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At-a-glance section
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Overview
The strategy seeks to generate current income primarily through investing in first lien senior secured and unitranche loans to U.S. middle market companies with EBITDA between $10 –$100 million backed by private equity sponsors.
Strategy highlights
- First-lien senior secured focus: Floating rate senior loan offer attractive yield premium and lower volatility potential vs. high yield bonds and broadly syndicated loans
- Rigorous credit selection and defensive portfolio construction: Extensive underwriting with an emphasis on selectivity, industry and issuer diversification (average position size of 40 bps) to identify resilient, high-quality borrowers who are more likely to weather challenging economic conditions
- Unique relationship driven origination model: Proprietary deal flow through time-tested private equity partnerships, enhanced by reputation as a key LP in their funds along with long-established relationships with private equity sponsors creates differentiated sourcing, generates robust deal flow and early looks on new transactions and repeat business.
U.S. MIDDLE MARKET FOCUS
Churchill targets difficult-to-access transactions in the highly attractive U.S. middle market where the firm can leverage its scale as a direct investor to generate asymmetric information advantages.
TRACK RECORD
We believe our rigorous disciplined approach to underwriting and credit selection has led to stable returns and low losses across economic cycles.
STRONG ALIGNMENT
Partnership approach focused on long-term relationships where we invest significantly alongside our clients. Churchill’s breadth and depth across the capital structure and distinct strategies allow the ability to pivot as both sponsors and investors needs evolve.
Portfolio manager
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Important information on risk
Past performance and does not predict or guarantee future results. Opinions and views expressed reflect the current opinions and views of Churchill as of the date of this material only. Nothing contained herein is intended as a prediction of how any financial markets will perform in the future and nothing contained herein should be relied upon as a promise or representation as to past or future performance of a fund or any other entity, transaction, or investment. 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, inflation risk and risk of capital loss.
