Key Takeaways
- • Churchill Asset Management and Seviora Holdings closed an approximately $400 million Collateralized Fund Obligation (CFO) that combines U.S. and Asian private capital strategies, according to a Business Wire release dated July 12, 2026.
- • The CFO allocates 50% exposure to each platform: Churchill's U.S. junior capital and private equity secondaries strategies, and Seviora's Asian private credit and global fund-of-funds strategies.
- • The rated structure was oversubscribed, with particularly strong demand from U.S. insurance companies seeking highly rated fixed income assets.
- • The deal builds on a September 2025 strategic partnership in which Temasek took a minority stake in Nuveen Private Capital and committed long-term capital to its strategies.
- • PJT Partners served as sole structuring advisor and placement agent, with Dechert LLP and Debevoise & Plimpton LLP as legal advisors.
Summary
Churchill Asset Management LLC, the U.S. asset management company of Nuveen Private Capital, and Seviora Holdings Pte. Ltd., Temasek's main asset management platform, announced the closing of an approximately $400 million Collateralized Fund Obligation. The vehicle invests across Churchill's U.S. junior capital and private equity secondaries strategies and Seviora's Asian private credit and global fund-of-funds strategies, giving institutional investors diversified exposure across sponsors, strategies and geographies.
The CFO is structured with 50% exposure to each platform, designed to meet investor objectives including credit exposure, yield enhancement and strategy diversification across the U.S. and Asia. The rated structure was oversubscribed, which the companies attribute to broad institutional demand, particularly from U.S. insurance companies seeking highly rated fixed income investments.
The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies. Nuveen Private Capital, part of Nuveen (the global asset manager owned by TIAA with $1.4 trillion in assets), is a $99 billion private capital platform comprising Churchill and Arcmont Asset Management.
Ken Kencel, President and CEO of Churchill, said the offering's oversubscription reflected robust demand for high-quality, diversified private market investments, and that the alignment of parent companies TIAA and Temasek resonated with investors. Gabriel Lim, Executive Director and CEO of Seviora Holdings, said the collaboration would broaden institutional access to private markets.
PJT Partners served as sole structuring advisor and placement agent. Dechert LLP and Debevoise & Plimpton LLP acted as legal advisors. Seviora Group reported approximately US$75 billion in assets under management as of December 31, 2025.
The CFO is structured with 50% exposure to each platform, designed to meet investor objectives including credit exposure, yield enhancement and strategy diversification across the U.S. and Asia. The rated structure was oversubscribed, which the companies attribute to broad institutional demand, particularly from U.S. insurance companies seeking highly rated fixed income investments.
The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies. Nuveen Private Capital, part of Nuveen (the global asset manager owned by TIAA with $1.4 trillion in assets), is a $99 billion private capital platform comprising Churchill and Arcmont Asset Management.
Ken Kencel, President and CEO of Churchill, said the offering's oversubscription reflected robust demand for high-quality, diversified private market investments, and that the alignment of parent companies TIAA and Temasek resonated with investors. Gabriel Lim, Executive Director and CEO of Seviora Holdings, said the collaboration would broaden institutional access to private markets.
PJT Partners served as sole structuring advisor and placement agent. Dechert LLP and Debevoise & Plimpton LLP acted as legal advisors. Seviora Group reported approximately US$75 billion in assets under management as of December 31, 2025.
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