Churchill raises $2bn for senior loan fund

Churchill Asset Management announced today that it has completed fundraising for the Churchill Middle Market Senior Loan Fund II with $2 billion in limited partner commitments, exceeding its original target of $1 billion. Nuveen unit Churchill now manages nearly $23 billion of committed capital, which includes more than $8 billion dedicated to the firm’s senior lending strategy through a variety of investment vehicles, including separately managed accounts, collateralized loan obligations, commingled funds and a business development company. The new fund is an unlevered vehicle that invests in traditional senior and unitranche loans to private equity sponsored-backed U.S. middle market companies. The oversubscribed offering is the firm’s second commingled fund offering since becoming an affiliate of TIAA/Nuveen in 2015. Investors include several large pension plans and insurance companies, based in Europe, North America and Asia. “We are very proud to build upon Churchill’s successful middle market senior lending strategy with this latest offering,” said Ken Kencel, president and chief executive officer of Churchill. “The strong level of support received from institutions across the globe provided further evidence that investors recognize Churchill’s leadership position in the middle market, as well as the value of our longstanding private equity sponsorship, unique sourcing model and disciplined investment approach.” Churchill’s senior lending investment team has worked together for 14 years funding nearly $13 billion of middle market senior loans in approximately 620 transactions with over 190 private equity sponsors.

Churchill raises $2bn for senior loan fund

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