NUVEEN, a global investment manager, is bringing its private equity and junior capital group together with Churchill Asset Management, its award-winning middle-market senior loan and unitranche financing business, to create a direct access platform with over US$21 billion in committed capital.
The combined platform, operating as Churchill, manages over 250 portfolio investments and has more than 150 limited partner investments in leading middle market private equity funds. Collectively, the combined businesses invest over $5 billion annually in over 100 middle market companies.
“The combination of these two highly complementary businesses creates one of the largest, most differentiated middle market private capital investment platforms in the United States,” says Ken Kencel, president and chief executive officer of Churchill.
Nuveen’s private equity and junior capital group brings a 20-year-plus track record of investing in junior debt, direct equity co-investments and private equity funds to Churchill. The group manages a portfolio of nearly US$9 billion of private equity fund commitments and invests alongside private equity sponsors in their transactions.
In addition to those fund investments, the team has deployed over US$5 billion of junior debt and equity co-investment capital since 2011 under the leadership of Jason Strife, who will continue to lead the firm’s junior capital efforts and also serve on the Churchill senior management team. Both the senior lending and private equity and junior capital investment teams will continue to operate with no change to their investment focus or process.
Churchill is a provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. With over US$21 billion of committed capital under management, the platform now provides customized financing solutions across the capital structure including first lien, unitranche, second lien and mezzanine debt and equity co-investments, in addition to private equity fund investments.