Churchill Asset Management Closes Record $1.54 Billion Junior Capital Opportunities Fund III, More Than Doubling Predecessor

Fund exceeds $1 billion target by more than 50%, with approximately $665 million raised through rated feeder structures

NEW YORK--(BUSINESS WIRE)--Churchill Asset Management LLC (“Churchill”), the U.S. asset management company of Nuveen Private Capital, today announced the final close of Junior Capital Opportunities Fund III (“JCOF III” or the “Fund”) with $1.54 billion in total commitments. The largest fund raised to date in Churchill’s Junior Capital Opportunities program, JCOF III exceeded its original $1 billion target by more than 50% and more than doubled the $737 million raised by its predecessor.

JCOF III invests in junior debt to private equity sponsor-backed U.S. middle market companies and received strong support from a diversified and global group of pension funds, insurance companies, asset managers, and family offices. Approximately $665 million of fund commitments were raised through rated feeder structures designed to provide insurance investors with capital-efficient access to the strategy.

“We’re grateful for the strong support from new and longstanding investors around the world,” said Jason Strife, Head of Junior Capital & Private Equity Solutions at Churchill. “We believe it reflects investors’ recognition of the value of partnering with a manager that has remained consistent in its approach since 2011, with meaningful alignment of interests through TIAA’s commitment to invest alongside our clients.”

The Fund has already deployed approximately $600 million across 44 portfolio companies, alongside 30 private equity firms.

“Our approximately $14 billion in private equity fund commitments, combined with longstanding sponsor relationships, provide us with a differentiated sourcing advantage,” said Derek Fricke, Senior Managing Director and Head of Direct Investments, Junior Capital & Private Equity Solutions at Churchill. “By partnering with private equity firms both as an LP in their funds and as a flexible capital provider to their portfolio companies, we’ve been able to source opportunities and remain active through changing market conditions while maintaining our selective underwriting standards.”

Churchill’s Junior Capital & Private Equity Solutions team invests across junior capital, equity co-investments, secondaries and private equity fund commitments. Since 2011, the team has invested more than $10 billion across over 290 junior capital transactions, serving as lead provider in approximately 70% of transactions.

About Churchill Asset Management

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 $66 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 230 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with its sister company Arcmont Asset Management, Churchill comprises Nuveen Private Capital, a $100 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.

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 LLC, registered investment advisor, is a majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC.