Churchill Asset Management Raises over $16 Billion for Senior Lending Program

NEW YORK--(BUSINESS WIRE)--Churchill Asset Management LLC, the U.S. private capital affiliate of Nuveen Private Capital, announced today that it has raised over $16 billion in committed capital for its most recent senior lending program, representing the firm’s largest capital raise to date.

This milestone includes the closings of the fifth vintage of the firm’s flagship senior loan strategy (encompassing levered, unlevered and evergreen vehicles), as well as separately managed accounts (collectively, the “Funds”). The Funds attracted equity commitments from a diverse group of approximately 325 institutional and high net worth investors globally, including leading public and private pension plans, insurance companies, superannuations and family offices based in North America, Europe, the Middle East and Asia.

“This record capital raise highlights the strength and resiliency of Churchill’s private credit platform and the attractiveness of core middle market senior lending. It also underscores the increasingly important role that private credit plays within investment portfolios today – particularly for those seeking solid risk-adjusted returns and diversified access to high quality mid-sized businesses,” said Ken Kencel, President & CEO of Churchill. “The very positive response from our global investor base reflects our platform's continued strong performance and our ability to deliver scalable, tailored solutions across both institutional and wealth channels aligned with investors' strategic objectives.”

Churchill's senior lending strategy provides first lien and unitranche financing to U.S. middle market companies backed by leading private equity sponsors. The firm’s differentiated approach is supported by its scale, experienced investment team with a 20-year track record across market cycles, and longstanding sponsor relationships, complemented by active participation as a limited partner in more than 330 private equity funds.

In recognition of its platform and market presence, Churchill was named “2025 Lender Firm of the Year” by The M&A Advisor and continues to rank among the most active private debt investors in the U.S.¹

Beyond senior lending, Churchill offers a full spectrum of private capital solutions across the capital structure, including junior capital, equity co-investment, and secondaries strategies. Together with its sister company, Arcmont Asset Management, Churchill is part of Nuveen Private Capital – a $94 billion global private capital platform and one of the world's largest private debt managers.

Note: Committed Capital refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers. For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. Committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital. Firm committed capital figures are estimated and unaudited, as of January 1, 2026.

1 Churchill was selected as one of five finalists in September 2025 by an independent panel of judges appointed by The M&A Advisor. Winners were announced each November. A nominal fee was required to submit a nomination. Churchill was ranked #1 most active U.S. buyouts lender in Pitchbook Data’s FY 2024 US PE Middle Market Lending League Tables with select titles. Churchill was ranked #2 most active U.S. direct lender by KBRA DLD Lender Mandates as of 30 June 2025. Churchill was ranked #3 U.S. private credit lender by 9fin LTM Q3 2025 League Tables.

About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $63 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 and investment approach are driven by over 200 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $94 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.

Churchill Asset Management LLC, a registered investment advisor, is a majority-owned, indirect subsidiaries of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.

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