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Secondaries giant Ardian teams with Nuveen’s Churchill AM for $1.5bn double fundraise

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Churchill Asset Management has collected $1.5bn for two funds established with global private investment house Ardian.

Churchill Secondary Partners comprises a diversified portfolio of more than 35 US mid-market private equity funds, while Churchill Co-Investment Partners will invest in Churchill’s existing co-investment platform.

Chris Freeze, head of investor relations at Churchill, said, “The strategic nature of the Secondary Fund and Co-Investment Fund along with Churchill’s market leading private equity platform attracted a select group of prominent global institutional investors alongside Ardian. We look forward to long lasting partnerships with these investors,”

Jason Strife, head of private equity & junior capital at Churchill, added, “This transaction highlights Churchill’s reputation as a leading investor and co-investment partner. We can offer investors differentiated investment opportunities in the U.S. middle market through bespoke products. The Co-Investment Fund provides us additional capacity to deliver on our growing investment pipeline.”

Churchill’s private equity and junior capital team had committed more than $13bn to mid-market private equity funds and co-investments across 150+ fund relations.

Churchill smashed the target and raised $2bn for the final close of its second middle market senior loan fund last year.

Ardian hauled in a record-breaking $19bn last year to close the largest secondaries private equity fund ever raised.

It previously raised $14bn for its seventh-generation PE secondaries platform in 2016, with $10.8bn of that in the main Fund VII.

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