Churchill Asset Management, the U.S. asset management company of Nuveen Private Capital, and Seviora, Temasek’s main asset management platform, closed an approximately $400 million collateralized fund obligation (CFO). The CFO invests across Churchill’s U.S. junior capital and private equity secondaries strategies and Seviora’s Asian private credit and global fund-of-funds strategies, providing institutional investors with diversified exposure across sponsors, investment strategies and geographies.
The CFO is structured with 50% exposure to each platform, selected to meet key investor objectives including credit exposure, yield enhancement and strategy diversification across the U.S. and Asia. The rated structure was oversubscribed.
The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies.
“We are pleased to collaborate with Seviora on this unique transaction and create new opportunities for institutional investors,” Ken Kencel, president and CEO of Churchill, said. “The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments. We believe the combination of differentiated investment strategies, an investor-friendly structure, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek, two of the world’s largest investors in private debt and equity, respectively, resonated strongly with investors.”
“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs,” Gabriel Lim, executive director and CEO of Seviora, said. “This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets.”
PJT Partners served as sole structuring advisor and placement agent for the transaction. Dechert and Debevoise & Plimpton served as legal advisors.
