Churchill Raises Record $16B for Senior Lending Platform

Churchill Asset Management, the U.S. private capital affiliate of Nuveen Private Capital, has raised more than $16 billion for its latest senior lending program, marking the firm’s largest capital raise to date. The total reflects the closing of the fifth vintage of Churchill’s flagship senior loan strategy – spanning levered, unlevered and evergreen vehicles – alongside a series of separately managed accounts. 

The program drew equity commitments from roughly 325 institutional and high net worth investors globally, including public and private pension plans, insurance companies, superannuation funds and family offices across North America, Europe, the Middle East and Asia.  

“This record capital raise highlights the strength and resiliency of Churchill’s private credit platform and the attractiveness of core middle market senior lending,” said Ken Kencel, president and CEO of Churchill. “It also underscores the increasingly important role that private credit plays within investment portfolios today – particularly for those seeking solid risk-adjusted returns and diversified access to high quality mid-sized businesses.” 

Churchill’s senior lending strategy focuses on first lien and unitranche financings to U.S. middle market companies backed by leading private equity sponsors. Alongside its sister company Arcmont Asset Management, Churchill sits within Nuveen Private Capital, a $94 billion global private capital platform and one of the world’s largest private debt managers.