Churchill Asset Management (Churchill), an investment-specialist affiliate of Nuveen providing customised financing solutions to private equity firms and their portfolio companies, has completed fundraising for Churchill Middle Market Senior Loan Fund II with USD2 billion in limited partner commitments, exceeding its original target of USD1 billion.
The Fund, an unlevered vehicle that invests in traditional senior and unitranche loans to private equity sponsor-backed US middle market companies, is the firm’s second commingled fund offering since becoming an affiliate of TIAA/Nuveen in 2015. The Fund attracted equity commitments from a diverse base of institutional clients globally, including several large pension plans and insurance companies, based in Europe, North America and Asia.
“We are very proud to build upon Churchill’s successful middle market senior lending strategy with this latest offering,” says Ken Kencel, President & Chief Executive Officer of Churchill. “The strong level of support received from institutions across the globe provided further evidence that investors recognise Churchill’s leadership position in the middle market, as well as the value of our longstanding private equity sponsor relationships, unique sourcing model and disciplined investment approach.”
Churchill now manages nearly USD23 billion of committed capital, including more than USD8 billion dedicated to the firm’s senior lending strategy through a variety of investment vehicles, including separately managed accounts, collateralised loan obligations, commingled funds and a business development company. Churchill’s senior lending investment team has worked together for 14 years funding nearly USD13 billion of middle market senior loans in approximately 620 transactions with over 190 private equity sponsors.
