Churchill Asset Management closes $737m fund

Written by Michael Griffiths

06/01/2023

Churchill Asset Management has announced that it has completed fundraising for its Churchill Junior Capital Opportunities Fund II with $737m of limited partner commitments.

This exceeds the asset manager’s original target of $500m and is well above the size of its $300m predecessor fund.

The fund, an unlevered vehicle that invests in junior debt to private equity sponsor-backed US middle market companies, attracted equity commitments from a range of institutional clients globally, including several large pension plans and insurance companies based in Europe and North America.

The closing also included a $65m rated note, which the firm said demonstrates its “continued product development innovation” in order to meet the needs of insurance company investors.

“We are very proud to build upon Churchill’s successful middle market junior capital strategy with our latest offering,” commented senior managing director and head of junior capital and private equity solutions at Churchill, Jason Strife.

“Despite uncertain market conditions, our differentiated deal sourcing approach, flexible junior capital mandate, proven track record and alignment with parent company TIAA continues to resonate with investors and set us apart in the industry. We are incredibly grateful for the strong support received from both new and existing clients across the globe on this capital raise.”

With five offices across the US, Churchill, an investment-specialist of Nuveen, has over 140 employees and manages more than $46bn of committed capital.

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