About This Fund
Churchill Asset Management, the Nuveen affiliate focused on private capital, has held the final close of Churchill Co-Investment Fund II at its $1.5 billion hard cap—almost 3.5 times the size of its 2020 predecessor. The vehicle was heavily oversubscribed, attracting commitments from a globally diversified roster of sovereign wealth funds, public and corporate pensions, insurers, funds-of-funds, family offices and, notably, a growing private-wealth channel that now supplies roughly 20 % of the capital base.
Building on Churchill’s long-standing role as an LP in more than 280 PE funds, Fund II will provide equity co-investments alongside top-tier buy-out sponsors in U.S. middle-market companies . Typical equity tickets range from $20–50 million (with flexibility down to $30 million for smaller deals) and target businesses generating EBITDA of $15–75 million .
Sector-wise, Churchill is prioritising B2B software, tech-enabled and business services, professional services and healthcare , where recurring revenue, defensible market positions and cash-flow visibility are prevalent. Roughly 30 % of the fund has already been deployed across 25 such investments, demonstrating strong early momentum despite a slower exit environment for private equity more broadly.