Nuveen launches $21bn private capital platform

Nuveen is bringing its private equity and junior capital group together with Churchill Asset Management, its existing middle-market senior loan and unitranche financing business, to create a direct access platform with more than $21 billion in committed capital. Ken Kencel The platform will operate under the Churchill name, managing over 250 portfolio investments and has more than 150 limited partner investments in leading middle market private equity funds. According to an announcement, the combined businesses invest more than $5 billion annually in more than 100 middle-market companies. Nuveen’s private equity and junior capital group brings a 20-year-plus track record of investing in junior debt, direct equity co-investments and private equity funds to Churchill. The group manages $9 billion in private equity fund commitments and invests alongside private equity sponsors in their transactions. Under the leadership of Jason Strife, who will continue to lead the firm’s junior capital efforts and will also serve on Churchill’s senior management team, the firm has deployed more than $5 billion of junior debt and equity co-investment capital since 2011. “The combination of these two highly complementary businesses – backed by the scale, capital and resources of Nuveen – creates one of the largest, most differentiated middle market private capital investment platforms in the United States, allowing us to be a premier one-stop capital provider of choice to private equity firms and institutional investors,” said Ken Kencel, president and chief executive officer of Churchill. Churchill’s specialty is senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. More than $21 billion now on the platform, it now provides customized financing solutions across the capital structure including first lien, unitranche, second lien and mezzanine debt and equity co-investments, in addition to private equity fund investments. Churchill employs more than 60 professionals in New York, Charlotte and Chicago.

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