HedgeCo.Net — Nuveen Private Capital, the platform that combines U.S. lender Churchill Asset Management and European lender Arcmont Asset Management, said on Monday it has surpassed $100 billion in committed capital, a milestone reached three years after the platform was created in March 2023. Nuveen, the investment manager of TIAA, said committed capital has grown by more than 50% since inception.
The platform now has about 400 professionals across 15 offices and serves more than 6,000 investors. Over the past year it invested $27 billion in more than 400 middle-market transactions backing U.S. and European private equity sponsors. Churchill reported more than $66 billion of committed capital, while Arcmont said it has raised approximately €45 billion since its 2011 launch and committed more than €44 billion across more than 590 transactions.
The headline number deserves a careful read. Nuveen defines committed capital to include equity commitments from investors, co-investment commitments and committed, actual or expected financing from leverage providers, both drawn and undrawn, and the figure is estimated, unaudited and measured as of June 30, 2026. That is a broader measure than limited partner equity alone, which is why platform totals across the industry are not always comparable.
Ranking matters in private credit fundraising, and Nuveen leaned on it. In the PEI Private Credit 200 ranking of capital raised from 2021 through 2025, Arcmont placed 17th and Churchill 18th as separate submissions; Nuveen said an internal analysis of their combined total would place the platform in the top ten. “Reaching this milestone reflects the trust of our investors, the strength of our transatlantic platform and the dedication of our teams,” co-CEOs Ken Kencel and Anthony Fobel said. The platform took a minority investment from Hunter Point Capital and Temasek in September 2025, alongside long-term capital commitments from Temasek.
For allocators, the announcement underlines how scale in sponsor-backed direct lending is consolidating into platforms attached to large insurers and asset managers. Nuveen itself now oversees about $2.6 trillion after completing its acquisition of Schroders on October 1. The next test is deployment discipline: with more than $100 billion committed, investors will watch whether the platform can keep putting money to work in the middle market without loosening terms as competition for sponsor deals intensifies.