Nuveen to Buy European Private Debt Lender Arcmont Asset Management for $1B
Nuveen, the investment manager of TIAA, has acquired Arcmont Asset Management, a European private debt manager, for more than $1 billion.
Nuveen plans to create a new entity called Nuveen Private Capital, which will house Arcmont and Churchill Asset Management, a New York-based lender it acquired in 2015.
The combined entity will manage over $60 billion in assets, bringing Nuveen’s firmwide alternative credit assets under management to $178 billion.
The acquisition will deepen Nuveen’s lending presence in Europe and expand its overall personal lending business.
Since its inception in 2011, Arcmont has grown to become one of the largest direct lenders in Europe, raising more than $26 billion from more than 350 blue-chip investors.
The new entity will be led by Arcmont CEO Anthony Fobel and Churchill President and CEO Ken Kencel.
