Churchill Asset Management Secures $750 Million CLO V
Deal News | Feb 26, 2025 | Churchill Asset Management LLC
Churchill Asset Management LLC, a subsidiary of Nuveen and an investment-specialist firm, has successfully closed a $750 million collateralized loan obligation (CLO) named Churchill Middle Market CLO V LLC. The transaction was a significant achievement for Churchill as it marks the first CLO of 2025 and the fifteenth overall for the company. The offering was notably oversubscribed, reflecting strong investor confidence and achieving the tightest pricing for a Churchill CLO to date. The CLO consists largely of senior secured loans, with six classes of rated notes. Natixis Securities Americas LLC played a key role as Administrative Agent and Arranger, while Morgan Stanley & Co. LLC served as Co-Placement Agent. With $52 billion in committed capital, Churchill provides bespoke financing solutions to U.S. middle market private equity firms and their portfolio companies, leveraging its expertise across economic cycles. This latest CLO is part of a broader 2025 agenda to solidify Churchill's position within the private capital investment sector.
Sectors
- Private Equity
- Investment Banking
- Collateralized Loan Obligations
Geography
- United States – Churchill Asset Management operates within the U.S. market and the CLO involves U.S. middle market loans.
Industry
- Private Equity – Churchill Asset Management provides customized financing solutions to U.S. middle market private equity firms.
- Investment Banking – Natixis Securities Americas LLC and Morgan Stanley & Co. LLC are involved in the transaction as financial advisors and arranging agents.
- Collateralized Loan Obligations – The article is centered on the completion and offering of a collateralized loan obligation (CLO) by Churchill Asset Management.
Financials
- $750 million – The total size of the middle market collateralized loan obligation (CLO) issued by Churchill.
- Over $52 billion – The amount of committed capital that Churchill Asset Management manages.
- $78 billion – The value of Nuveen’s private capital platform, comprising Churchill Asset Management and Arcmont Asset Management.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Churchill Asset Management LLC | Issuer of CLO | Company | A U.S. private capital investment-specialist firm and subsidiary of Nuveen. |
| Nuveen | Parent Company | Company | The asset management division of Teachers Insurance and Annuity Association of America. |
| Natixis Securities Americas LLC | Administrative Agent and Arranger | Company | Served as Administrative Agent and Arranger for Churchill's $750 million CLO V. |
| Morgan Stanley & Co. LLC | Co-Placement Agent | Company | Served as Co-Placement Agent for the CLO transaction. |
| Kelli Marti | Head of CLO Management | Person | Churchill's Head of CLO Management who commented on the transaction. |