Churchill Asset Management

Churchill Asset Management, an affiliate of Nuveen (the investment manager of TIAA), stands as a prominent and highly active provider of private capital to the U.S. middle market. Headquartered in New York, the firm specializes in providing comprehensive financing solutions, including senior debt, unitranche, junior capital, and equity co-investments. With a robust presence in the direct lending space, Churchill has established itself as a reliable partner for private equity sponsors and their portfolio companies. As of late 2023, Churchill Asset Management managed over $50 billion in committed capital, underscoring its significant scale and influence within the private credit landscape.

The firm's investment strategy primarily revolves around providing flexible, tailored financing to growth-oriented middle market companies across a diverse range of industries. Churchill typically targets companies with EBITDA ranging from $10 million to over $100 million, demonstrating its focus on established, yet still growing, businesses. Their expertise spans various sectors, including business services, healthcare, technology, and consumer products, among others. Churchill's approach emphasizes strong credit underwriting, deep industry knowledge, and long-term partnerships with both sponsors and management teams, aiming to support companies through various stages of their growth and strategic initiatives.

Churchill Asset Management is known for its ability to provide substantial financing commitments, making it a go-to partner for complex and larger middle market transactions. While their typical loan sizes range from $20 million to $500 million, the firm has demonstrated capacity to participate in even larger deals, often as part of syndicated facilities. Since its inception, Churchill has invested in over 800 transactions, reflecting a consistent and active deployment of capital. This extensive track record highlights their deep experience and consistent ability to execute on a high volume of deals, solidifying their position as a leading direct lender in the U.S. middle market.