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Nuveen creates $21bn private capital platform with Churchill Asset Management

Monday, January 13, 2020

Laxman Pai, Opalesque Asia:

Nuveen, the $1 trillion investment manager owned by TIAA, is bringing its private equity and junior capital group together with Churchill Asset Management, its middle-market senior loan and unitranche financing business, to create the direct access platform.

The move will create a $21 billion private markets group providing equity as well as junior and senior debt, according to a press note from the global investment manager. Churchill is a majority-owned affiliate of Nuveen.

The new platform, dubbed Churchill, will manage over 250 portfolio investments and more than 150 limited partner investments in middle-market private equity funds. It would be a one-stop capital source for private equity firms and institutional investors.

Collectively, the combined businesses invest over $5 billion annually in over 100 middle-market companies, led by highly experienced investment teams.

"The combination of these two highly complementary businesses - backed by the scale, capital and resources of Nuveen - creates one of the largest, most differentiated middle-market private capital investment platforms in the United States, allowing us to be a premier one-stop capital provider of choice to private equity firms and institutional investors," said Ken Kencel, President and Chief Executive Officer of Churchill.

Nuveen's private equity and junior capital group bring a 20-year-plus track record of investing in junior debt, direct equity co-investme......................

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