Churchill Asset Management has announced the final close of Churchill Co-Investment Fund II at its $1.5 billion hard cap, significantly exceeding initial targets amid strong investor interest. The oversubscribed fund will back equity co-investments alongside private equity sponsors in U.S. middle market companies. 

The new vehicle is nearly 3.5x the size of Churchill’s inaugural co-investment fund, which closed in 2021 with $440 million. In addition to its increased scale, Fund II marks a meaningful shift in investor composition—with approximately 20% of commitments coming from Churchill’s wealth platform, reflecting growing appetite from high-net-worth individuals for private market access. 

“Individual investors are increasingly focused on growing their exposure to alternative investment strategies, and the success of the fund in the wealth channel underscores the strong demand we’re seeing from high-net-worth investors for differentiated private capital opportunities,” said Moshe Bajnon, global head of Private Wealth and co-head of Investor Solutions Group at Churchill. 

In addition to strong participation from the private wealth channel, Churchill Co-Investment Fund II attracted commitments from a broad base of institutional investors, including sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers and family offices. 

In March, the 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.   

Churchill, a New York-based firm, has invested over $11 billion in more than 280 private equity funds since its inception, committing over $1 billion annually to U.S. middle market private equity.