Churchill Asset Management, an investment-specialist of Nuveen, announced the final close of Churchill Co-Investment Fund II (the “Fund”) with $1.5 billion in limited partner commitments. The oversubscribed fund, which seeks to generate superior risk-adjusted returns through equity co-investments alongside private equity sponsors in U.S. middle market businesses, reached its hard cap and is nearly 3.5x the size of its predecessor fund.

The Fund attracted equity commitments from a global and diversified investor base, including sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, family offices and high-net-worth individuals.

Central to Churchill’s investment philosophy is its long-standing commitment as an LP in over 280 private equity funds. Churchill commits more than $1 billion annually to U.S. middle market private equity funds, with over $11 billion invested since inception. This sponsor-centric model provides investors with differentiated access to the U.S. middle market. 

“We’re proud to announce the close of our latest co-investment fund,” said Jason Strife, Head of Junior Capital & Private Equity Solutions at Churchill. “As a reliable co-investor to top-tier GPs for the last 14 years, we continue to leverage our differentiated model to gain valuable insights and early access to pre-syndication deal flow, allowing us to source a high volume of attractive opportunities. We are incredibly grateful for our investors’ continued support and trust with their capital.”

The Fund also reflects the increasing participation of private wealth in Nuveen and Churchill’s strategies, as nearly 20% of the capital was raised from high-net-worth investors globally. 

“Individual investors are increasingly focused on growing their exposure to alternative investment strategies, and the success of the Fund in the wealth channel underscores the strong demand we’re seeing from high-net-worth investors for differentiated private capital opportunities,” said Moshe Bajnon, Global Head of Private Wealth & Co-Head of Investor Solutions Group at Churchill. “Churchill’s proven track record and expertise – combined with Nuveen’s marketplace relationships and history of product innovation – position us as a leader in expanding access to private markets.