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Nuveen and Churchill Launch BDC Offering Individual Investors Private Capital Opportunities in Middle Market

February 09, 2023, 07:49 AM
Filed Under: Industry News

Nuveen, the $1.1 trillion investment manager of TIAA, and Churchill Asset Management, an investment-specialist affiliate of Nuveen, announced that Nuveen Churchill Private Capital Income Fund (PCAP) will offer qualified individual investors1 access to private capital investments across the U.S. middle market that have typically been available only to institutional investors.

PCAP, which is an income and total return focused strategy structured as a perpetual-life non-traded business development company (BDC), primarily invests in middle market senior loans and junior capital. Allocations to private equity co-investments are a differentiator, providing upside potential and exposure to a hard-to-tap asset class.

Reflecting the conviction that the traditional middle market capital asset class is well-positioned in an inflationary and rising rate environment, PCAP launches with an investment portfolio of approximately $350M, including a commitment of more than $250M from TIAA, Nuveen's parent company.

"The middle market stands out as one of the most vibrant, appealing sectors in the U.S. economy, with a large target universe of companies poised for private capital investment," said Ken Kencel, President and CEO of Churchill Asset Management. "Recent volatility and more limited availability of credit in the public markets has only accelerated middle market demand for flexible financing solutions across the capital structure, creating a unique opportunity for investors to capitalize on this long-term trend."

"We're pleased to be able to provide this new offering, which emphasizes risk management, selectivity, diversification and a rigorous underwriting process, to an even broader global cohort of advisors and their clients through Nuveen's key marketplace relationships," said Kencel.

Individual Investors Seek Exposure to Private Market and Alternative Asset Classes

"Like our institutional clients, individual investors are increasingly focused on growing their exposure to alternative investment strategies. We are focused on providing innovative products that meet investors' needs," said Mike Perry, Head of Nuveen's Global Client Group. "With inflation and rising rates challenging global stock and bond markets, the benefits of non-publicly traded debt and equity are well-established in diversifying exposures and increasing overall income and return potential."

"The launch of PCAP provides individual investors access to the scale of Churchill's nationally recognized, middle market private capital platform and established track record in sourcing attractive and differentiated investing opportunities," said Perry.

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