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Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $64+ billion of commited capital under management, 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 and investment approach are driven by over 200+ professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $97 billion private capital platform and one of the largest private debt managers globally.
As of January 1, 2026. Estimated and unaudited. Refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers (including asset-based leveraged facilities, notes sold in the capital markets or any capital otherwise committed and available to fund investments that comprise assets under management). For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. In determining committed capital in respect of funds and accounts that utilize internal asset-based leverage (e.g., levered funds and CLO warehouses), committed capital calculations utilize a leverage factor that assumes full utilization of such asset-based leverage in accordance with the account’s target leverage ratio as disclosed to investors. In determining committed capital in respect of Churchill’s management of an institutional separate account for its parent company, TIAA, (i) committed capital in respect of private equity fund interests includes commitments made by TIAA to such strategy over the most recent 10 years, and the net asset value of all such investments aged more than 10 years, and (ii) committed capital in respect of equity co-investments, junior capital investments, structured capital investments, and senior loans includes the commitment made by TIAA for the most recent year, and the outstanding principal balance of investments made in all preceding years, (iii) committed capital in respect of secondary investments includes commitments made by TIAA since the inception of the strategy in 2022 and inclusive of the current year's commitment. In determining committed capital in respect of Churchill’s management of institutional separate accounts for third party institutional clients, committed capital includes the aggregate commitments made by such third-party clients, so long as such commitments remain subject to recycling. Thereafter, outstanding principal balance is used in respect of any applicable commitment (or portion thereof) that has expired. Due to the foregoing, committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital
As of 31 Mar 2025, The amount of ‘private capital invested’ shown above includes investments made, originated or committed to by Churchill Asset Management LLC and its affiliates, including TIAA, since 2011 (in respect of its Private Equity and Junior Capital platform) and since 2015 (in respect of its Senior Lending platform). Investments include committed investments that ultimately may not have been fully drawn or funded.
As of 31 Dec 2025, Includes private equity fund commitments made under the Private Equity fund strategy since 2011. Excludes venture capital and secondaries commitments. TIAA and client capital commitments to Churchill that are not yet committed to specific underlying funds are excluded.
Private Equity Relationships Source Nuven as of 31 Dec 2025
Source: KBRA DLD 2025 U.S. Direct Lending League Table Rankings
Important information on risk
Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.
Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales, currency exchange rates, and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.
Private credit/debt investments, like other alternative investments, may not be suitable for all investors due to the typically lower credit quality of the underlying borrowers. These investments are speculative, subject to substantial risks including the risks associated with credit risk, interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss, limited liquidity, the potential use of leverage, potential short sales, concentrated investments and may involve complex tax structures and investment strategies. Credit risk refers to an issuers ability to make interest and principal payments when due, as well as the prices of loans declining when an issuer’s credit quality is expected to deteriorate.
In addition to traditional equity risks like market risk or the risk that company values will decline in response to such factors as adverse company news, industry developments or a general economic decline, private equity investments involve significant risks specific to the asset class, including illiquidity, long investment horizons, capital call obligations, uncertain valuations, leverage/financing risk, and dependence on successful exits. Private equity investments are not publicly traded, making them difficult to value and sell.
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