Nuveen Private Capital passes $100bn in committed capital

Nuveen Private Capital has passed $100bn in committed capital, growing by more than half in three years, Alternative Credit Investor reported on 19 October. The platform, known as NPC, houses US lender Churchill Asset Management and European manager Arcmont Asset Management. It invested $27bn over the past year across more than 400 middle-market deals backing sponsors on both sides of the Atlantic, the firm said.

NPC remains 93 per cent institutional, which co-chief executive Ken Kencel says has kept it clear of the redemptions some wealth-focused rivals have seen. Kencel, who is also president and chief executive of New York-headquartered Churchill, said: "We have not seen any broad-based deterioration in credit quality in the traditional middle market."

He added that institutionally driven firms have benefited from large-cap private credit managers pulling back. That matches what Arcmont's chief investment officer, Mattis Poetter, told the publication this month: a retreat by US lenders had reduced European mid-market competition, leaving extra spread, better terms and less leverage on loans.

In September, four Australian institutions put A$705m into a bespoke Arcmont European direct lending mandate, the kind of dedicated portfolio that runs through an allocator's balance sheet rather than a wealth platform. Kencel said NPC will keep building its private wealth business despite the pullback.