Churchill Asset Management Closes Second Collateralized Fund Obligation Investing in Nuveen Private Capital Flagship Strategies

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Churchill Asset Management LLC, an investment-specialist of Nuveen that provides customized financing solutions to private equity firms and their U.S. portfolio companies, has closed its second collateralized fund obligation (“CFO”).

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, December 18, 2023
Information
Tags: 
Finance, Banking, Professional Services, Other Professional Services, Asset Management, Private Equity International, Winston Churchill, Senior, LLP, CFO, Insurance, Dechert, TIAA, Bookrunner, Sole, Security (finance), Nuveen
Geotags: 
NEW YORK, UNITED STATES, NORTH AMERICA, AMERICAS
⚠ partially generated by AI ↴
Organisation: 
ARCMONT ASSET MANAGEMENT, CHURCHILL ASSET MANAGEMENT, CHURCHILL ASSET MANAGEMENT LLC, ARCMONT ASSET MANAGEMENT LIMITED, GREENSLEDGE
Summary
Key Points: 
  • Churchill Asset Management LLC, an investment-specialist of Nuveen that provides customized financing solutions to private equity firms and their U.S. portfolio companies, has closed its second collateralized fund obligation (“CFO”).
  • The $190 million CFO will invest across the flagship strategies of Churchill and Arcmont Asset Management Limited, 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 and one of the world’s largest private credit managers.
  • Compared to precedent structures, this CFO will be majority senior lending focused, while also maintaining strong alignment with Nuveen Private Capital’s ultimate parent company, TIAA.


Churchill Asset Management LLC, an investment-specialist of Nuveen that provides customized financing solutions to private equity firms and their U.S. portfolio companies, has closed its second collateralized fund obligation (“CFO”). The $190 million CFO will invest across the flagship strategies of Churchill and Arcmont Asset Management Limited, 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 and one of the world’s largest private credit managers.

Allocations for the CFO were strategically selected to meet key investor objectives including significant credit exposure and strategy diversification. Compared to precedent structures, this CFO will be majority senior lending focused, while also maintaining strong 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,” said Christopher Freeze, Senior Managing Director and Head of Investor Relations at Churchill. “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 LLP served as legal advisor to Churchill.

*Churchill’s inaugural CFO was shortlisted by Private Equity International for 2022 Americas Secondaries Deal of the Year in January 2023; after an online industry vote, Churchill’s CFO was ranked second of all finalists in March 2023.

About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $47 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and investment are driven by more than 160 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit https://www.churchillam.com.

About Arcmont Asset Management Limited

Arcmont is a leading European Private Debt manager, having been a pioneer of the direct lending asset class in Europe. Arcmont was originally established in 2011 as the Private Debt division of BlueBay Asset Management and in 2019, following the significant growth of the platform, was spun out to become an independently owned and managed business. Following the completion of the transaction with Nuveen in 2023, Arcmont now operates as an affiliate of Nuveen in the newly formed “Nuveen Private Capital”.

Arcmont seeks to provide capital, primarily loans, to a diverse range of European mid-market and upper mid-market companies. The strategy is underpinned by a highly experienced team of 42 investment professionals as well as an efficient and flexible underwriting and investment process. Since inception, Arcmont has raised c. €26 billion of committed capital from global pension funds, insurance companies and other institutional and private investors, and operates three existing Private Debt strategies – Direct Lending, Senior Loans and Capital Solutions.

About GreensLedge

GreensLedge is a global investment banking and advisory firm with vast experience in the structured finance and alternative investment marketplace. GreensLedge has helped clients deliver value worth over $130 billion across traditional capital markets and privately tailored capital raising and financing solutions.

Please note: This Collateralized Fund Obligation is not open to new investors.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America. Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

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