Churchill raises $12 bln amid demand for private senior debt

Churchill Asset Management LLC said Monday it drew in more than $12 billion in third-party commitments for its private capital senior lending programs. The fresh capital includes Churchill’s flagship levered and unlevered senior loan funds, publicly-registered vehicles and separately managed accounts, with money from about 150 institutional and high net worth investors globally. Churchill CEO Ken Kencel said senior debt remains attractive “in today’s market environment given the floating rate nature of the investments, strong current income potential, significant lender protections and senior position in the capital structure.” Churchill has seen accelerated investment activity in 2022 amid volatility and more limited availability of credit in the public markets, said the firm, which is a unit of Nuveen, a TIAA company.