Churchill Asset Management raises nearly USD1.5bn for two new private equity vehicles
Churchill Asset Management (Churchill) has closed two new funds totalling approximately USD1.5 billion of committed capital.
Churchill Secondary Partners (the Secondary Fund) and Churchill Co-Investment Partners (the Co-Investment Fund) were established in partnership with Ardian, a private investment house, as part of a strategic transaction that expands institutional investor access to Churchill’s private equity platform.
The Secondary Fund is comprised of a diversified portfolio of more than 35 US middle market private equity funds. Additionally, new primary capital was raised for a Co-Investment Fund which will support the growth of Churchill’s existing co-investment platform, already one of the largest programs dedicated to the US 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,” says Chris Freeze, Head of Investor Relations at Churchill.
“This transaction highlights Churchill’s reputation as a leading investor and co-investment partner. We can offer investors differentiated investment opportunities in the US middle market through bespoke products,” says Jason Strife, Head of Private Equity & Junior Capital at Churchill. “The Co-Investment Fund provides us additional capacity to deliver on our growing investment pipeline.”
Over the past 10 years, Churchill’s Private Equity & Junior Capital team, comprised of 18 dedicated investment professionals, has committed more than USD13.0 billion to middle market private equity funds and co-investments across 150-plus fund relationships.
Vladimir Colas, Member of Ardian’s Executive Committee and Co-Head of Ardian US, adds: “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. We enjoyed working with the Churchill team on this landmark transaction and look forward to our partnership.”
Campbell Lutyens & Co was the exclusive financial advisor to Churchill.