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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.

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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.

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Top 5 reasons to consider an allocation to private capital

Golden gate bridge
 

Investors today are re-evaluating risk and reward in their portfolios. Private credit and private equity can fulfill a need for stability, diversification, performance and yield.

1. Income potential

Private credit can play an important role in portfolio construction to help diversify sources of yield and increase overall income potential.

Reason 1: Income potential
 
2. Risk-adjusted returns

Highly selective, diversified private capital portfolios can provide attractive returns.

 

Reason 2: Risk adjusted returns 
3. Interest rate protection

The floating rate nature of senior middle market loans positions the asset class well for an environment with rising interest rates, while also demonstrating relatively stable returns in declining rate environments.

Reason 3: Interest rate protection
 
4. Diversification

Private market assets can serve as a less correlated portfolio diversifier.

Reason 4: Diversification
 
5. Volatility management

Private capital valuation methodologies are robust, often led by third party providers, and driven by true credit fundamentals vs the volatility of market sentiment.


Reason 5: Volatility management graph
 

Past performance does not predict or guarantee future results. Diversification does not assure profit or protect against loss of capital.

1 Bloomberg, 4Q 2015 to 4Q 2024. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by Morningstar LSTA US Leveraged Loan 100 Index. “High Yield” is represented by ICE BofA US High Yield Index.

2 “Private Equity” and “Junior Capital” are represented by Cambridge Associates Private Investment Benchmarks. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “High Yield Bonds” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Broadly Syndicated Loans” is represented by the
Morningstar LSTA US Leveraged Loan 100 Index. Index data is presented for the period since earliest common inception date from 4Q 2015 to 4Q 2024.

3 Source: Bloomberg, 10-Year U.S. Treasury Change: Board of Governors of the Federal Reserve System (US). Periods shown represent significant rate increases or decreases totaling approximately 1% or more. MM Direct Lending” is represented by the Cliffwater Direct Lending Index. “High Yield” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond Index. Index data is presented for the period since earliest common inception date on 01 Oct 2015 through 31 Dec 2024.

4 Source, Bloomberg, 01 Oct 2015 through 31 Dec 2024. “MM Direct Lending” is represented by the Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by the Morningstar LSTA US Leveraged Loan 100 Index . “High Yield” is represented by the Bloomberg US Corporate High Yield Total Return Index. “Corporates” is represented by the Bloomberg US Corporate Bond Index. “Treasuries” is represented by the Bloomberg US Treasury Index.

5 Source, Bloomberg, 01 Oct 2015 through 31 Dec 2024. “MM Direct Lending” is represented by Cliffwater Direct Lending Index. “Broadly Syndicated” is represented by Morningstar LSTA US Leveraged Loan 100 Index. “High Yield” is represented by ICE BofA US High Yield Index. “Investment Grade Bonds” is represented by the Bloomberg US Aggregate Bond Index. “Treasuries” is represented by the Bloomberg US Treasury Index. Total Return Unhedged USD. As of Sep 30, 2024.

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. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.

The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For term definitions and index descriptions, please access the glossary on nuveen.com.

Please note, it is not possible to invest directly in an index.

Important information on risk

Investing involves risk; principal loss is possible. Debt or fixed income securities are subject to market risk, credit risk, interest rate risk, call risk, derivatives risk, dollar roll transaction risk and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk.

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.

This information represents the opinion of Nuveen, LLC and its investment specialists and is not intended to be a forecast of future events and or guarantee of any future result.

Information was obtained from third party sources which we believe to be reliable but are not guaranteed as to their accuracy or completeness. There is no assurance that an investment will provide positive performance over any period of time.

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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 limited 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 does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer. 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.

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