$52 billion private capital platform shares 2024 highlights and recognizes the latest promotion class
Churchill Asset Management LLC, the U.S. private capital investment-specialist of Nuveen, announced the firm closed or committed over $13 billion across approximately 400 transactions in 2024, surpassing its previous annual record in 2022 by 18%. Further, Churchill raised over $10 billion, bringing firmwide committed capital to $52 billion1 from more than 4,000 institutional, family office and high-net worth investors globally and representing the firm’s second-largest third-party fundraising year to date.
“Our 2024 results showcase the strength of our cycle-tested, relationship-driven platform and our ability to deliver tailored private capital solutions to meet the needs of private equity sponsors and investors – no matter the economic environment,” said President & CEO, Ken Kencel. “We remain steadfast in our commitment to being a trusted partner for our clients and, with increased clarity on interest rates and a positive macroeconomic backdrop, we look forward to the opportunities that 2025 will bring. We are particularly excited about the potential we see in private wealth and secondaries.”
Additional 2024 highlights:
- Grew to nearly 200 employees, with over 40 new professionals joining.
- Nuveen Private Capital, comprised of Churchill and UK-based Arcmont Asset Management, reached approximately $78 billion in committed capital and significantly expanded client coverage capabilities around the world, adding seven senior institutional business development professionals across five countries.
- Strengthened private wealth platform with notable hires including Moshe Bajnon, Global Head of Private Wealth for Nuveen Private Capital, and Robert Paun, Head of Investor Relations, Retail and Wealth for Churchill.
- Nuveen Churchill Direct Lending Corp., Churchill’s inaugural Business Development Company (“BDC”) completed a successful IPO on the New York Stock Exchange in January 2024 under the ticker NCDL. NCDL paid dividends totaling $2.10 per share in 2024, representing a 12% annualized dividend yield.2
- Nuveen Churchill Private Capital Income Fund (PCAP), Churchill’s non-traded perpetual private BDC, surpassed $1.2 billion in investment portfolio assets.
- Received 19 industry awards for our firm and people, including #1 Most Active U.S. PE Middle Market Lender by Pitchbook, “Private Markets Manager of the Year” in the LAPF Investment Awards and “Best Places to Work in Monday Management” by Pensions & Investments for the fourth consecutive year.3
Promotions:
Effective March 1, 2025, 52 individuals across the firm’s investment teams, as well as the investor relations, legal and compliance, risk, finance, operations and administration groups will be promoted and/or assume new roles. Principals and above are listed below.
Senior Lending
- Sean Mancini to Managing Director, Origination
- Paul Sadlowski to Managing Director, Origination
- Andrew Passero to Principal, Origination
Junior Capital & Private Equity Solutions
- Derek Fricke to Senior Managing Director, Head of Direct Investments
- Anne Philpott to Managing Director, Head of Private Equity Fund Investments
- Lucas Fries to Managing Director
- Erica Cunningham to Principal
- Davis Westbrook to Principal
Other Professionals
- Gene Miao to Senior Managing Director, Senior Investment Strategist
- Emily Manuel to Managing Director, Investor Relations
- Marissa Short to Managing Director, Chief Financial Officer, Investment Funds
- Sofia Azar to Principal, Investor Relations
- Arjun Chhabra to Principal, Co-Head of Investment Infrastructure & Technology
- Joseph Durkin to Principal, Finance
- Marina Elkinyuk to Principal, Operations
- Erin Hood to Principal and Deputy General Counsel
- Katie Travers to Principal, Investor Relations
- Lily Xuan to Principal, Finance
- Zachary Zetlin to Principal, Operations
“We are proud to recognize the exceptional talent and dedication of our team through these well-deserved promotions,” said Shai Vichness, Chief Financial Officer. “Their contributions have been instrumental in driving our success and supporting our clients with innovative solutions. As we grow, investing in our people remains at the core of our mission to deliver value and excellence across our platform.”
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 $52 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 nearly 200 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $78 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.
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.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.
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 1/1/25. |
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2. Source: SEC filings. Please refer to NCDL.com for additional information. |
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3. Churchill was ranked #1 U.S. PE Middle Market Lender With Select Roles in the Pitchbook Q3 2024 U.S. PE MM League Tables. The firm was named Private Markets Manager of the Year in the LAPF Investment Awards in October 2024. The LAPF judging panel was comprised of individuals from seven pension funds, who determined the finalists and ultimate winner by evaluating 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, and October 2024. 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. 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. |
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Contacts
Prosek Partners
pro-churchill@prosek.com
