Churchill Asset Management LLC, an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies, announced that the firm closed or committed more than $11 billion in over 350 transactions across its platform in 2023, effectively equaling its 2022 all-time record. Churchill also raised nearly $9 billion of new committed capital, bringing firmwide committed capital to over $50 billion from more than 2,000 institutional, family office and high-net worth investors globally.
“Following a slower first half of the year, Churchill experienced a significant increase in attractive deal flow post Labor Day, due to more certainty in the financial markets and expectations of moderating inflation impacting financing costs. Ultimately, the second half of 2023 was one of the most active periods in firm history,” said President & CEO, Ken Kencel. “Despite softness in the overall M&A market, large scale private credit managers like Churchill continued to take market share, with Churchill ranked as the #1 Most Active U.S. PE Lender in Pitchbook’s latest league tables.1.2 We are incredibly proud to continue to be a partner of choice for our clients, no matter the economic climate.”
Jason Strife, Head of Junior Capital & Private Equity Solutions, added, “Given the 2023 interest rate environment, many private equity firms were focused on ensuring optimal capital structures for their transactions, and our comprehensive suite of capital solutions was a powerful tool kit for them - whether it was senior lending, junior capital, equity co-investments or secondaries solutions. Thanks to the health of our portfolio and the strength of our balance sheet, we were excited to be able to support their needs in a variety of ways.”
Additional 2023 highlights:
- Parent company Nuveen closed its acquisition of leading European private debt manager, Arcmont Asset Management, which in combination with Churchill, created Nuveen Private Capital, a $73 billion global private capital manager.
- Surpassed 165 employees by adding over 30 new investment and support professionals (60% of whom were women or ethnic minorities). Notable hires include Jamal Hammoud, leading Nuveen Private Capital’s presence in the Middle East, and senior lending originators Paul Sadlowski and Pranai Cheroo.
- Relocated New York City headquarters to the historic Seagram Building on 375 Park Avenue
- Nominated for and/or received a record 18 industry awards for our firm and people, including “Lender Firm of the Year” by The M&A Advisor for the third consecutive year and "Best Places to Work in Monday Management" by Pensions & Investments for the third consecutive year as well
1 Source: Pitchbook North America M&A Activity as of 30 Sep 2023. 2 Pitchbook Q3 2023 US PE Lending League Tables. |
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With over $50 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and investment are driven by 170 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit https://www.churchillam.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.
Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America. Securities offered through Nuveen Securities, LLC, member FINRA and SIPC.
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Contacts
Madison Hanlon
Prosek Partners
pro-churchill@prosek.com
