Dechert Advises Churchill Asset Management on Close of Second Collateralized Fund Obligation

 
December 21, 2023

Dechert has advised Churchill Asset Management, an investment specialist of Nuveen, on the close of its second collateralized fund obligation ("CFO"). Valued at US$190 million, the CFO will invest in Nuveen Private Capital's operations, including Churchill and Arcmont Asset Management's flagship strategies, encompassing U.S. senior lending, junior capital, equity co-investment, and European direct lending and capital solutions. Compared to previous structures, the fund will place an emphasis on key senior lending.

Dechert previously advised Churchill on its first US$700 million CFO, also aimed at funding its flagship private capital fund strategies.

The Dechert team that advised Churchill Asset Management includes global finance partners John Timperio and Jon Burke; global finance associates Eric Zeng, Anna Askew and Nick Harrelson; and tax partner Jeff Kang.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.

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