Churchill Achieves Record Investment and Fundraising Activity in 2018, with $2.6 Billion in New Investments and $2.4 Billion in New Capital Raised
NEW YORK--(BUSINESS WIRE)--Jan 7, 2019--Churchill Asset Management LLC (“Churchill”), a majority-owned affiliate of Nuveen focused on originating, underwriting and managing middle market senior loan investments, announced that it has surpassed its previous records for investment activity and capital raising, both reaching the highest annual totals in the firm’s history. In 2018, Churchill closed and/or committed to $2.6 billion in new investments, an increase of over 37% from 2017. The firm also raised $2.4 billion of new committed capital, bringing total committed capital under management to $6 billion across multiple investment vehicles.
“Churchill has maintained a consistent strategy since our inception, providing senior secured loans to private equity-backed middle market companies, and we continue to offer a growing array of investment options to investors looking to access this attractive asset class,” said Ken Kencel, President and CEO of Churchill. “The momentum in Churchill’s investment activity and fundraising over the past year is truly a testament to the strength and value of our platform.”
In Churchill’s third full year as part of the Nuveen Private Markets platform, the firm:Closed and/or committed to 51 new investments and 42 add-on investments, totaling $2.6 billion. Churchill served as an agent on 22 of these investments, over 80% of which were in a lead or co-lead capacity. In the fourth quarter of 2018, the firm closed and/or committed to over $1.1 billion in new investments, making both the quarter and full year the most active in the firm’s history; Raised $2.4 billion of committed capital from a diverse group of new and existing institutional investors across a variety of investment vehicles, including separately managed accounts, collateralized loan obligations and commingled funds; and Added 16 new professionals to support continued growth in investment and capital raising activity.
“The significant amount of capital raised enhances our ability to better meet the evolving needs of private equity sponsors and their portfolio companies,” said Randy Schwimmer, Head of Origination and Capital Markets, adding that, “Churchill is now one of a select group of middle market lenders with the flexibility to commit up to $200 million and hold up to $150 million per transaction, solidifying our position as a trusted partner to lead traditional senior and unitranche credit facilities.”
To help support its expanding platform, both on the investment and fundraising fronts, Churchill added new professionals in 2018 across its origination, underwriting, portfolio management, investor relations, and finance/operations teams. The firm also now has a presence in Los Angeles to support its West Coast sponsor relationships.
Churchill is part of the Nuveen Private Markets platform that oversees more than $60 billion of investments on behalf of TIAA and other institutional investors. Churchill is led by a senior investment team that has worked together for 13 years and has deep experience in middle market lending, averaging over 25 years of experience. To date, the Churchill team has collectively invested $9.7 billion in middle market senior loans across approximately 570 transactions.
About Churchill Asset Management LLC
Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. Churchill has $6 billion of committed capital under management and has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.chuchillam.com.
Nuveen, the asset manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets under management as of September 30, 2018 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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.
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SOURCE: Churchill Asset Management LLC
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PUB: 01/07/2019 10:00 AM/DISC: 01/07/2019 10:00 AM