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Laxman Pai, Opalesque Asia: The New York-based private asset manager Churchill Asset Management has more than doubled the amount of capital raised from investors to make lower-ranking yet potentially higher-returning debt investments.
The investment-specialist affiliate of Nuveen closed Churchill Junior Capital Opportunities Fund II with $737 million. The amount raised exceeds the fund's $500 million target and the $300 million raised for Churchill's first junior capital fund, which closed in 2019.
Fund II's investors include pension plans and insurance companies based in Europe and North America.
According to the release, the Fund, an unlevered vehicle that invests in junior debt to private equity sponsor-backed U.S. middle market companies, attracted equity commitments from a diverse base of institutional clients globally, including several large pension plans and insurance companies based in Europe and North America. The closing also included a $65 million rated note, which demonstrates the Firm's continued product development innovation to meet the needs of insurance company investors.
Jason Strife, Senior Managing Director, Head of Junior Capital & Private Equity Solutions at Churchill said: "Despite uncertain market conditions, our differentiated deal sourcing approach, flexible junior capital mandate, proven track record, and alignment with parent company TIAA continue to resonate with investors and set us apart in the industry. We...................... To view our full article Click here
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