Churchill Asset Management set firm fundraising records last year, boosting the firm’s total committed capital to more than $6 billion, while also deploying the most capital in its history.
The New York-based firm raised $2.4 billion last year through multiple vehicles, including a $300 million mid-market collateralised loan obligation, the firm said in a statement earlier this week. It also invested $2.6 billion across 93 deals, 51 of which were new investments with the remaining 42 add-on investments.
The totals raised and invested surpassed 2017’s previous highs of $1.5 billion and $1.9 billion, respectively.
“The significant amount of capital raised enhances our ability to better meet the evolving needs of private equity sponsors and their portfolio companies,” Randy Schwimmer, head of originations and capital markets, said in the statement.
The firm could not be reached for additional comment.
Announced deals from 2018 include a $185 million senior secured credit facility backing Stone Point Capital’s acquisition of consulting firm Eliassen Group and a $111 million first lien credit facility to support Court Square Capital Partners’ of telecommunications company Momentum Telecom.
Fundraising broadly was down last year for private credit, with the asset class holding final closes on a combined $134.9 billion, down sharply from the $211.3 billion raised in 2017, according to PDI data. Some 154 funds wrapped up fundraising last year, which was the lowest figure in the past seven years.
Churchill operates as a part of Nuveen, TIAA’s asset management arm, and invests in senior secured debt in private equity-backed companies.
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