Churchill Asset Management (Churchill), a majority-owned affiliate of Nuveen focussed on originating, underwriting and managing middle market senior loan investments, surpassed its previous records for investment activity and capital raising in 2018.
During the year, the firm closed and/or committed to USD2.6 billion in new investments, an increase of over 37 per cent from 2017. The firm also raised USD2.4 billion of new committed capital, bringing total committed capital under management to USD6 billion across multiple investment vehicles.
“Churchill has maintained a consistent strategy since our inception, providing senior secured loans to private equity-backed middle market companies, and we continue to offer a growing array of investment options to investors looking to access this attractive asset class,” says Ken Kencel, President and CEO of Churchill. “The momentum in Churchill’s investment activity and fundraising over the past year is truly a testament to the strength and value of our platform.”
“The significant amount of capital raised enhances our ability to better meet the evolving needs of private equity sponsors and their portfolio companies,” says Randy Schwimmer, Head of Origination and Capital Markets, adding that, “Churchill is now one of a select group of middle market lenders with the flexibility to commit up to USD200 million and hold up to USD150 million per transaction, solidifying our position as a trusted partner to lead traditional senior and unitranche credit facilities.”
To help support its expanding platform, both on the investment and fundraising fronts, Churchill added new professionals in 2018 across its origination, underwriting, portfolio management, investor relations, and finance/operations teams. The firm also now has a presence in Los Angeles to support its West Coast sponsor relationships.
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. Churchill is led by a senior investment team that has worked together for 13 years and has deep experience in middle market lending, averaging over 25 years of experience. To date, the Churchill team has collectively invested USD9.7 billion in middle market senior loans across approximately 570 transactions.