Churchill Asset Management LLC, a Nuveen investment specialist focused on private capital, announced the close of its third collateralized fund obligation (CFO), NPC SIP 2024-1, also referred to as the “Long Duration Bond” (LDB) at $750 million. The CFO is structured with a 30-year duration, invests across the flagship strategies of Nuveen Private Capital (NPC), encompassing both Churchill and its sister firm, Arcmont Asset Management Limited. 

This third CFO builds on Churchill’s prior successes, including its first CFO in 2022, a $700 million deal, and its second CFO in December 2023, a $190 million transaction. 

The fund spans a broad array of investment strategies, covering senior lending, junior capital, equity co-investments, direct lending, and impact lending, with a focus on both North American and European markets. 

“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,” said Chris Freeze, co-head of the investor solutions group at Churchill. 

NPC was formed in March 2023 through Nuveen’s acquisition of London-based Arcmont in November 2022. Together, they manage a $78 billion private capital platform, positioning NPC as one of the world’s largest private credit managers. 

Evercore acted as the sole structuring advisor, with Dechert providing legal counsel to Churchill Asset Management.