Churchill Asset Management, an investment-specialist of Nuveen that provides financing solutions to private equity firms and their U.S. portfolio companies, closed its second collateralized fund obligation. The $190 million CFO will invest across the flagship strategies of Churchill and Arcmont Asset Management, 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.
Allocations for the CFO were selected to meet investor objectives, including credit exposure and strategy diversification. Compared to precedent structures, this CFO will be majority senior lending focused while also maintaining 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,” Christopher Freeze, senior managing director and head of investor relations at Churchill Asset Management, said. “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 served as legal advisor to Churchill Asset Management.
