Churchill Asset Management LLC has raised its second collateralized loan obligation (CLO) fund, called TIAA Churchill Middle Market CLO II Ltd, with approximately $340 million in capital commitments.
The closing of the new fund tallies Churchill’s assets under management to $3.8 billion. Churchill, the New York-based private credit business of TIAA asset management firm Nuveen, has invested more than $6.5 billion in middle-market senior loans to approximately 500 transactions.
“We are encouraged by the positive response from investors to our second middle market CLO offering,” states David Heilbrunn, Churchill’s head of product development and capital raising. “The offering was oversubscribed, attracted capital from a diverse group of institutional investors and established new pricing levels for middle market CLOs.”
The resurgence of middle-market collateralized loan obligation (CLO) funds is the cause for a number of firms raising more funds as of late. Carlyle closed its fourth CLO fund of 2017 in December; Antares Capital raised its first CLO fund in May with nearly $2.1 billion in commitments; Madison Capital Funding LLC, the directing lending arm of New York Life Insurance Co., closed a $325 million fund; and Trinitas Capital Management LLC closed the firm’s sixth CLO.
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