Churchill Asset Management (Churchill), a provider of senior and unitranche debt financing to middle market companies, has closed its second structured debt investment offering, a USD340 million collateralised loan obligation fund (CLO) named TIAA Churchill Middle Market CLO II Ltd.
This follows TIAA Churchill Middle Market CLO I Ltd, a USD382 million transaction, which closed in September 2016 and the more recent final closing of the Churchill Middle Market Senior Loan Fund, LP (and related investment vehicles) with over USD1.1 billion in committed capital in November 2017.
“We are encouraged by the positive response from investors to our second middle market CLO offering. The offering was oversubscribed, attracted capital from a diverse group of institutional investors and established new pricing levels for middle market CLOs,” says David Heilbrunn, Churchill’s Head of Product Development & Capital Raising. “We are grateful for our investors continued confidence in our seasoned team of investment professionals and Churchill’s experience as a middle market CLO manager.”
“Our affiliation with Nuveen allows us to continue to be an active CLO issuer while providing our investors with new opportunities to invest in vehicles that offer compelling sources of income in today’s low interest rate environment,” adds Ken Kencel, President and CEO of Churchill. “We believe that the combination of our senior investment team’s strong private equity relationships, deep investment experience and Nuveen’s scale will continue to position our middle-market CLO business well into the future.”
The closing of TIAA Churchill Middle Market CLO II Ltd grows Churchill’s total committed capital under management to USD3.8 billion.
Churchill is part of the Nuveen Private Markets platform that oversees more than USD60 billion of investments on behalf of TIAA and other institutional investors. The firm is led by a senior investment team that has worked together for over a decade and has deep experience in middle market lending, averaging over 25 years of experience. To date, the Churchill team has collectively invested over USD6.5 billion in middle market senior loans across more than 500 transactions.
