Seviora Holdings Pte. Ltd., Temasek’s main asset management platform, and Churchill Asset Management LLC, the U.S. asset management company of Nuveen Private Capital, have announced the closing of an approximately $400 million Collateralized Fund Obligation (CFO).
The CFO invests across Seviora’s Asian private credit and global fund-of-funds strategies, and Churchill’s U.S. junior capital and private equity secondaries strategies, providing institutional investors with diversified exposure across sponsors, investment strategies, and geographies, Seviora said in a statement on Monday.
The CFO is structured with 50 percent exposure to each platform, strategically selected to meet key investor objectives including credit exposure, yield enhancement, and strategy diversification across the U.S. and Asia.
The rated structure was oversubscribed, reflecting 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, a $1.4 trillion global asset manager owned by TIAA – is a $99 billion private capital platform comprised of Churchill Asset Management and Arcmont Asset Management and one of the largest private debt managers globally.
“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs,
“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,” said Gabriel Lim, Executive Director and Chief Executive Officer of Seviora Holdings.
Ken Kencel, President and Chief Executive Officer of Churchill, said this is a unique transaction that creates new opportunities for institutional investors.
“The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments,
|We believe 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 – two of the world’s largest investors in private debt and equity, respectively1 – resonated strongly with investors,” he added.
PJT Partners served as sole structuring advisor and placement agent for the transaction. Dechert LLP and Debevoise & Plimpton LLP served as legal advisors.
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