Churchill Asset Management Closes Second Junior Debt Fund at $737M

Churchill Asset Management, the investment affiliate of Nuveen (the asset manager of TIAA), has closed the Churchill Junior Capital Opportunities Fund II at $737mn, surpassing its initial target of $500mn and more than doubling its first junior debt fund of $300mn, which closed in 2019.

The fund is an unlevered vehicle that invests in junior debt to private equity sponsor-backed US middle market companies.

“We are very proud to build upon Churchill’s successful middle market junior capital strategy with our latest offering,” said Jason Strife, Senior Managing Director, Head of Junior Capital & Private Equity Solutions at Churchill.

The NY-based private asset manager, with over $46bn in capital, provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments.

The Churchill team, led by Strife, has funded more than $5bn in nearly 200 junior capital deals over the last decade, and now deploys more than $1bn of junior capital a year.