Churchill Asset Management committed nearly $16bn (£11.7bn) of capital and raised $13.6bn from investors in 2025, driven by an “all time record fourth quarter”, the firm has reported.

During the year, Churchill closed a $16bn senior lending platform, its largest capital raise to date, two collateralised loan obligations totalling $750m and a private equity vehicle, Churchill Co-Investment Fund II.

US-based Churchill, an investment specialist affiliate of Nuveen, said it closed and committed nearly $16bn across more than 380 transactions in 2025.

Overall, the firm said its performance last year increased its firmwide committed capital to $63bn from more than 4,500 investors globally.

Read more: Churchill expands credit team to reach EMEA investors

“Our deep sponsor relationships enabled us to capitalise on opportunities as market conditions evolved, while our US core middle market focus positioned us well amid geopolitical shifts,” said Ken Kencel, president and chief executive of Churchill. “Success in private capital comes not from timing the market, but from taking a long-term view and leveraging trusted relationships to unlock value across market cycles.”

Also in 2025, Nuveen Private Capital, which oversees $94bn and comprises Churchill and UK-based Arcmont Asset Management, formed a strategic partnership with Hunter Point Capital and Temasek. 

Both Hunter Point and Temasek made minority investments in the private capital platform, with the latter committing long-term capital to new and existing strategies.