Churchill amasses $1.5bn across two funds

Churchill Asset Management has raised about $1.5 billion across two new funds: Churchill Secondary Partners LP and Churchill Co-Investment Partners LP. The funds were formed in partnership with Ardian as part of a deal that expanded institutional investor access to Churchill’s private equity platform. Campbell Lutyens & Co. was the financial advisor to Churchill on the funds. An investment-specialist affiliate of Nuveen, Churchill provides financing to the U.S. middle market.

PRESS RELEASE

NEW YORK, October 06, 2021–(BUSINESS WIRE)–Churchill Asset Management LLC (“Churchill” or the “Firm”), an investment-specialist affiliate of Nuveen that provides customized financing solutions to U.S middle market focused private equity sponsors and their portfolio companies, today announced a significant investment into its Private Equity platform with the closing of two new funds totaling approximately $1.5 billion of committed capital. Churchill Secondary Partners, L.P. (the “Secondary Fund”) and Churchill Co-Investment Partners, L.P, (the “Co-Investment Fund”) were established in partnership with Ardian, a world-leading private investment house, as part of a strategic transaction that expanded institutional investor access to Churchill’s private equity platform.

The Secondary Fund is comprised of a diversified portfolio of more than 35 U.S. middle market private equity funds. Additionally, new primary capital was raised for a Co-Investment Fund which will support the growth of Churchill’s existing co-investment platform, already one of the largest programs dedicated to the U.S. middle market.

“The strategic nature of the Secondary Fund and Co-Investment Fund along with Churchill’s market leading private equity platform attracted a select group of prominent global institutional investors alongside Ardian. We look forward to long lasting partnerships with these investors,” said Chris Freeze, Head of Investor Relations at Churchill.

“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 & Junior Capital at Churchill. “The Co-Investment Fund provides us additional capacity to deliver on our growing investment pipeline.”

Over the past 10 years, Churchill’s Private Equity & Junior Capital team, comprised of 18 dedicated investment professionals, has committed more than $13.0 billion to middle market private equity funds and co-investments across 150+ fund relationships.

Vladimir Colas, Member of Ardian’s Executive Committee and Co-Head of Ardian US added, “The Churchill team has an established co-investment track record and extensive relationships with middle market private equity sponsors making them a strong strategic partner for Ardian. We enjoyed working with the Churchill team on this landmark transaction and look forward to our partnership.”

Campbell Lutyens & Co. was the exclusive financial advisor to Churchill.

About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to private equity firms and their portfolio companies across the capital structure. With $32 billion of committed capital under management, our solutions include first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund investments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 100 professionals in New York, Charlotte and Chicago. More information can be found at www.churchillam.com.