Nuveen Private Capital has passed $100bn (£75bn) in committed capital, growing by more than half in three years despite the turbulence rattling the private credit market, Alternative Credit Investor can reveal.

The platform, known as NPC, brings together US lender Churchill Asset Management and European manager Arcmont Asset Management. Over the past year it has invested $27bn across more than 400 middle-market deals backing sponsors on both sides of the Atlantic, the platform said.

The milestone comes as the private credit market has faced headwinds over the past year, from market volatility to wider concerns about credit quality and jitters in the wealth channel, particularly in the US, following redemptions at business development companies (BDCs).

“We’ve had all sorts of political and economic challenges, and yet allocations have only grown,” Anthony Fobel, co-chief executive of NPC and founder and chief executive of Arcmont told ACI. “Private credit tends to perform very well and grow at times of market volatility.

“People spoke about the golden age of private credit. That was shortly after the Ukraine crisis. I think we’re in another very strong [period of] growth. I think you’ll probably see record fundraises this year.”

Read more: Arcmont’s CIO: US pullback a fresh boost for European credit 

Turning to Arcmont, Fobel said the European business is also on track for a record year of deployment, despite the noise in the market.

Churchill and Arcmont were brought together under NPC in March 2023, creating “one of the largest private credit managers in the world”. In September 2025 the platform secured a minority investment from Hunter Point Capital and Temasek, alongside long-term capital commitments from Temasek.

Ken Kencel, co-chief executive of NPC and president and chief executive of New York-headquartered Churchill, told ACI that the firm had not seen the redemption dynamics or much of the noise that others had experienced in private wealth, partly because it remains 93 per cent institutional.

He attributed the milestone to the firm’s “strong” fundamentals, saying: “We have not seen any broad-based deterioration in credit quality in the traditional middle market.”

“We’ve managed to create and deliver this kind of growth, while not getting side-tracked with a lot of the noise that’s out there in the market,” he said. “Firms like ourselves, that are fundamentally institutionally driven, have actually benefitted from these large-cap private credit managers pulling back.”

Despite the pullback in the wealth market, Kencel told ACI that NPC will keep building its private wealth business.

“We expect to grow it, but in proportion to what we’re building on the institutional side. We’ve leaned in and continue to lean in on private wealth, and it’s been a significant growth driver.”

Read more: Nuveen Private Capital appoints Barings’ Rdzak as MD

Fobel also expects NPC’s growth to continue, pointing to direct lending as well as capital solutions strategies as the areas with the most momentum in Europe.

NPC today has 400 professionals across 15 global offices and serves more than 6,000 investors, the firm said. It is part of Nuveen, the investment management arm of TIAA, which oversees $2.6tn in assets globally following its acquisition of Schroders.

That deal, which completed on 1 October, brings the UK asset manager, including its private markets arm, into the Nuveen group, although Schroders will run as a standalone business for at least the next 12 months.

The Schroders deal gives Nuveen considerably more European heft at a time when private credit fundraising is concentrating around the largest managers. The two businesses are unlikely to tread on each other’s toes as Schroders has no direct lending operation comparable to Arcmont’s, ACI understands, so the gains lie in what Schroders adds.

Nuveen is instead expected to tap Schroders’ institutional distribution in Asia, while its private equity fund of funds business is understood to be a natural fit with Churchill’s business, ACI has learned.

London-headquartered Arcmont was established in 2011 and has raised around €45bn (£37bn) from institutional investors globally, committing more than €44bn across more than 590 transactions. Churchill provides financing to US middle-market private equity firms and their portfolio companies across the capital structure and has more than $66bn of committed capital.

Read more: Churchill launches capital solutions strategy backed by TIAA