Churchill Asset Management, the U.S. private capital affiliate of Nuveen Private Capital, has raised over $16 billion in committed capital for its most recent senior lending program, representing the firm’s largest capital raise to date.
This milestone includes the closings of the fifth vintage of the firm’s flagship senior loan strategy (encompassing levered, unlevered and evergreen vehicles), as well as separately managed accounts. The funds attracted equity commitments from a diverse group of approximately 325 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, superannuations and family offices based in North America, Europe, the Middle East and Asia.
“This record capital raise highlights the strength and resiliency of Churchill’s private credit platform and the attractiveness of core middle market senior lending. It also underscores the increasingly important role that private credit plays within investment portfolios today – particularly for those seeking solid risk-adjusted returns and diversified access to high quality mid-sized businesses,” said Ken Kencel, President & CEO of Churchill. “The very positive response from our global investor base reflects our platform’s continued strong performance and our ability to deliver scalable, tailored solutions across both institutional and wealth channels aligned with investors’ strategic objectives.”
Churchill’s senior lending strategy provides first lien and unitranche financing to U.S. middle market companies backed by leading private equity sponsors. The firm’s differentiated approach is supported by its scale, experienced investment team with a 20-year track record across market cycles, and longstanding sponsor relationships, complemented by active participation as a limited partner in more than 330 private equity funds.
In recognition of its platform and market presence, Churchill was named “2025 Lender Firm of the Year” by The M&A Advisor and continues to rank among the most active private debt investors in the U.S.
Note: Committed Capital refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers. For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. Committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital. Firm committed capital figures are estimated and unaudited, as of January 1, 2026.
