Churchill Asset Management LLC, an investment affiliate of Nuveen (the asset manager of TIAA) and a provider of customized financing services to middle market private equity firms and their portfolio companies, has closed its Churchill Junior Capital Opportunities Fund II with $737 million of limited partner commitments.
The fund exceeded its original target of $500 million and closed above the size of its $300 million predecessor fund. The fund is an unlevered vehicle that invests in junior debt to private equity sponsor-backed U.S. middle market companies. The closing also included a $65 million rated note, which looks to drive the firm’s continued product development to meet the needs of insurance company investors.
“Despite uncertain market conditions, our differentiated deal sourcing approach, flexible junior capital mandate, proven track record and alignment with parent company TIAA continues to resonate with investors and set us apart in the industry,” says Jason Strife, senior managing director, head of junior capital and private equity solutions at Churchill. “We are incredibly grateful for the strong support received from both new and existing clients across the globe on this capital raise.”