Churchill Completes Record Year of Capital Raising and Investment Activity in 2017

Business Wire

Expands team to address growing client base and investment program

NEW YORK--(BUSINESS WIRE)-- Churchill Asset Management LLC (“Churchill”), a provider of senior and unitranche debt financing to middle market companies, completed significant capital raising and investment activity in 2017, closing or committing to 51 new investments totaling approximately $1.9 billion, a record for the firm, and ending the year with total committed capital under management of $4.4 billion across multiple investment vehicles.

“Churchill achieved several new milestones in lending and capital raising activity during 2017, underscoring the firm’s ability to deliver flexible, reliable financing solutions that meet the needs of middle market private equity sponsors and their portfolio companies,” said Ken Kencel, President and CEO of Churchill. “We head into 2018 with significant operating momentum and are grateful for our investors’ continued confidence in our seasoned team of investment professionals and underwriting processes.”

2017 Highlights

In Churchill’s second full year as part of the Nuveen Private Markets platform, the company:

Closed on over $1.5 billion of new committed debt and equity capital, including Churchill Middle Market Senior Loan Fund (and related investment vehicles) and the TIAA Churchill Middle Market CLO II, which was oversubscribed, set a new pricing benchmark for similar transactions, and attracted capital from a diverse group of institutional investors;
Closed and/or committed to 51 new investments totaling approximately $1.9 billion. Churchill served as either lead arranger, joint-lead arranger, or named agent in 16 of these investments. The fourth quarter of 2017 was the most active quarter in the firm’s twelve-year history ¹ in which it closed and/or committed to 22 new investments totaling $933 million; and,
Added seven new investment and operations/finance professionals and opened an office in Chicago to serve key Midwest and West sponsor and lender relationships.

“Our deep relationships with private equity sponsors, experienced team and the backing of a strong financial partner in Nuveen make us a partner-of-choice to provide senior debt financing for middle market companies,” added Randy Schwimmer, Head of Origination & Capital Markets. “We are well positioned to meet our clients’ strong demand for middle market loans.”

New Hires and Promotions

To address its expanding investor relationships, Churchill recently appointed Michelle Rancic as Senior Vice President, Controller. With over a decade of financial services experience, Ms. Rancic was previously the Chief Accounting Officer at Garrison Investment Group, a middle market credit and asset based fund, responsible for accounting operations and financial reporting. Ms. Rancic began her career in the Banking and Capital Markets Assurance Practice at PricewaterhouseCoopers LLP.

Churchill also named Jessica Tannenbaum as Vice President, Investor Relations. With a decade of experience in middle market leveraged finance, Tannenbaum was most recently Senior Vice President, Head of Marketing at Fifth Street Asset Management, a credit-focused asset management firm.

Additionally, Churchill promoted the following investment professionals: Kevin Meyer to Principal, Origination, Carol Loundon to Principal, Underwriting & Portfolio Management and Sean Mancini to Vice President, Underwriting & Portfolio Management.

Churchill is part of the Nuveen Private Markets platform that oversees more than $60 billion of investments on behalf of TIAA and other institutional investors. The firm is led by a senior investment team that has worked together for over a decade and has deep experience in middle market lending, averaging over 25 years of experience. To date¹, the Churchill team has collectively invested over $6.5 billion in middle market senior loans across more than 500 transactions.

About Churchill Asset Management

Based in New York, Churchill Asset Management LLC is a leading provider of senior and unitranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. The company has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $970 billion in assets under management as of December 31, 2017 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America. Nuveen Securities, LLC, Member FINRA and SIPC, distributes securities products.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, and inflation risk.

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¹ Includes the combined investment history related to Churchill and its predecessor entities dating to 2006.