Churchill Asset Management Reports Unprecedented Investment Activity
In a remarkable display of performance, Churchill Asset Management LLC, a prominent U.S. private capital investment specialist affiliated with Nuveen, announced its exceptional achievement of closing or committing over $13 billion across nearly 400 transactions in 2024. This transaction volume not only eclipses the firm's annual record set in 2022 by an impressive 18% but also signifies the robust demand for private capital solutions in today’s economic landscape. With 2024 also seeing the firm raise over $10 billion, Churchill's total committed capital stands at a staggering $52 billion, underscoring the confidence of more than 4,000 institutional and high-net-worth investors worldwide.
Strong Foundation for Future Growth
"Our results in 2024 demonstrate the resilience and effectiveness of our cycle-tested, relationship-driven platform,” stated President and CEO Ken Kencel. He further highlighted the firm's dedication to offering customized financial solutions that cater to the diverse needs of private equity sponsors and their investors. With an optimistic outlook regarding interest rates and macroeconomic conditions, Churchill looks forward to capitalizing on emerging opportunities in both private wealth and secondaries in the upcoming 2025 year.
Key Highlights from 2024 Performance
Churchill's achievements in 2024 extend beyond record investment volumes. The firm has seen significant developments:
- The employee count swelled to nearly 200, with more than 40 new hires reinforcing its teams.
- Nuveen Private Capital, which combines the expertise of Churchill and Arcmont Asset Management, has reached approximately $78 billion in committed capital. This expansion included the addition of seven senior professionals focusing on institutional business development across five countries.
- The private wealth platform has seen strengthening via notable hires including Moshe Bajnon, who has assumed the role of Global Head of Private Wealth, and Robert Paun, leading Investor Relations.
- In January 2024, Nuveen Churchill Direct Lending Corp., labeled as the inaugural Business Development Company (BDC), successfully launched an IPO on the New York Stock Exchange under the ticker NCDL. The BDC delivered dividends amounting to $2.10 per share this year, reflecting a healthy 12% annualized yield.
- The Nuveen Churchill Private Capital Income Fund (PCAP) has successfully surpassed $1.2 billion in investment portfolio assets.
- Recognition for excellence includes receiving 19 industry awards, with acknowledgments such as being the '#1 Most Active U.S. PE Middle Market Lender' by Pitchbook, as well as accolades like "Private Markets Manager of the Year" at the LAPF Investment Awards.
Promotions and Team Development
Beginning March 1, 2025, Churchill will implement a series of promotions across its investment teams, including investor relations, legal, compliance, and more. This initiative emphasizes the company’s commitment to nurturing talent and driving innovation.
Highlighted Promotions
- Sean Mancini to Managing Director, Origination
- Paul Sadlowski to Managing Director, Origination
- Derek Fricke to Senior Managing Director, Head of Direct Investments
- Gene Miao to Senior Managing Director, Senior Investment Strategist
- Emily Manuel to Managing Director, Investor Relations
- Arjun Chhabra to Principal, Co-Head of Investment Infrastructure & Technology
Shai Vichness, CFO, expressed pride in recognizing the team's hard work, emphasizing their roles in driving success and maintaining the firm's dedication to clients. Investing in their expertise remains a priority as Churchill continues to grow.
About Churchill Asset Management LLC
Churchill Asset Management, an investment specialist affiliated with Nuveen, offers tailored financing solutions for U.S. middle market private equity firms and their portfolios. With more than $52 billion in committed capital, the company supports a diverse range of financing needs, including equity co-investments and private equity fund commitments. The team of nearly 200 professionals operates from major U.S. cities, ensuring strategic support for each client's unique circumstances
Frequently Asked Questions
What were Churchill Asset Management's achievements in 2024?
Churchill achieved over $13 billion in transactions and raised more than $10 billion, setting record highs for the firm.
Who is the CEO of Churchill Asset Management?
The CEO of Churchill Asset Management is Ken Kencel, who emphasizes the importance of tailored financial solutions.
What is the significance of NCDL?
NCDL, listed on the NYSE, represents Churchill's first BDC and offered dividends of $2.10 per share in 2024.
How many awards did Churchill receive in 2024?
Churchill received 19 industry awards, highlighting their leadership and excellence in the market.
What strategic changes are happening within Churchill in 2025?
In 2025, Churchill will promote numerous individuals across investment, investor relations, and operational teams to enhance its capabilities.
