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Churchill Announces Record Investment Activity in 2022

January 13, 2023, 08:00 AM
Filed Under: Private Equity

Churchill Asset Management announced its 2022 investment and capital raising activity, notable firm highlights and company-wide promotions.

Despite the challenging economic environment, Churchill experienced strong growth across its leading private capital platform in 2022. The Firm’s investment teams closed and/or committed to nearly $11 billion in new investments, a new annual record even surpassing 2021, which was widely regarded as the middle market leveraged buyout industry’s most active year in history. Churchill also raised over $11 billion of new committed capital, adding over 50 new global institutional and family office investors, while continuing to achieve strong results for existing clients.

“As our annual figures show, economic uncertainty and the dislocation in the public credit markets have only accelerated activity for Churchill. In fact, our scale, differentiated sourcing model and cycle-tested investment approach provides our Firm a highly unique opportunity to capitalize on the long-term trend towards flexible private capital solutions,” said Ken Kencel, President and CEO of Churchill. “As we enter 2023, the confluence of recession fears, uncertainty and rising interest rates has led to a very attractive investment environment for top managers. Now with $46 billion in committed capital, we are extremely grateful to be trusted as a premier one-stop capital provider of choice to private equity firms and investors alike.”

Additional 2022 highlights:

  • Completed significant capital raises including $12 billion closing of Firm’s latest senior lending program, $737 million Junior Capital Opportunities Fund II and innovative $700 million Collateralized Fund Obligation
  • Parent company Nuveen announced it will acquire leading private debt manager Arcmont which, in combination with Churchill, will create a $67 billion global private capital manager and one of the largest private debt managers in the world
  • Surpassed 140 employees by adding nearly 50 new investment and support professionals (approximately half of which were women and/or ethnic minorities), including a Head of Sustainability & ESG Integration, Head of Secondaries, and Head of Fund Finance
  • Expanded U.S. presence to five office locations, now including Los Angeles, CA and Dallas, TX

“Churchill’s growth in 2022, in the face of a particularly challenging year for the financial services sector, is a testament to the strength of our private capital platform and power of our disciplined, time-tested investment strategy,” said Shai Vichness, Senior Managing Director and Chief Financial Officer. “Ultimately, however, our people are our most important asset and the key to our success. We are thrilled to take this opportunity to recognize the many outstanding contributions of our team, while announcing this year’s promotion class – our largest and most diverse group to date.”

Effective March 1, 2023, 39 individuals across the Firm’s investment teams, as well as the investor relations, legal, risk, finance, operations and administration groups will be promoted and/or assume new roles. Vice Presidents and above are listed below.

Senior Lending

  • Kelli Marti, Senior Managing Director, Head of CLO Management and Co-Head of Chicago Office
  • Kevin Meyer, to Managing Director, Head of Origination
  • Joseph Lee, to Managing Director, Underwriting and Portfolio Management
  • Jeffrey Rabaut, to Managing Director, Origination
  • Justin Zimmer, to Principal, Underwriting and Portfolio Management
  • Matthew Caulfield, to Vice President, Underwriting and Portfolio Management
  • Lindsey Figliolino, to Vice President, Underwriting and Portfolio Management

Junior Capital & Private Equity Solutions

  • David McManama, to Managing Director
  • Dodson Worthington, to Managing Director
  • Adam Froendt, to Vice President
  • Jay Valentine, to Vice President

Investor Relations, Legal, Risk, Finance and Operations

  • Courtney DeBolt, to Managing Director, Head of Operations
  • Philip Beissner, to Managing Director, Management Company Controller
  • Alona Gornick, to Managing Director, Senior Investment Strategist and Co-Head of Chicago Office
  • Ben Love, to Managing Director, Head of Fund Finance
  • Jessica Tannenbaum, to Managing Director, Head of Marketing and Communications
  • Emily Manuel, to Principal, Investor Relations
  • Kevin McMillin, to Principal, Head of Investment Analytics and Support
  • Zachary Profant, to Principal, Deputy General Counsel
  • Meghan Searson, to Principal, Investor Relations
  • Sherry Chen, to Vice President, Head of Digital Marketing
  • Sunny Huang, to Vice President, Product Development
  • Michael St. Clair, to Vice President, Operations

More than ever, Churchill has continued to draw industry recognition. Over the last year, the Firm was nominated for or has won eleven industry awards, including being named “Lender Firm of the Year” by The M&A Advisor, as well as both “U.S.A. Lender of the Year” and “Americas Lender of the Year” by The Global M&A Network. Churchill topped Pitchbook’s most recent league tables as the #1 “most active U.S. private equity lender”. Additionally, the Firm was selected as one of Pension & Investments’ “Best Places to Work in Money Management” for the second consecutive year.

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