Churchill Asset Management Secures Record $16B for Senior Lending Program

NEW YORK, NY – January 21, 2026 – Churchill Asset Management, the U.S. private capital affiliate of Nuveen, has successfully raised over $16 billion in committed capital for its latest senior lending program, marking the largest fundraising achievement in the firm's history. The milestone underscores a powerful and accelerating trend in global finance: the monumental flow of capital into private credit and away from traditional public markets.

The capital was raised for the fifth vintage of Churchill’s flagship senior loan strategy, which includes a mix of levered, unlevered, and evergreen vehicles, alongside separately managed accounts. This record haul attracted commitments from a broad and diverse group of approximately 325 global investors, including prominent public and private pension plans, insurance companies, and family offices from North America, Europe, the Middle East, and Asia.

A Global Vote of Confidence in Private Credit

Churchill's successful fundraise is a powerful testament to the surging appeal of private credit as a core asset class. In an era of market volatility and shifting interest rate landscapes, institutional investors are increasingly allocating capital to private debt in search of higher yields, portfolio diversification, and more stable, predictable returns. The private credit market, which has swelled to over $1.7 trillion in assets, is filling a crucial financing gap left by traditional banks, which have scaled back lending to mid-sized companies since the 2008 financial crisis.

“This record capital raise highlights the strength and resiliency of Churchill’s private credit platform and the attractiveness of core middle market senior lending,” said Ken Kencel, President & CEO of Churchill, in a statement. “It also underscores the increasingly important role that private credit plays within investment portfolios today – particularly for those seeking solid risk-adjusted returns and diversified access to high quality mid-sized businesses.”

The structure of these investments is a key part of their appeal. The majority of private credit loans are floating-rate, which provides a natural hedge against inflation and rising interest rates for lenders. For investors like pension funds and insurers with long-term liabilities, the steady income stream generated by these loans offers a compelling alternative to the fluctuating values of public stocks and bonds.

Fueling the Engine of the U.S. Middle Market

The influx of $16 billion into Churchill’s platform is poised to have a direct impact on the U.S. economy’s backbone: its middle market. Often described as the world's third-largest economy by GDP, this segment of thousands of mid-sized businesses frequently struggles to secure the flexible and timely capital needed for growth, acquisitions, and innovation.

Churchill specializes in providing first lien and unitranche financing—senior debt that sits at the top of the capital structure—to companies backed by leading private equity sponsors. This capital is the lifeblood that enables private equity firms to execute buyouts and supports portfolio companies as they expand operations, invest in new technology, and create jobs. Unlike the often-rigid terms of bank loans, private credit solutions can be highly customized to a company's specific needs, offering greater flexibility and speed of execution.

The firm’s deep integration with the private equity world, bolstered by its active participation as a limited partner in over 330 private equity funds, provides it with a differentiated source of deal flow and deep-seated relationships. This strategy allows Churchill not just to fund deals, but to partner with sponsors they know and trust, enhancing their underwriting and risk management capabilities.

A Private Credit Powerhouse Emerges

This record capital raise solidifies Churchill’s position as a dominant force in the competitive U.S. private credit landscape. The firm's market leadership is validated by a string of industry accolades. It was recently named the “2025 Lender Firm of the Year” by The M&A Advisor for the fifth consecutive year and consistently ranks at the top of industry league tables. According to Pitchbook Data, Churchill was the #1 most active U.S. buyouts lender in 2024, and other services rank it as a top-three lender in U.S. private credit and direct lending.

Operating under the umbrella of Nuveen Private Capital—a $94 billion global platform—gives Churchill significant institutional heft. This relationship provides access to the global distribution, compliance, and client service infrastructure of Nuveen and its parent, TIAA. A key differentiator is TIAA's role as an investor in every transaction alongside Churchill's clients, creating a powerful alignment of interests that resonates with capital allocators.

With an investment team boasting a 20-year track record across multiple economic cycles, the firm has proven its ability to navigate both bull and bear markets. This experience is critical in a sector where disciplined underwriting and proactive portfolio management are the keys to long-term success.

Navigating a Complex and Crowded Market

Despite the immense opportunities, the rapid expansion of private credit is not without challenges. The sheer volume of “dry powder”—committed but uninvested capital—has intensified competition among lenders, which can lead to pressure on yields and a potential loosening of underwriting standards. The illiquid nature of these loans means that managers must have a long-term perspective, as assets cannot be easily sold in a downturn.

Furthermore, the current high-interest-rate environment, while beneficial for lenders' returns, puts significant pressure on borrowers' ability to service their debt. The health of the underlying portfolio companies is paramount, and the risk of defaults rises if economic conditions were to deteriorate significantly. Experienced managers like Churchill are tasked with navigating this complex environment by maintaining rigorous credit selection and structuring loans with strong creditor protections.

The success of this $16 billion fundraise demonstrates that global investors have confidence in Churchill's ability to manage these risks effectively. By focusing on the core middle market and leveraging its deep sponsor relationships, the firm is well-positioned to deploy this new capital and continue its role as a pivotal financier for American businesses.