Nuveen Churchill Private Capital Income Fund

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Nuveen Churchill Private Capital Income Fund (“PCAP”) is authorized for distribution.

Complete information about investing in shares of Nuveen Churchill Private Capital Income Fund is available in the prospectus, which should be read carefully to fully understand all of the implications and risks associated with the offering.

DOWNLOAD PROSPECTUS

I acknowledge that (i) I have received the Prospectus and (ii) either (a) I am a United States resident or (b) I have otherwise received authorization from PCAP or my broker-dealer/registered investment advisor to access the contents of this website.

State of Residence

By selecting a state from the above list, you certify that you are resident in that state.

Leave Site

This material must be preceded or accompanied by a prospectus for Nuveen Churchill Private Capital Income Fund (PCAP). This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offering is made only by a prospectus to individuals who meet minimum suitability requirements. This sales literature must be read in conjunction with a prospectus for PCAP in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with this offering. Neither the Securities and Exchange Commission nor any other state securities regulator has approved or disapproved of our securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Nuveen products may be subject to market and other risk factors. See the applicable product literature.

Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss.

Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.

Risk factors

Investing in PCAP's common shares of beneficial interest (Common Shares) involves a high degree of risk. See full information pertaining to “Risk Factors” in the prospectus. Also consider the following:

We have no prior operating history and there is no assurance that we will achieve our investment objective.
You should not expect to be able to sell your Common Shares regardless of how we perform.
You should consider that you may not have access to the money you invest for an extended period of time.
We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop.
Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure in any market downturn.
We intend to implement a share repurchase program, but only a limited number of Common Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions and limitations. See “Share Repurchase Program” and “Risk Factors” in the prospectus.
An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.
We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such other sources.
Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Churchill Asset Management LLC, the investment adviser (the Adviser) or its affiliates, which may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
We intend to use leverage, which will magnify the potential for loss on amounts invested in us. See “Risk Factors -Risks Related to Debt Financing” in the prospectus.
We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
An investor will pay a sales load of up to 3.50% and offering expenses of up to 0.75% on the amounts it invests in Class S shares. If you pay the maximum aggregate 4.25% for sales load and offering expenses for Class S shares at the current purchase price of $25.00, you must experience a total return on your net investment of 4.44% in order to recover these expenses. Additionally, Class S shares are subject to a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly.
An investor will pay a sales load of up to 1.50% and offering expenses of up to 0.75% on the amounts it invests in Class D shares. If you pay the maximum aggregate 2.25% for sales load and offering expenses for Class D shares at the current purchase price of $25.00, you must experience a total return on your net investment of 2.30% in order to recover these expenses. Additionally, Class D shares are subject to a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly.
An investor will pay offering expenses of up to 0.75% on the amounts it invests in Class I shares. Accordingly, you must experience a total return on your net investment of 0.76% in order to recover the expenses for Class I shares.

Distributed by Nuveen Securities, LLC. Churchill Asset Management is a registered investment advisor and an affiliate of Nuveen, LLC.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Past performance is no guarantee of future results. Actual results may vary. Diversification of an investor's portfolio does not assure a profit or protect against loss in a declining market.

TIAA and Nuveen products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa.org for details.

The Morningstar Fund Compare tool quickly evaluates different funds against one another. In addition to Nuveen funds, add any MF, CEF or ETF available from Morningstar. Important information and disclosures are included after you click Generate Report. Please ensure to enable pop-ups in your browser.

The Morningstar Portfolio Review tool compares and analyzes your portfolio holdings. In addition to Nuveen funds, add any MF, CEF or ETF available from Morningstar. Important information and disclosures are included after you click Generate Report. Please ensure to enable pop-ups in your browser.

Tools are currently unavailable for use on mobile. Please visit the desktop site.

Fund Compare

Quickly evaluate different MFs, CEFs and ETFs against one another

Portfolio Review

Generate a detailed analysis of your portfolio holdings including MFs, CEFs and ETFs

Image of Municipal bond investing ladder tool

Municipal Bond Ladder Tool

Learn how a laddered portfolio may perform in rising rate environments

Welcome to Nuveen

Select your preferred site so we can tailor your experience.

