Churchill Asset Management, an investment-specialist of Nuveen, closed its third collateralized fund obligation, NPC SIP 2024-1 (the “Long Duration Bond” or “LDB”). The $750 million transaction is structured as a long-duration bond and invests across the flagship strategies of Churchill and Arcmont Asset Management Limited, the operating businesses of Nuveen Private Capital (“NPC”), including:

• U.S.-based: Senior lending, Junior capital, Equity co-investment, Secondaries, and Private equity fund commitments
• European-based: Direct lending, Impact lending, Capital solutions, and NAV financing

Nuveen Private Capital formed in March 2023 when Nuveen acquired London-based Arcmont, which in combination with Churchill, has created a $78 billion private capital platform and one of the world’s largest private credit managers.

Allocations for the LDB were strategically selected to meet key investor objectives including significant credit exposure, strategy diversification, and duration while also maintaining strong alignment with Nuveen Private Capital’s ultimate parent company, TIAA.

“We are pleased to close our second Nuveen Private Capital offering, which uniquely invests across NPC’s full suite of capabilities,” said Chris Freeze, Co-Head of the Investor Solutions Group at Churchill and Co-Head of Nuveen Private Capital Business Development. “Our goal is to develop structures that help investors solve for today’s market complexities, while gaining exposure to attractive private capital opportunities. We believe the structure’s long duration strongly resonated with insurers and other investors focused on long duration investment grade rated debt, especially as they look to capture attractive yield enhancement.”

Evercore served as the Sole Structuring Advisor of the transaction. Dechert LLP served as legal advisor to Churchill.