Churchill Asset Management in partnership with Ardian closed two new funds totaling $1.5 billion in committed capital as part of a strategic transaction that expanded institutional investor access to its private equity platform.
The new Churchill platform attracted a select group of prominent global institutional investors alongside Ardian, according to Chris Freeze, who is the head of investor relations at Churchill.
The new funds were a secondary offering and a co-investment fund. The Secondary Fund is the firm’s first and comprises a portfolio of more than 35 U.S. middle market private equity funds. In addition, new primary capital raised for the Co-Investment Fund will support the growth of Churchill’s existing co-investment platform, which according to the firm is one of the largest programs dedicated to the U.S. middle market.
An affiliate of Nuveen, Churchill provides customized financing solutions to U.S. middle market private equity sponsors and their portfolio companies. The $32 billion firm’s investment portfolio includes first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund investments.
“This transaction highlights Churchill’s reputation as a leading investor and co-investment partner. We can offer investors differentiated investment opportunities in the U.S. middle market through bespoke products,” said Jason Strife, head of private equity and junior capital at Churchill. “The Co-Investment Fund provides us additional capacity to deliver on our growing investment pipeline.”
Strife leads a team of 18 dedicated investment professionals that have committed more than $13 billion to middle-market private equity funds and co-investments across 150-plus fund relationships over the past decade.
“The Churchill team has an established co-investment track record and has extensive relationships with middle market private equity sponsors making them a strong strategic partner for Ardian,” said Vladimir Colas, member of Ardian’s executive committee and co-head of Ardian US.
Campbell Lutyens & Co. was the exclusive financial advisor to Churchill.