US asset manager Churchill Asset Management and Temasek’s main asset management platform Seviora Holdings have closed a collateralised fund obligation (CFO) at approximately $400m (£298.4m) that will invest across US and Asian private capital strategies.
The CFO provides institutional investors with diversified exposure across sponsors, investment strategies and geographies by investing across Churchill’s US junior capital and private equity secondaries strategies and Seviora’s Asian private credit and global fund-of-funds strategies.
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With 50 per cent exposure to each of the two platforms, the CFO aims to meet investor objectives, including credit exposure, yield enhancement and strategy diversification across the US and Asia.
The rated structure was described as “oversubscribed”, with interest in particular from US insurance companies seeking highly-rated fixed income investments.
The transaction builds on a strategic partnership between Singapore’s sovereign wealth fund Temasek and Nuveen Private Capital, with Temasek having made a minority investment in Nuveen Private Capital in September last year, and committing long-term capital to its new and existing strategies.
Nuveen Private Capital, which is part of Nuveen, the $1.4tn global asset manager owned by TIAA, is a $99bn private capital platform comprising Churchill Asset Management and Arcmont Asset Management.
“The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments,” said Ken Kencel, president and chief executive of Churchill.
He added that it had “resonated strongly” with investors due to the combination of differentiated investment strategies, an “investor-friendly structure”, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek.
Gabriel Lim, executive director and chief executive of Seviora Holdings, said: “This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets.”
PJT Partners served as sole structuring advisor and placement agent for the transaction, while Dechert LLP and Debevoise & Plimpton LLP served as legal advisors.
Singapore-based Seviora Group has approximately $75bn in assets under management.
With $66bn of committed capital, Churchill provides first lien, unitranche, second lien and mezzanine debt, as well as equity co-investments, secondary solutions and private equity fund commitments.
Read more: Temasek to more than double private credit allocation by 2031
