Churchill Asset Management has hired David Heilbrunn, formerly a managing director at Fifth Street Asset Management, to lead all product development and fundraising for the mid-market lender, the firm said on Friday.
Heilbrunn will manage all Churchill’s fundraising, including debt and equity, as the newly created position of senior managing director and head of product development and capital raising, according to the statement.
Churchill may hold a final close in the first half of 2017 for its inaugural fund under parent company TIAA Global Asset Management, a vehicle with a $1.5 billion target, as Private Debt Investor exclusively reported. The firm held a first close on approximately $375 million in May.
Heilbrunn will also support the institutional and retail business teams on other capital raisings at TIAA, which launched Churchill in April 2015.
“We are confident that David’s deep relationships across retail and institutional channels along with his extensive industry expertise will add immediate value to the growth of our team and investment capabilities,” Ken Kencel, Churchill president and chief executive officer, said in a statement.
Heilbrunn had worked for Churchill’s predecessor from 2008 to 2014.
Most recently Heilbrunn was a managing director at Fifth Street. He now brings to Churchill more than 25 years of experience in investment management, including stints at The Carlyle Group, Bear Stearns and JPMorgan.
In October, the firm also added Leland Richards as a managing director to the originations team, where he focuses on cultivating relationships with various private equity sponsors and mid-market lenders. He reports to Randy Schwimmer, Churchill’s head of origination and capital markets.
Based in New York, Churchill has collectively invested more than $5 billion in over 400 middle market companies, and the firm now has approximately $2.2 billion of committed capital under management, according to the statement.