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Churchill Asset Management Closes Second Collateralized Fund Obligation Investing in Nuveen Private Capital Flagship Strategies

December 19, 2023, 07:46 AM
Filed Under: Private Equity

Churchill Asset Management closed its second collateralized fund obligation (“CFO”). The $190 million CFO will invest across the flagship strategies of Churchill and Arcmont Asset Management Limited, the operating businesses of Nuveen Private Capital, including U.S. senior lending, junior capital and equity co-investment, as well as European direct lending and capital solutions.

Nuveen Private Capital formed in March 2023 when Nuveen acquired London-based Arcmont, which in combination with Churchill, has created a $74 billion private capital platform and one of the world’s largest private credit managers.

Allocations for the CFO were strategically selected to meet key investor objectives including significant credit exposure and strategy diversification. Compared to precedent structures, this CFO will be majority senior lending focused, while also maintaining strong alignment with Nuveen Private Capital’s ultimate parent company, TIAA.

“We are excited to close our first Nuveen Private Capital offering, providing a unique opportunity to access the full array of Churchill’s and Arcmont’s collective investment capabilities,” said Christopher Freeze, Senior Managing Director and Head of Investor Relations at Churchill. “We are also humbled by the outstanding support we received from existing and new investors. In particular, we saw significant interest from insurance companies and other investors focused on investment grade rated debt, given the capital efficient nature of the transaction, and we look forward to continuing to innovate to meet their needs.”

GreensLedge served as the Sole Structuring Advisor and Bookrunner of the transaction and Dechert LLP served as legal advisor to Churchill.

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