Nuveen, an investment manager focused on non-profits, has bought Arcmont Asset Management, a European private debt investment manager with $21 billion in committed capital.

Armont, founded in 2011, offers financing services across a range of companies, industries and markets. The deal works to expand Nuveen’s private capital expertise and presence into Europe, and complements its North American private debt and private equity investment arm, Churchill Asset Management. Both Arcmont and Churchill will continue to operate under their respective names and brands.

“Arcmont provides Nuveen with a transformational opportunity to significantly expand our position in one of the world’s most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients globally,” says Jose Minaya, Nuveen CEO. “We are thrilled to welcome Arcmont’s professionals, who share with Nuveen deep experience and skills, consistent flexibility and innovative thinking in delivering private capital – as well as a culture of investment excellence rigorously focused on creating long-term value for stakeholders.”