Key Takeaways
- • Nuveen Private Capital (NPC) has passed $100bn (£75bn) in committed capital, growing by more than half over three years, according to Alternative Credit Investor (ACI).
- • NPC invested $27bn across more than 400 middle-market deals over the past year, backing sponsors on both sides of the Atlantic.
- • Co-CEO Ken Kencel attributed growth to fundamentals and said the firm has not seen broad-based deterioration in credit quality in the traditional middle market.
- • NPC, which combines Churchill Asset Management and Arcmont Asset Management, serves more than 6,000 investors with 400 professionals across 15 offices, and remains 93 per cent institutional.
- • Nuveen's acquisition of Schroders, completed 1 October, adds European scale, though Schroders will run as a standalone business for at least 12 months.
Summary
Nuveen Private Capital has surpassed $100bn (£75bn) in committed capital, growing by more than half in three years despite volatility and credit-quality concerns in the private credit market, according to Alternative Credit Investor. The platform, known as NPC, combines US lender Churchill Asset Management and European manager Arcmont Asset Management, which were brought together under NPC in March 2023. Over the past year the platform has invested $27bn across more than 400 middle-market deals, backing sponsors on both sides of the Atlantic.
The milestone comes as the private credit market has faced headwinds, including market volatility, broader credit quality worries, and redemptions at business development companies (BDCs) that unsettled the US wealth channel. Anthony Fobel, co-chief executive of NPC and founder and chief executive of Arcmont, said allocations had continued to grow through successive periods of volatility and predicted record fundraising this year. He said the European business is also on track for a record year of deployment. In September 2025, the platform secured a minority investment from Hunter Point Capital and Temasek, alongside long-term capital commitments from Temasek.
Ken Kencel, co-chief executive of NPC and president and chief executive of Churchill, told ACI that the firm had not experienced the redemption dynamics seen elsewhere in private wealth, partly because it remains 93 per cent institutional. He said: "We have not seen any broad-based deterioration in credit quality in the traditional middle market." Kencel added that NPC will continue to grow its private wealth business, but in proportion to its institutional build-out. Fobel pointed to direct lending and capital solutions strategies as the areas of greatest momentum in Europe.
NPC has 400 professionals across 15 global offices and serves more than 6,000 investors. It is part of Nuveen, the investment management arm of TIAA, which oversees $2.6tn in assets globally following its acquisition of Schroders. That deal completed on 1 October and brings Schroders, including its private markets arm, into the Nuveen group, though Schroders will operate as a standalone business for at least 12 months. ACI understands Schroders has no direct lending operation comparable to Arcmont's, so the benefit lies in Schroders' additional capabilities, with Nuveen expected to tap its institutional distribution in Asia and its private equity fund-of-funds business seen as a natural fit with Churchill.
The milestone comes as the private credit market has faced headwinds, including market volatility, broader credit quality worries, and redemptions at business development companies (BDCs) that unsettled the US wealth channel. Anthony Fobel, co-chief executive of NPC and founder and chief executive of Arcmont, said allocations had continued to grow through successive periods of volatility and predicted record fundraising this year. He said the European business is also on track for a record year of deployment. In September 2025, the platform secured a minority investment from Hunter Point Capital and Temasek, alongside long-term capital commitments from Temasek.
Ken Kencel, co-chief executive of NPC and president and chief executive of Churchill, told ACI that the firm had not experienced the redemption dynamics seen elsewhere in private wealth, partly because it remains 93 per cent institutional. He said: "We have not seen any broad-based deterioration in credit quality in the traditional middle market." Kencel added that NPC will continue to grow its private wealth business, but in proportion to its institutional build-out. Fobel pointed to direct lending and capital solutions strategies as the areas of greatest momentum in Europe.
NPC has 400 professionals across 15 global offices and serves more than 6,000 investors. It is part of Nuveen, the investment management arm of TIAA, which oversees $2.6tn in assets globally following its acquisition of Schroders. That deal completed on 1 October and brings Schroders, including its private markets arm, into the Nuveen group, though Schroders will operate as a standalone business for at least 12 months. ACI understands Schroders has no direct lending operation comparable to Arcmont's, so the benefit lies in Schroders' additional capabilities, with Nuveen expected to tap its institutional distribution in Asia and its private equity fund-of-funds business seen as a natural fit with Churchill.
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