Churchill Asset Management completed fundraising for Churchill Middle Market Senior Loan Fund II (and related investment vehicles) with $2 billion in limited partner commitments, exceeding its original target of $1 billion.
The fund, an unlevered vehicle that invests in traditional senior and unitranche loans to private equity sponsor-backed U.S. middle market companies, is the firm’s second commingled fund offering since becoming an affiliate of TIAA/Nuveen in 2015. The fund attracted equity commitments from a global institutional clients, including several large pension plans and insurance companies based in Europe, North America and Asia.
“We are very proud to build upon Churchill’s successful middle market senior lending strategy with this latest offering,” Ken Kencel, president and CEO of Churchill Asset Management, said. “The strong level of support received from institutions across the globe provided further evidence that investors recognize Churchill’s leadership position in the middle market, as well as the value of our longstanding private equity sponsor relationships, unique sourcing model and disciplined investment approach.”
Churchill Asset Management now manages nearly $23 billion of committed capital, including more than $8 billion dedicated to the firm’s senior lending strategy through a variety of investment vehicles, including separately managed accounts, collateralized loan obligations, commingled funds and a business development company. Churchill’s senior lending investment team has worked together for 14 years funding nearly $13 billion of middle market senior loans in approximately 620 transactions with more than 190 private equity sponsors.
Churchill Asset Management, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides financing to private equity firms and their portfolio companies across the capital structure. Churchill Asset Management’s solutions include first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund investments.