Churchill Asset Management has reported record investment activity in 2024, with more than $13bn (£10.5bn) either closed or committed across approximately 400 transactions.

This represents an 18 per cent year-on-year increase in the firm’s investment activity.

The asset manager – which is the US private capital investment specialist of Nuveen – also raised more than $10bn over the course of the year. This brings the firm’s total committed capital to $52bn, representing more than 4,000 institutional, family office and high-net worth investors globally.

“Our 2024 results showcase the strength of our cycle-tested, relationship-driven platform and our ability to deliver tailored private capital solutions to meet the needs of private equity sponsors and investors – no matter the economic environment,” said Ken Kencel, Churchill AM’s president and chief executive.

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“We remain steadfast in our commitment to being a trusted partner for our clients and, with increased clarity on interest rates and a positive macroeconomic backdrop, we look forward to the opportunities that 2025 will bring.

“We are particularly excited about the potential we see in private wealth and secondaries.”

Nuveen Private Capital, which is comprised of Churchill and UK-based Arcmont Asset Management, reached approximately $78bn in committed capital last year, and expanded its client coverage capabilities around the world with a number of senior hires.

The firm has also announced a series of upcoming promotions which will be made official on 1 March 2025.

In the senior lending division, Sean Mancini and Paul Sadlowski will be promoted to directors of origination, and Andrew Passero will be named principal, origination.

Read more: Churchill makes investor relations hire to boost retail and wealth offering

Amid a slew of other in-house appointments, Derek Fricke has been named senior managing director, head of direct investments. Gene Miao will become senior managing director, senior investment strategist; while Emily Manuel will be managing director, investor relations.

“We are proud to recognise the exceptional talent and dedication of our team through these well-deserved promotions,” said Shai Vichness, chief financial officer of Churchill Asset Management.

“Their contributions have been instrumental in driving our success and supporting our clients with innovative solutions.

“As we grow, investing in our people remains at the core of our mission to deliver value and excellence across our platform.”

Read more: Nuveen Private Capital hires head of Nordics business development