Nuveen creates $21bn PE investment platform with Churchill Asset Management

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Global investment house Nuveen is bringing its private equity and junior capital group together with Churchill Asset Management to create a $21bn credit platform.

Churchill is Nuveen’s middle-market senior loan and unitranche financing business. The combined platform, which will operate as Churchill, manages over 250 portfolio investments and has more than 150 limited partner investments in mid-market private equity funds.

Collectively, the combined businesses invest over $5bn annually in over 100 middle market companies.

Churchill president and CEO Ken Kencel said, “The combination of these two highly complementary businesses – backed by the scale, capital and resources of Nuveen – creates one of the largest, most differentiated middle market private capital investment platforms in the United States, allowing us to be a premier one-stop capital provider of choice to private equity firms and institutional investors.

“Our experienced investment teams and deep relationships in the sponsor community are an excellent fit.”

Nuveen’s private equity and junior capital group manages a portfolio of nearly $9bn of private equity fund commitments, and invests alongside private equity sponsors in their transactions.

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