Churchill Asset Management, the U.S. asset management company of Nuveen, a TIAA company Private Capital, announced the final close of Junior Capital Opportunities Fund III (JCOF III) with $1.54 billion in total commitments.
JCOF III exceeded its original $1 billion target by more than 50%, more than doubled the $737 million raised by its predecessor, and represents the largest fund in Churchill’s Junior Capital Opportunities program to date.
The Fund invests in junior debt for U.S. middle-market companies backed by private equity sponsors, with commitments from a diversified global investor base including pension funds, insurance companies, assetmanagers and family offices.
Approximately $665 million of commitments were raised through rated feeder structures designed to provide insurance investors with capital-efficient access to the strategy.
JCOF III has already deployed approximately $600 million across 44 portfolio companies, partnering with 30 private equity firms.
– Jason Strife, Head of Junior Capital & Private Equity Solutions, attributed the strong fundraising to investor confidence in Churchill’s consistent investment approach since 2011 and the alignment of interests through TIAA’s commitment to invest alongside clients.
– Derek Fricke, Senior Managing Director and Head of Direct Investments, highlighted Churchill’s approximately $14 billion in private equity fund commitments and longstanding sponsor relationships as key sourcing advantages.
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, acting aslead provider in approximately 70% of transactions.
