Churchill Asset Management LLC ("Churchill"), the U.S. asset management company of Nuveen Private Capital, and Seviora Holdings Pte. Ltd. (“Seviora”), Temasek's main asset management platform, today announced the closing of an approximately $400 million Collateralized Fund Obligation (the "CFO"). The CFO invests across Churchill's U.S. junior capital and private equity secondaries strategies and Seviora's Asian private credit and global fund-of-funds strategies, providing institutional investors with diversified exposure across sponsors, investment strategies, and geographies.
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The CFO is structured with 50% exposure to each platform, strategically selected to meet key investor objectives including credit exposure, yield enhancement, and strategy diversification across the U.S. and Asia. The rated structure was oversubscribed, reflecting broad institutional demand, particularly from U.S. insurance companies seeking highly rated fixed income investments.
The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies. Nuveen Private Capital – part of Nuveen, a $1.4 trillion global asset manager owned by TIAA – is a $99 billion private capital platform comprised of Churchill Asset Management and Arcmont Asset Management and one of the largest private debt managers globally.
“We are pleased to collaborate with Seviora on this unique transaction and create new opportunities for institutional investors,” said Ken Kencel, President & CEO of Churchill. “The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments. We believe the combination of differentiated investment strategies, an investor-friendly structure, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek – two of the world’s largest investors in private debt and equity, respectively1 – resonated strongly with investors.”
“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs,” said Gabriel Lim, Executive Director & CEO of Seviora Holdings. “This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora's ambition to forge global partnerships that broaden institutional investors' access to private markets.”
PJT Partners served as sole structuring advisor and placement agent for the transaction. Dechert LLP and Debevoise & Plimpton LLP served as legal advisors.
1 Source: Private Debt Investor’s 2025 Global Investor 75 and Private Equity International’s 2026 Global Investor 150.
About Churchill Asset Management
Churchill, an investment-specialist affiliate of Nuveen (the investment manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 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 225 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 $99 billion private capital platform and one of the largest private debt managers globally.
About Seviora Group
Seviora Group is a Singapore-headquartered independent asset management group with approximately US$75 billion in assets under management as of 31 December 2025 and is wholly owned by Temasek. The Seviora Group provides global investors access to a wide range of investment strategies in both public and private markets. The Group has a strong talent pool of over 200 investment professionals, supported by approximately 300 staff, with primary presences in Singapore, India, China, Indonesia and UAE.
The Seviora Group is aligned with the interests of its investors via its significant investments in its underlying funds, by way of both investment capital and resources, giving them scale and a competitive edge.
The Seviora Group’s asset management companies (AMCs) include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings International and Seviora Capital.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.
Churchill Asset Management LLC, registered investment advisor, is a majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America and an affiliate of Nuveen, LLC.
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