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Churchill Closes $737MM Junior Capital Opportunities Fund II, Exceeds $500MM Target

January 06, 2023, 07:34 AM
Filed Under: Private Equity News

Churchill Asset Management completed fundraising for Churchill Junior Capital Opportunities Fund II (the “Fund”) with $737 million of limited partner commitments, exceeding its original target of $500 million and well above the size of its $300 million predecessor fund.

The Fund, an unlevered vehicle that invests in junior debt to private equity sponsor-backed U.S. middle market companies, attracted equity commitments from a diverse base of institutional clients globally, including several large pension plans and insurance companies based in Europe and North America. The closing also included a $65 million rated note, which demonstrates the Firm’s continued product development innovation in order to meet the needs of insurance company investors.

“We are very proud to build upon Churchill’s successful middle market junior capital strategy with our latest offering,” said Jason Strife, Senior Managing Director, Head of Junior Capital & Private Equity Solutions at Churchill. “Despite uncertain market conditions, our differentiated deal sourcing approach, flexible junior capital mandate, proven track record and alignment with parent company TIAA continues to resonate with investors and set us apart in the industry. We are incredibly grateful for the strong support received from both new and existing clients across the globe on this capital raise.”

Led by Mr. Strife, Churchill’s Junior Capital & Private Equity Solutions team consists of 20 professionals focused on investing nearly $4 billion annually across junior capital, equity co-investments, secondaries and private equity fund commitments. Utilizing a highly disciplined investment approach centered around downside risk mitigation, the team has funded over $5 billion in nearly 200 junior capital transactions over the last decade, and now deploys more than $1 billion of junior capital per year.

With five offices across the U.S., Churchill has over 140 employees and manages more than $46 billion of committed capital. In recognition of its industry-leading platform, the Firm was recently named “2022 Lender Firm of the Year” by the M&A Advisor. Churchill also continues to be ranked as one of the most active private debt investors in the U.S. and was named the #1 “most active U.S. private equity lender” by Pitchbook and the #2 “Americas junior lender of the year” by Private Debt Investor.

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