Churchill Asset Management Closes Third Collateralized Fund Obligation, a 30‑year $750 Million Transaction Investing across Nuveen, a TIAA company Private Capital Strategies
– Churchill Asset Management LLC, an investment specialist of Nuveen, has closed its third collateralized fund obligation, NPC SIP 2024-1 (the “Long Duration Bond” or “LDB”).
– The $750 million transaction is structured as a long-duration bond and invests across the flagship strategies of Churchill and Arcmont Asset Management Limited, the operating businesses of Nuveen Private Capital (“NPC”).
– Investment strategies include:
– U.S.-based: Senior lending, Junior capital, Equity co-investment, Secondaries, and Private equity fund commitments
– European-based: Direct lending, Impact lending, Capital solutions, and NAV financing
– Nuveen Private Capital was formed in March 2023 when Nuveen acquired London-based Arcmont, creating a $78 billion private capital platform and one of the world’s largest private credit managers.
– Allocations for the LDB were strategically selected to:
– Meet key investor objectives, including significant credit exposure, strategy diversification, and duration
– Maintain strong alignment with Nuveen Private Capital’s ultimate parent company, TIAA
– Chris Freeze, Co-Head of the Investor Solutions Group at Churchill and Co-Head of Nuveen Private Capital Business Development, emphasized the importance of long-duration structures for investors seeking investment-grade rated debt and yield enhancement.
– Evercore served as the Sole Structuring Advisor of the transaction.
– Dechert LLP served as legal advisor to Churchill.
