Nuveen Private Capital, the private credit platform formed from US manager Churchill Asset Management and European manager Arcmont Asset Management, has passed $100bn in committed capital, the business announced today.
The platform was created in March 2023 and has grown its committed capital by more than 50 per cent since then, according to the announcement. Nuveen Private Capital described the combined business as one of the largest private credit managers in the world.
The firm said the combined fundraising of Churchill and Arcmont over the past five years, as reflected in a recent ranking by PEI, would place it among the top private credit fundraisers globally. The announcement did not give its position in that ranking.
Nuveen Private Capital said it employs 400 people across 15 offices worldwide. Over the past year it invested $27bn in more than 400 middle market investments supporting US and European sponsors, and it now serves more than 6,000 investors across its strategies.
Those figures compare with more than $21bn invested in over 400 companies in the preceding 12 months, and more than 5,000 investors, which the platform reported when it announced a strategic partnership with Hunter Point Capital and Temasek in September 2025.
Under that deal, Hunter Point Capital, an investment firm that provides capital and strategic support to alternative asset managers, and Singapore-headquartered Temasek took minority stakes in the platform. Temasek also agreed to provide long-term capital commitments to its new and existing strategies.
Nuveen retained majority ownership, with senior management and employees at Churchill and Arcmont keeping minority stakes, according to the announcement at the time. Nuveen Private Capital said today the transaction highlighted the platform’s capabilities, global reach and growth potential.
The platform is backed by Nuveen, the investment management arm of TIAA, which Nuveen Private Capital said oversees $2.6tn in assets globally.
Bill Huffman, Nuveen chief executive and chairman of Nuveen Private Capital, said: “By preserving the established expertise that made Churchill and Arcmont leaders in their respective markets, and by investing in the acceleration of their combined growth, we’ve built a truly differentiated platform.
“This milestone underscores our commitment to keeping clients at the forefront of everything we do while consistently building a stronger global platform rooted in performance and innovation.”
Ken Kencel and Anthony Fobel, co-chief executives of Nuveen Private Capital, said in a joint statement: “Reaching this milestone reflects the trust of our investors, the strength of our transatlantic platform and the dedication of our teams to delivering excellence and long-term value globally.
“At $100 billion of committed capital, Nuveen Private Capital is firmly established as a leading global private capital platform and well positioned to build on this momentum, expanding our capabilities and continuing to extend our leadership in private credit and equity solutions.”
The milestone comes as the Bank of England examines how private markets would behave under stress. In December 2025 the Bank launched a system-wide exercise focused on private markets, designed to explore how banks and non-banks active in the sector would respond to a severe but plausible global downturn.
The Bank said at the launch that global private equity and private credit assets had grown from about $3tn to about $11tn over the past decade. It said the exercise was not a test of individual firms and that it expected to publish a final report in early 2027.
Sarah Breeden, the Bank’s deputy governor for financial stability, said private equity and private credit were playing an increasingly valuable role in helping UK companies invest and grow, but that the Bank needed a robust understanding of how risks could flow through the financial system in a stress.
Lenders have also been reassessing their exposure. Business Matters reported in March that Barclays was scaling back some lending to smaller borrowers following losses linked to the collapse of firms including Market Financial Solutions and Tricolor Holdings.
Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the 'covid era' and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine's coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
