About This Fund
Churchill Co-Investment Fund II is the second dedicated co-investment vehicle managed by Churchill Asset Management, a middle-market-focused private debt and equity manager and a wholly-owned subsidiary of Nuveen, the investment management arm of TIAA with over $1.3 trillion in assets under management. The fund provides institutional and high-net-worth investors with direct access to equity co-investment opportunities alongside leading private equity sponsors in U.S. middle-market companies, allowing LPs to deploy capital into individual transactions without the fee and carry layer typically associated with traditional fund structures. Churchill Asset Management was established in 2006 and has built a highly regarded platform for middle-market private debt and equity investing on behalf of a global institutional LP base.
Churchill Co-Investment Fund II pursues equity co-investments alongside established private equity sponsors in U.S. middle-market businesses, typically participating in control buyouts organized by sponsor partners with strong historical performance and well-established track records in their respective investment sectors. The fund deploys capital into individual transactions selected through Churchill's rigorous due diligence process, which leverages the firm's extensive relationships with dozens of private equity sponsors and its deep institutional knowledge of the U.S. upper-middle and middle market. Churchill's co-investment selection process benefits from the team's complementary private debt platform, which provides credit-side diligence capabilities and market intelligence across hundreds of middle-market transactions annually, creating a differentiated sourcing and evaluation advantage for co-investment opportunities.
Churchill Co-Investment Fund II held its final close in June 2025 with $1.5 billion in limited partner commitments at its hard cap—approximately 3.5 times the size of its predecessor Co-Investment Fund I (approximately $430 million). The significantly oversubscribed vehicle attracted commitments from a globally diversified roster of sovereign wealth funds, public and corporate pension funds, insurance companies, funds-of-funds, family offices, and a growing private-wealth channel that supplied approximately 20% of the capital base. The fund's dramatically expanded size versus its predecessor reflects both Churchill Asset Management's platform growth and strong institutional demand for U.S. middle-market co-investment strategies delivered by an experienced specialist with a differentiated sourcing platform.