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Churchill Raises Over $12B for Senior Lending Program

October 10, 2022, 08:05 AM
Filed Under: Private Equity News

Churchill Asset Management raised over $12 billion in third-party committed capital for the firm’s most recent senior lending program.

This milestone includes the closings of the firm’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts (collectively, the "Funds"). The Funds attracted equity commitments from a diverse group of approximately 150 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, endowments, foundations and family offices based in North America, Europe, the Middle East and Asia.

"We are very grateful for the strong support we received from both new and existing investors across the globe, which we believe speaks to our excellent track record and reaffirms our leadership position in the private debt market," said Ken Kencel, President & CEO of Churchill. "The senior lending asset class is particularly attractive in today’s market environment given the floating rate nature of the investments, strong current income potential, significant lender protections and senior position in the capital structure. The volatility and more limited availability of credit in the public markets this year has accelerated investment activity for Churchill, while our scale, differentiated sourcing approach and proven track record provides our Firm a unique opportunity to capitalize on the long-term trend towards flexible private debt solutions."

With five offices across the U.S., Churchill has over 140 employees and manages over $41 billion of committed capital, approximately half of which is dedicated to the Firm’s senior lending strategy. A majority of the Firm’s senior lending investment committee has worked together for more than 16 years, funding over $25 billion of middle market senior loans in approximately 770 transactions utilizing a focused and disciplined investment strategy that has been tested over several economic cycles.

In recognition of its industry-leading platform, Churchill was named "2021 Lender Firm of the Year" by the M&A Network and "2021 Private Markets Manager of the Year" at the LAPF Investments Awards1. Further, Churchill continues to be ranked as one of the most active private debt investors in the U.S. and was recently ranked as the #1 "most active U.S. buyouts lender" by Pitchbook and the #2 "most active direct lender" by Direct Lending Deals.

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