The $750M long duration bond exceeded its initial target of $700M
Churchill Asset Management LLC, an investment-specialist of Nuveen, has closed its third collateralized fund obligation, NPC SIP 2024-1 (the “Long Duration Bond” or “LDB”). The $750 million transaction is structured as a long-duration bond and invests across the flagship strategies of Churchill and Arcmont Asset Management Limited, the operating businesses of Nuveen Private Capital (“NPC”), including:
- U.S.-based: Senior lending, Junior capital, Equity co-investment, Secondaries, and Private equity fund commitments
- European-based: Direct lending, Impact lending, Capital solutions, and NAV financing
Nuveen Private Capital formed in March 2023 when Nuveen acquired London-based Arcmont, which in combination with Churchill, has created a $78 billion private capital platform and one of the world’s largest private credit managers.
Allocations for the LDB were strategically selected to meet key investor objectives including significant credit exposure, strategy diversification, and duration while also maintaining strong alignment with Nuveen Private Capital’s ultimate parent company, TIAA.
“We are pleased to close our second Nuveen Private Capital offering, which uniquely invests across NPC’s full suite of capabilities,” said Chris Freeze, Co-Head of the Investor Solutions Group at Churchill and Co-Head of Nuveen Private Capital Business Development. “Our goal is to develop structures that help investors solve for today’s market complexities, while gaining exposure to attractive private capital opportunities. We believe the structure’s long duration strongly resonated with insurers and other investors focused on long duration investment grade rated debt, especially as they look to capture attractive yield enhancement.”
Evercore served as the Sole Structuring Advisor of the transaction. Dechert LLP served as legal 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 U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $52 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy and investment approach are driven by nearly 200 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more, visit www.churchillam.com.
About Arcmont Asset Management
Arcmont Asset Management, an investment affiliate of Nuveen, the investment manager of TIAA, is a private debt asset management firm providing flexible capital solutions to a wide range of businesses in Europe. Established in 2011, Arcmont has raised approximately €33 ($35) billion in capital raised to date from institutional investors globally and has committed over €33 ($35) billion across more than 425 transactions. With a highly experienced investment team, a strong investment track record and deep technical expertise, Arcmont offers creative and flexible capital solutions to European businesses, with the reliability of a partner that values long-term relationships. Headquartered in London, Arcmont’s presence spans Amsterdam, Frankfurt, Madrid, Milan, Munich, Paris, Stockholm and New York. It maintains a local origination network and builds and preserves close relationships with sponsors, borrowers and local intermediaries. To learn more about Arcmont, visit www.arcmont.com.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.
Please note: This Collateralized Fund Obligation is not open to new investors.
Churchill Asset Management LLC, registered investment advisor, is a majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are distributed by Nuveen Securities, LLC, Member FINRA and SIPC.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.
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“Our goal is to develop structures that help investors solve for today’s market complexities, while gaining exposure to attractive private capital opportunities."
Contacts
Madison Hanlon
pro-churchill@prosek.com
