Nuveen Churchill Personal Capital Revenue Fund Is Differentiated By Entry to Each Personal Debt and Fairness Co-Investments
NEW YORK, Feb. 8, 2023 /PRNewswire/ — Nuveen, the $1.1 trillion funding supervisor of TIAA, and Churchill Asset Administration, an investment-specialist affiliate of Nuveen, in the present day introduced that Nuveen Churchill Personal Capital Revenue Fund (PCAP) will supply certified particular person buyers1 entry to personal capital investments throughout the U.S. center market which have usually been obtainable solely to institutional buyers.
PCAP, which is an earnings and complete return targeted technique structured as a perpetual-life non-traded enterprise improvement firm (BDC), primarily invests in center market senior loans and junior capital. Allocations to personal fairness co-investments are a differentiator, offering upside potential and publicity to a hard-to-tap asset class.
Reflecting the conviction that the normal center market capital asset class is well-positioned in an inflationary and rising fee atmosphere, PCAP launches with an funding portfolio of roughly $350M, together with a dedication of greater than $250M from TIAA, Nuveen’s mum or dad firm.
“The center market stands out as some of the vibrant, interesting sectors within the U.S. financial system, with a big goal universe of corporations poised for personal capital funding,” stated Ken Kencel, President and CEO of Churchill Asset Administration. “Latest volatility and extra restricted availability of credit score within the public markets has solely accelerated center market demand for versatile financing options throughout the capital construction, creating a singular alternative for buyers to capitalize on this long-term pattern.”
“We’re happy to have the ability to present this new providing, which emphasizes danger administration, selectivity, diversification and a rigorous underwriting course of, to a fair broader world cohort of advisors and their purchasers via Nuveen’s key market relationships,” stated Kencel.
Particular person Buyers Search Publicity to Personal Market and Various Asset Courses
“Like our institutional purchasers, particular person buyers are more and more targeted on rising their publicity to various funding methods. We’re targeted on offering progressive merchandise that meet buyers’ wants,” stated Mike Perry, Head of Nuveen’s International Shopper Group. “With inflation and rising charges difficult world inventory and bond markets, the advantages of non-publicly traded debt and fairness are well-established in diversifying exposures and rising general earnings and return potential.”
“The launch of PCAP gives particular person buyers entry to the dimensions of Churchill’s nationally acknowledged, center market personal capital platform and established observe report in sourcing engaging and differentiated investing alternatives,” stated Perry.
A Main Capital Supplier to the U.S. Center Market
With $46 billion in dedicated capital2, Churchill gives custom-made financing options to center market personal fairness companies and their portfolio corporations throughout the capital construction. Churchill additionally invests over $1 billion yearly as a restricted accomplice to personal fairness companies —a key differentiator when sourcing offers that drives a major stage of high-quality deal stream. Churchill just lately accomplished a $12 billion third-party capital increase for its senior lending program and an oversubscribed $737 million last closing for its Junior Capital Alternatives Fund II, with a record-setting 12 months of funding exercise throughout its platform in 2022.
In October 2022, Nuveen, the funding supervisor of TIAA, introduced the acquisition of Arcmont Asset Administration, a number one European personal debt funding supervisor. Establishing a partnership via which Arcmont and Churchill will come collectively to increase Nuveen’s personal capital experience and presence into Europe, Nuveen Personal Capital was shaped, creating one of many world’s largest personal debt managers.
Sally Lyden | (P) 646.984.1913 | [email protected]
E-Soo Kim | (P) 551.224.4919 | [email protected]
Nuveen, the funding supervisor of TIAA, provides a complete vary of outcome-focused funding options designed to safe the long-term monetary objectives of institutional and particular person buyers. Nuveen has $1.1 trillion in property underneath administration as of 31 Dec 2022 and operations in 27 nations. Its funding specialists supply deep experience throughout a complete vary of conventional and various investments via a wide selection of autos and customised methods. For extra data, please go to www.nuveen.com.
About Churchill, an investment-specialist affiliate of Nuveen
Churchill gives custom-made financing options to center market personal fairness companies and their portfolio corporations throughout the capital construction. With over $46 billion of dedicated capital, Churchill gives first lien, unitranche, second lien and mezzanine debt, along with fairness co-investments and personal fairness fund commitments. Churchill has an extended historical past of disciplined investing throughout a number of financial cycles. Our distinctive origination technique, best-in-class execution and funding are pushed by greater than 150 professionals in New York, Charlotte, Chicago, Dallas, and Los Angeles. Extra data will be discovered at www.churchillam.com.
The data included on this materials is restricted from residents of sure states and isn’t obtainable to individuals situated within the states of: Kansas, Maryland, Massachusetts, New Jersey, Oklahoma, and Washington. It is best to search impartial monetary recommendation earlier than viewing any materials.
The Nuveen Churchill Personal Revenue Fund is restricted from residents of sure states and isn’t obtainable to individuals situated in: Kansas, Maryland, Massachusetts, New Jersey, Oklahoma, Washington.
Previous efficiency is not any assure of future outcomes.
This materials have to be preceded or accompanied by a prospectus for Nuveen Churchill Personal Credit score Revenue Fund. This press launch doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase any safety. An providing is made solely by a prospectus to people who meet minimal suitability necessities. This press launch have to be learn along with PCAP’s prospectus with a view to perceive totally all of the implications and dangers of the providing of securities to which it relates. A duplicate of the prospectus have to be made obtainable to you in reference to an providing. Neither the Securities and Change Fee nor every other state securities regulator has authorized or disapproved of our securities or decided if the prospectus is truthful or full. Any illustration on the contrary is a felony offense.
