NEW YORK, September 15, 2016 – Churchill Asset Management LLC (“Churchill”), a majority-owned affiliate of TIAA Global Asset Management, today announced the closing of TIAA Churchill Middle Market CLO I Ltd., a $382.2 million middle market collateralized loan obligation (CLO).
“We are delighted at the positive response from investors to this CLO offering, our first as part of the TIAA organization,” said Kenneth J. Kencel, President and Chief Executive Officer of Churchill. “The offering was oversubscribed and attracted capital from a wide range of institutional investors, reflecting investor confidence in the strength of Churchill’s middle market credit expertise and comfort with Churchill’s experience as a middle market CLO manager.”
TIAA Global Asset Management launched Churchill in April 2015 as a stand-alone business focused on the origination and underwriting of middle-market senior secured loans through various investment vehicles. Churchill is led by a senior investment team that has worked together for a decade and has collectively underwritten or invested in more than $5 billion in middle market senior loans across more than 400 transactions. Churchill today has approximately $1.8 billion of committed capital under management.
“The Churchill team has a proud tradition of bringing quality investment vehicles to the marketplace,” added Kencel. “As investors in middle market loans increasingly turn to large, well-capitalized lenders for new investment opportunities, we will leverage the support of TIAA Global Asset Management, our industry relationships and our rigorous underwriting process to build on that legacy.”
TIAA Global Asset Management’s private credit platform, which includes Churchill and has approximately $28 billion of assets under management, builds on decades of experience and specialized knowledge in the asset class. Investment teams focus on various sub-asset classes within private credit, including private placements, middle market senior secured loans and mezzanine finance. Several TIAA Global Asset Management affiliates or divisions offer CLOs including Churchill, Symphony Asset Management and TIAA Investments.
Based in New York, Churchill Asset Management is a leading provider of senior and uni-tranche debt financing for middle market companies, particularly those backed by top-tier private equity sponsors. The company has broad experience in all aspects of the middle market financing business, including structuring, credit analysis, syndication, and deal monitoring and oversight. More information can be found at www.churchillam.com.
TIAA Global Asset Management provides investment advice and portfolio management through Teachers Insurance and Annuity Association (TIAA) and more than a dozen affiliated registered investment advisers. Collectively managing $889 billion in assets, the business provides access to innovative investment strategies through expertise that spans traditional and alternative asset classes, generating new investment opportunities for clients through a wide array of vehicles including funds, customized strategies and solutions. TIAA Global Asset Management is committed to TIAA’s legacy of helping individuals and institutional clients achieve long-term investment success and financial well-being.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products.
Private credit investments are subject to certain risks such as market and investment style risk. Investments are highly illiquid and subject to greater risk.
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