Sponsor alignment
NCDL benefits substantially from the scale and resources of Churchill’s parent company, Nuveen, and Nuveen’s ultimate parent company, TIAA. Nuveen, as the investment management division of TIAA, is one of the world’s largest asset managers with $1.2 trillion assets under management1. TIAA is one of the largest private debt investors in the world2 and is an important part of Churchill’s committed capital base, as Churchill manages TIAA’s general account allocation to U.S. middle market private capital side-by-side with Churchill’s and NCDL’s third-party investors.
Scaled platform with extensive private credit expertise
Churchill is one of the most active direct lenders in the U.S. middle market. The scale of Churchill’s platform provides NCDL with the ability to invest in larger transactions with limited concentration in its portfolio. We believe that the breadth and depth of Churchill’s expertise, coupled with its long history of disciplined investment across industries and various economic cycles, provides differentiated strengths when sourcing and evaluating large and complex investment opportunities.
Strong private equity relationships
Churchill has a long-standing portfolio of limited partner capital commitments which provides the ability to source and originate differentiated investment opportunities across the platform, often on an early look, first access basis. Churchill believes it has established itself as a highly value-additive capital provider and partner of choice for leading private equity firms given its ability to provide a full array of scaled solutions across the capital structure. NCDL has benefited from this differentiated sourcing model and disciplined and rigorous investment approach resulting in a sizable, broadly diversified portfolio and attractive dividend yield.
Well positioned for today’s market environment
NCDL’s allocation strategy, anchored in primarily senior secured loans, benefits from Churchill’s broader platform that offers exposure to a wide range of transactions including hard-to-source junior capital and private equity co-investments. Having the latitude to pivot across capital solutions differentiates Churchill compared to most other direct lenders in situations when capital requirements changed during a transaction and thereby has positioned it as the preferred capital partner for private equity sponsors.
