Churchill Asset Management has launched a new capital solutions strategy led by Noah Charney and backed by TIAA.

Churchill, the US asset management company of Nuveen, said the strategy launched with a capital commitment from its parent company, US retirement and asset management firm TIAA.

The strategy will finance private equity sponsor-backed middle-market companies where greater structuring flexibility is needed, the firm said.

Churchill added that the strategy will also benefit from the expertise of Arcmont Asset Management through $99bn (£73.3bn) Nuveen Private Capital, which comprises US and European asset managers Churchill and Arcmont.

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“As private equity holding periods continue to extend, sponsors increasingly need financing partners that can provide greater flexibility for their portfolio companies,” added Jason Strife, head of junior capital and private equity solutions. “Capital solutions broadens our ability to work alongside sponsors across a wider range of situations, helping strong businesses continue investing in growth and executing on their long-term strategic objectives.”

Charney has been appointed managing director and head of capital solutions to lead the new strategy, while also serving on the platform’s investment committee. He joined the firm from King Street Capital Management, where he spent more than 13 years in leadership roles, including head of capital solutions and head of capital markets.

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“Noah’s deep experience sourcing, structuring and investing in complex transactions makes him exceptionally well-suited to lead this business,” said Mat Linett, head of senior lending, at Churchill.

Alongside Charney, Robin Russell has joined Churchill as managing director on its capital solutions team, where she will focus on underwriting and structuring investments.

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