Churchill Asset Management, an investment-specialist of Nuveen, announced record investment and capital raising activity in 2025, as the firm enters its 20th anniversary year. Churchill closed and committed nearly $16 billion across more than 380 transactions in 2025, driven by an all-time record Q4/25. Churchill also raised $13.6 billion, bringing firmwide committed capital to $63 billion from more than 4,500 institutional, family office and high-net worth investors globally.
“Our tremendous success over past year reinforced the strength of our platform and disciplined, time-tested strategy,” Ken Kencel, president and CEO of Churchill Asset Management, said. “Our deep sponsor relationships enabled us to capitalize on opportunities as market conditions evolved, while our U.S. core middle market focus positioned us well amid geopolitical shifts. As we enter our 20th year with strong momentum, we remain committed to delivering consistent results for our investors and partners. Success in private capital comes not from timing the market, but from taking a long-term view and leveraging trusted relationships to unlock value across market cycles.”
Highlights:
- Nuveen Private Capital, comprised of Churchill and UK-based Arcmont Asset Management, formed a strategic partnership with Hunter Point Capital and Temasek who made minority investments into the platform, with Temasek committing long-term capital to new and existing strategies.
- Closed a $16 billion senior lending program, the firm’s largest capital raise to date, as well as the oversubscribed Churchill Co-Investment Fund II with $1.5 billion in LP commitments, a $750 million collateralized fund obligation, and a $750 million collateralized loan obligation.
- Strengthened the firm’s investor solutions group leadership with key hires, including Michael Foley, head of institutional and Brynjar Agnarsson, senior investment strategist in Europe.
- Earned a record 21 industry awards, including M&A Advisor’s “Lender Firm of the Year,” LAPF Investments’ “Private Markets Manager of the Year,” Pensions & Investments’ “Best Places to Work in Money Management,” and M&A Advisor’s “2025 Lifetime Achievement Award” for Ken Kencel.
