Churchill Asset Management Closes $750M Collateralized Fund Obligation
Deal News | Mar 27, 2025 | Churchill Asset Management LLC
Churchill Asset Management LLC, a specialist investment company under Nuveen, has successfully closed its third collateralized fund obligation named NPC SIP 2024-1, also referred to as the Long Duration Bond (LDB). This $750 million deal surpassed its original target of $700 million. The structure of this transaction is as a long-duration bond, investing in the foundational strategies of Churchill and Arcmont Asset Management Limited, another arm of Nuveen Private Capital. These strategies span across both the US and Europe, including senior lending, junior capital, equity co-investments, secondaries, and private equity fund commitments in the US, and direct lending, impact lending, capital solutions, and NAV financing in Europe. Following the acquisition of Arcmont earlier in 2023, Nuveen has established a $78 billion private capital platform, which is amongst the largest globally in private credit management.
Sectors
- Private Equity
- Private Debt
- Investment Management
Geography
- United States – Churchill Asset Management focuses on the U.S. middle market, operating in cities such as New York, Charlotte, Chicago, Dallas, and Los Angeles.
- Europe – Arcmont Asset Management is based in London and operates across Europe, providing flexible capital solutions to businesses across multiple European countries.
Industry
- Private Equity – This industry is pertinent as Churchill Asset Management provides customized financing solutions to middle market private equity firms and their portfolio companies.
- Private Debt – Arcmont Asset Management, another player in this transaction, focuses on providing flexible capital solutions to businesses in Europe, indicative of the private debt sector.
- Investment Management – Nuveen and its affiliates, including Churchill and Arcmont, operate within the investment management sphere, overseeing substantial capital across diverse strategies.
Financials
- $750 million – The total value of the collateralized fund obligation closed by Churchill, exceeding the initial target of $700 million.
- $78 billion – The total private capital platform value created by Nuveen following the acquisition of Arcmont and its combination with Churchill.
- 33 billion euros ($35 billion) – Amount of capital raised by Arcmont Asset Management to date to fund transactions across Europe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Churchill Asset Management LLC | PE Firm | Company | An affiliate of Nuveen specializing in providing customized financing solutions to U.S. middle market private equity firms. |
| Nuveen | Parent Company | Company | An asset manager under TIAA, overseeing the operations of Churchill and Arcmont in the privatized capital market. |
| Arcmont Asset Management Limited | Operating Business | Company | Operates under Nuveen, focusing on private debt solutions across Europe. |
| TIAA | Ultimate Parent Company | Company | The overarching entity managing Nuveen and its affiliates, including Churchill and Arcmont. |
| Evercore | Sole Structuring Advisor | Company | Provided structural advisory support for the collateralized fund obligation closed by Churchill. |
| Dechert LLP | Legal Advisor | Company | Offered legal counsel to Churchill in the completion of the LDB transaction. |