Churchill Asset Management Celebrates 20 th Anniversary, Reports Record Investment Activity and Capital Raising in 2025

NEW YORK--( BUSINESS WIRE)--Churchill Asset Management LLC, an investment-specialist of Nuveen, announced record investment and capital raising activity in 2025, as the firm enters its 20 th anniversary year. Founded in 2006, Churchill is a market-leading middle market private capital platform with a proven track record of disciplined investing across economic cycles.

Churchill closed and committed nearly $16 billion across more than 380 transactions in 2025, driven by an all-time record fourth quarter. Churchill also raised $13.6 billion, bringing firmwide committed capital to $63 billion 1 from more than 4,500 institutional, family office, and high-net worth investors globally.

"Our tremendous success over past year reinforced the strength of our platform and disciplined, time-tested strategy," said Ken Kencel, President & CEO of Churchill Asset Management. "Our deep sponsor relationships enabled us to capitalize on opportunities as market conditions evolved, while our U.S. core middle market focus positioned us well amid geopolitical shifts. As we enter our 20th year with strong momentum, we remain committed to delivering consistent results for our investors and partners. Success in private capital comes not from timing the market, but from taking a long-term view and leveraging trusted relationships to unlock value across market cycles."

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About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With over $63 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy and investment approach are driven by over 200 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $94 billion private capital platform and one of the largest private debt managers globally. To learn more, visit www.churchillam.com.

This material is for informational purposes only, it is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Past performance is not indicative of future results. All investments carry a certain degree of risk, including the possible loss of principal. The statements contained herein reflect opinions as of the date written and are subject to change without further notice.

Churchill Asset Management LLC, a registered investment advisor, is a majority-owned, indirect subsidiaries of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC. Certain products are distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

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