Key Takeaways
- • Churchill Asset Management, an investment-specialist affiliate of Nuveen, announced the final close of Churchill Co-Investment Fund II with $1.5 billion in limited partner commitments.
- • The fund reached its hard cap and is nearly 3.5x the size of its predecessor fund, per the Business Wire release.
- • Investors include sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, family offices and high-net-worth individuals.
- • Nearly 20% of the capital was raised from high-net-worth investors globally, highlighting growing private wealth participation in Nuveen and Churchill strategies.
- • Churchill cites a commitment as an LP in over 280 private equity funds and annual commitments of more than $1 billion to U.S. middle market PE funds.
Summary
Churchill Asset Management LLC, an investment-specialist affiliate of Nuveen, announced the final close of Churchill Co-Investment Fund II with $1.5 billion in limited partner commitments, according to a Business Wire release dated June 10, 2025. The oversubscribed fund reached its hard cap and is nearly 3.5x the size of its predecessor. It seeks to generate risk-adjusted returns through equity co-investments alongside private equity sponsors in U.S. middle market businesses.
The fund drew equity commitments from a diversified global investor base, including sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, family offices and high-net-worth individuals. Churchill positions its sponsor-centric model as a differentiator, citing its long-standing role as an LP in more than 280 private equity funds and annual commitments exceeding $1 billion to U.S. middle market PE funds, with over $11 billion invested since inception.
Jason Strife, Head of Junior Capital & Private Equity Solutions at Churchill, said the firm has been a reliable co-investor to top-tier GPs for 14 years and uses its model to gain insights and early access to pre-syndication deal flow. The release also highlights growing private wealth participation, with nearly 20% of the capital raised from high-net-worth investors globally. Moshe Bajnon, Global Head of Private Wealth and Co-Head of Investor Solutions Group at Churchill, said individual investors are increasingly seeking alternative exposure and that the fund's success in the wealth channel reflects strong demand for differentiated private capital.
Churchill, which has $55 billion of committed capital and more than 200 professionals across New York, Charlotte, Chicago and Los Angeles, provides financing across the capital structure to U.S. middle market PE firms. Nuveen reported $1.3 trillion in assets under management as of March 31, 2025.
The fund drew equity commitments from a diversified global investor base, including sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, family offices and high-net-worth individuals. Churchill positions its sponsor-centric model as a differentiator, citing its long-standing role as an LP in more than 280 private equity funds and annual commitments exceeding $1 billion to U.S. middle market PE funds, with over $11 billion invested since inception.
Jason Strife, Head of Junior Capital & Private Equity Solutions at Churchill, said the firm has been a reliable co-investor to top-tier GPs for 14 years and uses its model to gain insights and early access to pre-syndication deal flow. The release also highlights growing private wealth participation, with nearly 20% of the capital raised from high-net-worth investors globally. Moshe Bajnon, Global Head of Private Wealth and Co-Head of Investor Solutions Group at Churchill, said individual investors are increasingly seeking alternative exposure and that the fund's success in the wealth channel reflects strong demand for differentiated private capital.
Churchill, which has $55 billion of committed capital and more than 200 professionals across New York, Charlotte, Chicago and Los Angeles, provides financing across the capital structure to U.S. middle market PE firms. Nuveen reported $1.3 trillion in assets under management as of March 31, 2025.
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