Nuveen merchandise could also be topic to market and different danger elements. See the relevant product literature or go to nc-pcap.com for particulars.
Investments in center market loans are topic to sure dangers. Please think about all dangers rigorously previous to investing in any explicit technique. These investments are topic to credit score danger and doubtlessly restricted liquidity, in addition to rate of interest danger, forex danger, prepayment and extension danger, inflation danger, and danger of capital loss. Diversification is a method to assist scale back danger. It isn’t assured to guard in opposition to loss.
Investing in PCAP’s frequent shares of helpful curiosity (Frequent Shares) entails a excessive diploma of danger. See full data pertaining to “Threat Components” within the prospectus. Additionally think about the next:
- We’ve no prior working historical past and there’s no assurance that we are going to obtain our funding goal.
- You shouldn’t count on to have the ability to promote your Frequent Shares no matter how we carry out.
- It is best to think about that you could be not have entry to the cash you make investments for an prolonged time frame.
- We don’t intend to listing our Frequent Shares on any securities trade, and we don’t count on a secondary market in our Frequent Shares to develop.
- As a result of it’s possible you’ll be unable to promote your Frequent Shares, you’ll be unable to scale back your publicity in any market downturn.
- We intend to implement a share repurchase program, however solely a restricted variety of Frequent Shares shall be eligible for repurchase and repurchases shall be topic to obtainable liquidity and different vital restrictions and limitations. See “Share Repurchase Program” and “Threat Components” within the prospectus.
- An funding in our Frequent Shares just isn’t appropriate for you when you want entry to the cash you make investments. See “Suitability Requirements” and “Share Repurchase Program” within the prospectus.
- We can not assure that we are going to make distributions, and if we do, we might fund such distributions from sources apart from money stream from operations, together with the sale of property, borrowings, return of capital or providing proceeds, and though we typically count on to fund distributions from money stream from operations, we now have not established limits on the quantities we might pay from such different sources.
- Distributions might also be funded in vital half, straight or not directly, from non permanent waivers or expense reimbursements borne by Churchill Asset Administration LLC, the funding adviser (Adviser), or its associates, which can be topic to reimbursement to the Adviser or its associates. The compensation of any quantities owed to our associates will scale back future distributions to which you’d in any other case be entitled.
- We intend to make use of leverage, which is able to amplify the potential for loss on quantities invested in us. See “Threat Components -Dangers Associated to Debt Financing” within the prospectus.
- We intend to put money into securities which are rated beneath funding grade by ranking businesses or that might be rated beneath funding grade in the event that they have been rated. Beneath funding grade securities, that are also known as “junk,” have predominantly speculative traits with respect to the issuer’s capability to pay curiosity and repay principal. They might even be illiquid and troublesome to worth.
- An investor pays a gross sales load of as much as 3.50% and providing bills of as much as 0.75% on the quantities it invests in Class S shares. For those who pay the utmost mixture 4.25% for gross sales load and providing bills for Class S shares on the present buy worth of $25.00, you should expertise a complete return in your internet funding of 4.44% with a view to get well these bills. Moreover, Class S shares are topic to a shareholder servicing and/or distribution price equal to 0.85% every year of the combination NAV as of the start of the primary calendar day of the month, payable month-to-month.
- An investor pays a gross sales load of as much as 1.50% and providing bills of as much as 0.75% on the quantities it invests in Class D shares. For those who pay the utmost mixture 2.25% for gross sales load and providing bills for Class D shares on the present buy worth of $25.00, you should expertise a complete return in your internet funding of two.30% with a view to get well these bills. Moreover, Class D shares are topic to a shareholder servicing and/or distribution price equal to 0.25% every year of the combination NAV as of the start of the primary calendar day of the month, payable month-to-month.
- An investor pays providing bills of as much as 0.75% on the quantities it invests in Class I shares. Accordingly, you should expertise a complete return in your internet funding of 0.76% with a view to get well the bills for Class I shares.
Distributed by Nuveen Securities, LLC. Churchill Asset Administration is a registered funding advisor and an affiliate of Nuveen, LLC.
This materials just isn’t supposed to be a advice or funding recommendation, doesn’t represent a solicitation to purchase, promote or maintain a safety or an funding technique, and isn’t offered in a fiduciary capability. The data offered doesn’t consider the particular goals or circumstances of any explicit investor, or recommend any particular plan of action. Monetary professionals ought to independently consider the dangers related to services or products and train impartial judgment with respect to their purchasers. Previous efficiency is not any assure of future outcomes. Precise outcomes might range. Diversification of an investor’s portfolio doesn’t guarantee a revenue or shield in opposition to loss in a declining market.
TIAA and Nuveen merchandise could also be topic to market and different danger elements. See the relevant product literature, or go to tiaa.org for particulars.
1 Eligible buyers both (1) a internet price of not less than $250,000 or (2) a gross annual earnings of not less than $70,000 and a internet price of not less than $70,000. Sure states have extra suitability requirements. See prospectus for extra data.
2 The time period “dedicated capital” refers back to the sum of property underneath administration and capital legally dedicated to shopper accounts within the type of capital commitments from fairness buyers, dedicated financing from leverage suppliers, notes offered within the capital markets or any capital in any other case legally dedicated and obtainable to fund investments that comprise property underneath administration as of December 31, 2022.