Churchill Announces Record Investment Activity in 2022, Strong Continued Growth Despite Challenging Economic Environment
Despite the challenging economic environment, Churchill experienced strong growth across its leading private capital platform in 2022.
Churchill Asset Management LLC, an investment-specialist affiliate of Nuveen providing customized financing solutions to private equity firms and their portfolio companies, today announced its 2022 investment and capital raising activity, notable firm highlights and company-wide promotions.
Despite the challenging economic environment, Churchill experienced strong growth across its leading private capital platform in 2022. The Firm’s investment teams closed and/or committed to nearly $11 billion in new investments, a new annual record even surpassing 2021, which was widely regarded as the middle market leveraged buyout industry’s most active year in history.1 Churchill also raised over $11 billion of new committed capital, adding over 50 new global institutional and family office investors, while continuing to achieve strong results for existing clients.
“As our annual figures show, economic uncertainty and the dislocation in the public credit markets have only accelerated activity for Churchill. In fact, our scale, differentiated sourcing model and cycle-tested investment approach provides our Firm a highly unique opportunity to capitalize on the long-term trend towards flexible private capital solutions,” said Ken Kencel, President and CEO of Churchill. “As we enter 2023, the confluence of recession fears, uncertainty and rising interest rates has led to a very attractive investment environment for top managers. Now with $46 billion in committed capital, we are extremely grateful to be trusted as a premier one-stop capital provider of choice to private equity firms and investors alike.”
Additional 2022 highlights:
- Completed significant capital raises including $12 billion closing of Firm’s latest senior lending program, $737 million Junior Capital Opportunities Fund II and innovative $700 million Collateralized Fund Obligation
- Parent company Nuveen announced it will acquire leading private debt manager Arcmont which, in combination with Churchill, will create a $67 billion global private capital manager and one of the largest private debt managers in the world
- Surpassed 140 employees by adding nearly 50 new investment and support professionals (approximately half of which were women and/or ethnic minorities), including a Head of Sustainability & ESG Integration, Head of Secondaries, and Head of Fund Finance
- Expanded U.S. presence to five office locations, now including Los Angeles, CA and Dallas, TX
“Churchill’s growth in 2022, in the face of a particularly challenging year for the financial services sector, is a testament to the strength of our private capital platform and power of our disciplined, time-tested investment strategy,” said Shai Vichness, Senior Managing Director and Chief Financial Officer. “Ultimately, however, our people are our most important asset and the key to our success. We are thrilled to take this opportunity to recognize the many outstanding contributions of our team, while announcing this year’s promotion class – our largest and most diverse group to date.”
Effective March 1, 2023, 39 individuals across the Firm’s investment teams, as well as the investor relations, legal, risk, finance, operations and administration groups will be promoted and/or assume new roles. Vice Presidents and above are listed below.
Senior Lending
- Kelli Marti, Senior Managing Director, Head of CLO Management and Co-Head of Chicago Office
- Kevin Meyer, to Managing Director, Head of Origination
- Joseph Lee, to Managing Director, Underwriting and Portfolio Management
- Jeffrey Rabaut, to Managing Director, Origination
- Justin Zimmer, to Principal, Underwriting and Portfolio Management
- Matthew Caulfield, to Vice President, Underwriting and Portfolio Management
- Lindsey Figliolino, to Vice President, Underwriting and Portfolio Management
Junior Capital & Private Equity Solutions
- David McManama, to Managing Director
- Dodson Worthington, to Managing Director
- Adam Froendt, to Vice President
- Jay Valentine, to Vice President
Investor Relations, Legal, Risk, Finance and Operations
- Courtney DeBolt, to Managing Director, Head of Operations
- Philip Beissner, to Managing Director, Management Company Controller
- Alona Gornick, to Managing Director, Senior Investment Strategist and Co-Head of Chicago Office
- Ben Love, to Managing Director, Head of Fund Finance
- Jessica Tannenbaum, to Managing Director, Head of Marketing and Communications
- Emily Manuel, to Principal, Investor Relations
- Kevin McMillin, to Principal, Head of Investment Analytics and Support
- Zachary Profant, to Principal, Deputy General Counsel
- Meghan Searson, to Principal, Investor Relations
- Sherry Chen, to Vice President, Head of Digital Marketing
- Sunny Huang, to Vice President, Product Development
- Michael St. Clair, to Vice President, Operations
More than ever, Churchill has continued to draw industry recognition. Over the last year, the Firm was nominated for or has won eleven industry awards, including being named “Lender Firm of the Year” by The M&A Advisor, as well as both “U.S.A. Lender of the Year” and “Americas Lender of the Year” by The Global M&A Network.2Churchill topped Pitchbook’s most recent league tables as the #1 “most active U.S. private equity lender”.3 Additionally, the Firm was selected as one of Pension & Investments’ “Best Places to Work in Money Management” for the second consecutive year.4
1. Source: Refinitiv LPC’s US LBO Stats - 4Q22, Annual Middle Market LBO Volume. 2. Selected as one of five finalists for Lender Firm of the Year in September 2022 by an independent panel of judges appointed by the M&A Advisor. A nominal fee was required to submit a nomination. Churchill was announced as the winner in November 2022. Selected by the Global M&A Network as a finalist for Americas Lender of the Year in October 2022. Winners announced in November 2022. Selected by the Global M&A Network as a finalist for U.S.A. Lender of the Year in March 2022. Winners announced in May 2022 Winners were judged independently by a point-indexed scoring system based on notable transactions, expertise, track record, leadership and client service. 3. Source: Pitchbook Data’s Q3 2022 US PE Lending League Tables. 4. Selected by Pensions & Investments (P&I) magazine in December 2022. P&I partnered with Best Companies Group, a research firm specializing in identifying great places to work, to conduct a two-part survey process of employers and their employees.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With $46 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, best in class execution and investment are driven by more than 140 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. More information can be found at www.churchillam.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.
Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.
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