial advisor to Churchill on these two new funds.

© 2021 Private Equity Professional | October 7, 2021

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