In a thunderclap announcement Tuesday, Churchill Asset Management LLC revealed it has closed its second co-investment fund at a staggering $1.5 billion, more than tripling the size of its predecessor and cementing its place as a force in private market investing. With legal advisory from K&L Gates LLP, Churchill has struck a resounding chord in an increasingly competitive alternative investment landscape.
The fund, aptly named Churchill Co-Investment Fund II, reached its hard cap after being oversubscribed—a clear signal that global investors are not just paying attention but sprinting toward this middle-market magnet.
Fueling the Engine of U.S. Middle Market Growth
Targeting U.S. middle market companies, the fund is designed to generate risk-adjusted equity returns by partnering directly with private equity sponsors. Churchill’s strategy centers on tapping into this often-overlooked yet highly fertile segment of the economy.
“The appetite for alternative strategies is growing rapidly, especially among high-net-worth individuals,” said Moshe Bajnon, Churchill’s Global Head of Private Wealth and Co-Head of Investor Solutions Group. “The success of Fund II highlights the intensifying demand for differentiated private capital opportunities.”
Churchill is not merely participating—it’s shaping the co-investment landscape. Backed by Nuveen, the investment arm of TIAA, Churchill has become a cornerstone investor in over 280 private equity funds and channels more than $1 billion annually into middle market PE deals, with over $11 billion deployed to date.
