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Direct middle market lending

Direct middle market lending

Providing investors with access to high-quality and diversified direct, middle-market lending opportunities

Direct middle-market lending has grown from a source of financing for mid-market companies unable to raise funds elsewhere, becoming a serious and credible competitor to traditional, liquid markets.

Nuveen Private Capital, comprised of industry leading managers Churchill Asset Management and Arcmont Asset Management, delivers enhanced access to flexible and durable direct lending portfolios diversified by geography, returns and opportunities across the capital structure.

Leadership in direct middle-market lending

Our credentials in direct middle-market lending

$74B

in committed capital1,2

$18B

in annual investment activity1

600+

institutional investors1

Our capabilities

U.S. senior lending
Seeks to generate current income primarily through investing in first lien senior secured and unitranche loans to U.S. middle market companies with EBITDA between $10 – $100 million backed by private equity sponsors.
U.S. junior capital
Seeks to generate current income primarily through U.S. dollar-denominated junior debt investments in U.S. middle market companies with EBITDA between $10 million to $100 million backed by private equity sponsors.
European direct lending
Seeks to provide lending solutions to European mid to upper-mid-sized companies, typically with enterprise values of less than €2 billion, a turnover in the range of €50 million – €2 billion and an EBITDA of €10 – €200 million per annum.
European capital solutions
Targets higher return opportunities across primarily private as well as public markets in Europe, whilst leveraging Arcmont’s scale platform and core strengths, especially in sourcing and middle market insight.

Related insights

Contact us
Our offices
London skyline
London
201 Bishopsgate, London, United Kingdom

1 As of 30 Jun 2024. Annual investment activity includes closed and committed investments for the one-year period ending 30 June 2024.

2 Reflects total capital committed to Churchill and Arcmont, as of 30 Jun 2024, and includes private equity. Estimated and unaudited.

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.

Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.

Private equity and private debt investments, like alternative investments are not suitable for all investors given they are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales, concentrated investments and may involve complex tax structures and investment strategies.

Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. Please note investments in private debt, including leveraged loans, middle market loans, and mezzanine debt, are subject to various risk factors, including credit risk, liquidity risk and interest rate risk.

Nuveen, LLC provides investment solutions through its investment specialists. Churchill Asset Management is a registered investment advisor and an affiliate of Nuveen, LLC.

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