Nuveen, the investment manager of TIAA, is to acquire a controlling interest in Arcmont Asset Management, a European private debt investment manager with $21 billion in committed capital, in a deal reportedly worth over $1 billion.
Nuveen, the investment manager of TIAA, is to acquire a controlling interest in Arcmont Asset Management, a European private debt investment manager with $21 billion in committed capital, in a deal reportedly worth over $1 billion.
The acquisition will expand Nuveen’s private capital expertise and presence into Europe, complementing its North American private debt and private equity investment specialist Churchill Asset Management.
Founded in 2011, Arcmont has been a pioneer in the European private debt market, providing financing solutions across a wide range of companies, industries and markets. Since its inception, Arcmont has raised more than $26 billion of capital from more than 350 blue-chip investors and has committed over $20 billion to 270 transactions across Europe. With approximately 100 employees spread across six offices in Europe, Arcmont’s experienced team of investment professionals combines pan-European origination capabilities with long-standing relationships among private equity firms, corporates and advisers.
The combined capabilities of Arcmont and Churchill will create one of the world’s largest private debt managers, with more than $60 billion in combined committed capital, bringing Nuveen’s firmwide alternative credit assets under management to $178 billion. Coming together to form Nuveen Private Capital, a new entity, Arcmont and Churchill will work together in partnership, giving both firms geographic scale and the ability to offer a broader range of products and financing options to corporate borrowers.
Both firms will continue to be managed by their own respective leadership teams, but will benefit from the considerable resources, expertise and distribution capabilities of Nuveen. With more than 240 investment and support professionals, Arcmont and Churchill serve a combined investor base of approximately 600 institutional and family office investors.
Kencel and Fobel will be co-CEOs of Nuveen Private Capital reporting to William Huffman (pictured), head of Nuveen equity & fixed income, which includes global equities, taxable fixed income, municipals, multi-asset and private capital. Huffman will also serve as Chairman of Nuveen Private Capital. Both Arcmont and Churchill will continue to operate under their respective names and brands, with no change to their respective investment teams or processes.
