Churchill Asset Management has completed fundraising for Churchill Middle Market Senior Loan Fund LP, its inaugural fund as part of Nuveen, with over $1.1 billion in committed capital.
Churchill Asset Management (Churchill) was launched in April 2015 by financial services provider TIAA (Teachers Insurance and Annuity Association of America) to originate, underwrite and manage senior loan investments primarily in US-based middle-market companies. Churchill, which operates within Nuveen, the institutional and individual asset manager of TIAA, is led by the former senior management team of Churchill Financial which was acquired by The Carlyle Group in November 2011.
The new fund has commitments from a diverse group of global institutions including pension plans, insurance companies, foundations, single and multi-family offices and high net worth investors based in North America, Europe, South America and Asia.
“We are delighted with the strong response we received from investors across the globe to our inaugural fund offering as part of Nuveen. Our investors include over 30 leading institutions and family offices globally, and we are grateful for their confidence in us and support for our investment approach,” said Ken Kencel, President and CEO of Churchill. “As investors increasingly look to private credit for income and diversification, we are extraordinarily well-positioned to benefit from our very strong and longstanding relationships in the private equity community and deep expertise in financing middle market companies to provide products that meet the needs of investors globally.”
The new fund invests in senior secured loans to US middle market companies with annual EBITDA of up to $100 million that are owned or controlled by private equity firms. Churchill’s senior management team has an average of over 25 years of middle market lending experience and has invested over $6.5 billion in over 500 middle market companies controlled by over 150 private equity sponsors over the past 12 years.
Churchill, an affiliate of Nuveen and a majority-owned, indirect subsidiary of TIAA, has approximately $3.7 billion in committed capital under management. The firm manages capital on behalf of TIAA and other institutional and high net worth investors through commingled funds, separately managed accounts, CLOs and other investment vehicles. Churchill is headquartered in New York (www.churchillam.com).
© 2017 Private Equity Professional | November 29, 2017