Churchill Asset Management LLC, an investment-specialist of Nuveen, announced record investment and capital raising activity in 2025, as the firm enters its 20th anniversary year. Founded in 2006, Churchill is a market-leading middle market private capital platform with a proven track record of disciplined investing across economic cycles.
Churchill closed and committed nearly $16 billion across more than 380 transactions in 2025, driven by an all-time record fourth quarter. Churchill also raised $13.6 billion, bringing firmwide committed capital to $63 billion1 from more than 4,500 institutional, family office, and high-net worth investors globally.
"Our tremendous success over past year reinforced the strength of our platform and disciplined, time-tested strategy," said Ken Kencel, President & CEO of Churchill Asset Management. "Our deep sponsor relationships enabled us to capitalize on opportunities as market conditions evolved, while our U.S. core middle market focus positioned us well amid geopolitical shifts. As we enter our 20th year with strong momentum, we remain committed to delivering consistent results for our investors and partners. Success in private capital comes not from timing the market, but from taking a long-term view and leveraging trusted relationships to unlock value across market cycles."
Highlights:
- Nuveen Private Capital, comprised of Churchill and UK-based Arcmont Asset Management, formed a strategic partnership with Hunter Point Capital and Temasek who made minority investments into the platform, with Temasek committing long-term capital to new and existing strategies.
- Announced the closing of a $16 billion senior lending program, the firm’s largest capital raise to date, as well as the oversubscribed Churchill Co-Investment Fund II with $1.5 billion in LP commitments, a $750 million collateralized fund obligation, and a $750 million collateralized loan obligation.
- Strengthened the firm’s Investor Solutions Group leadership with key hires, including Michael Foley, Head of Institutional and Brynjar Agnarsson, Senior Investment Strategist in Europe.
- Earned a record 21 industry awards, including M&A Advisor’s “Lender Firm of the Year,” LAPF Investments’ “Private Markets Manager of the Year,” Pensions & Investments’ “Best Places to Work in Money Management,” and M&A Advisor’s “2025 Lifetime Achievement Award” for Ken Kencel.2
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 $63 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 over 200 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $94 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.
This material is for informational purposes only, it is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. The statements contained herein reflect opinions as of the date written and are subject to change without further notice.
Churchill Asset Management LLC, a registered investment advisor, is a majority-owned, indirect subsidiaries 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.
| 1 Committed Capital refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers. For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. Committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital. Estimated and unaudited, as of 1/1/26. |
| 2 Churchill was selected as one of five finalists in September 2021, 2022, 2023, 2024 and 2025 by an independent panel of judges appointed by The M&A Advisor. Winners were announced each November. A nominal fee was required to submit a nomination. The firm was named Private Markets Manager of the Year in the LAPF Investment Awards in October 2025. The LAPF judging panel, comprised of representatives from seven pension funds, determined finalists and the ultimate winner based on investment performance, client service, stewardship, risk management, and innovation. Churchill was selected by Pensions & Investments (P&I) magazine as one of the Best Places to Work in Money Management in December 2021, 2022 and 2023, October 2024, and September 2025. P&I partnered with Best Companies Group, a research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees. Ken Kencel was given the Lifetime Achievement Award by The M&A Advisor in November 2025. Selected by a committee of industry experts, the award recipients are judged on their individual accomplishments, the contribution they have made to their firm and its employees and the lasting benefits that they have brought to their profession at large. Any published third-party rankings, awards or similar groupings have inherent limitations and qualifications, and are not indicative of the experience of any client or investor or of the future performance of any product described herein. |
5115531
View source version on businesswire.com: https://www.businesswire.com/news/home/20260126240413/en/
Contacts
Media Contact
Prosek Partners
Pro-churchill@prosek.com