Confirm Your Region

Select Region...

Americas
Asia Pacific
Europe, Middle East, Africa

Confirm Your Location

Select Location...

Canada
Latin America
United States
Australia
Hong Kong
Japan
Mainland China
Malaysia
New Zealand
Singapore
South Korea
Taiwan
Thailand
Other
Abu Dhabi Global Market (ADGM)
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
Netherlands
Norway
Spain
Sweden
Switzerland
United Kingdom
Other

Select a Site

Private Capital Income Fund (PCAP)

Institutional Investor
Individual Investor
Financial Professional
Global Cities REIT (GCREIT)
Green Capital
Private Capital Income Fund (PCAP)

Privacy notice

Accept to continue

(Up to 600 characters)

Please check reCaptcha to continue

*Indicates Response Required

Thank You

Thank you for your message. We will contact you shortly.

Resources

Key terms

Summary of terms

Term	Definition
Structure	Perpetually offered non-traded business development company (BDC)
Investment strategy	Invest primarily in directly originated debt and equity investments in U.S. middle market companies owned by leading private equity firms. Target investment portfolio: Senior Loan Investments: 75% - 90% Junior Capital Investments: 5% - 25% Equity Co-investments: up to 10% Liquid Investments: 5 - 10%
Geographic breakdown	100% North America
Minimum commitment	D/S share: $2,500; I share: $1,000,000 (may be waived at the discretion of the Board of Trustees)
Eligible investors	Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability standards. See prospectus for more information.
Management fee	0.75% per annum on NAV Through the period ending May 31, 2025, 50% of the management fee will be waived.
Incentive fee	15% of net investment income (subject to 6% hurdle rate & catch-up) paid quarterly 15% of realized gains paid annually Full waiver on incentive fees through May 31, 2025.
Subscriptions	Monthly at NAV
Distributions	Monthly¹ The fund may pay distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements from the Adviser or its affiliates, that may be subject to reimbursement to the adviser or its affiliates. Distribution amounts and the frequency of distribution payments are subject to board approval and may change. Distributions are not guaranteed and may be suspended.
Liquidity	Quarterly repurchases at NAV as of each quarter-end, limited to 5.0% of aggregate outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter Shares not held for one year & repurchased pursuant to the quarterly repurchase program will be repurchased at 98% of current NAV Repurchase is subject to Board approval. The Board of Trustees may amend, suspend or terminate share repurchases in its discretion if it deems such action to be in the best interest of shareholders
Tax reporting	Form 1099-DIV

Summary of share classes²

		Class S	Class D	Class I
	Availability	Transactional/brokerage accounts	Fee-based/wrap accounts
	Minimum investment	$2,500	$2,500	$1,000,000 (unless waived)
Re-allowed to broker dealer	Selling commissions (upfront, one-time)	Up to 3.50%	Up to 1.50%	None
	Dealer manager fee (upfront, one-time)	None	None	None
	Stockholder servicing fee/trailer (ongoing)	85bps	25bps	None

¹ Distribution rate reflects the most recently declared monthly annualized distributions divided by the most recently reported net asset value. Distribution amounts and the frequency of distribution payments are subject to board approval and may change. Distributions are not guaranteed and may be suspended. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.

² Terms summarized in this document are for informational purposes and qualified in their entirety by the more detailed information provided in the prospectus. You should read the prospectus carefully prior to making an investment. Our shares will generally be sold at the current month’s NAV per share of the class of share being purchased, plus applicable upfront selling commissions and dealer manager fees (as shown above). Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer Nuveen Churchill Private Capital Income Fund at a higher minimum initial investment. With respect to Class S and D shares, the amount of upfront selling commissions and dealer manager fees may vary at select broker-dealers, provided that the sum will not exceed 3.5% and 1.50%, respectively, of the transaction price.

This content is not approved for use in Ohio or New Jersey.