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Bailey McCann, Opalesque New York: The original team from Churchill Financial has resurfaced and is launching a new middle market lending outfit at TIAA-CREF. The unit will be called Churchill Asset Management, and will focus on originating, underwriting and managing senior loan investments for US middle market companies.
The original Churchill Financial was founded in 2006, and acquired by the Carlyle Group from Olympus Partners in 2011. The group was absorbed into Carlyle's Global Market Strategies (GSM) business.
Churchill will expand TIAA-CREF’s existing fixed income business and build out its private credit platform. The new venture will invest on behalf of and further diversify the TIAA General Account, which serves as a foundation for the savings and lifetime income payments for millions of TIAA-CREF clients.
Churchill will operate as a standalone business, led by Kenneth J. Kencel. Kencel resigned from his role as president of Carlyle GMS Financial last year. George Kurteson, Randy Schwimmer and Alastair Merrick have also all joined from Carlyle GMS. Sources familiar with the situation say the unit essentially "moved over" to TIAA-CREF.
Kurtseon will head up underwriting and portfolio management. Schwimmer will lead origination and capital markets. Merrick will serve as chief financial and administrative officer.
The new venture will focus on making middle-market senior secured loan investments through various investment vehicles designed t...................... To view our full article Click here
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