Nuveen Churchill Direct Lending (NCDL) Investor presentation summary

Executive summary

• Flagship middle market private credit BDC with a diversified, senior-focused portfolio and over 20-year track record, managed by industry veterans with 750+ private equity relationships.

• Initial close in March 2020, raised over $900M privately, and completed a ~$100M IPO in January 2024, now trading on NYSE.

• $2.0B portfolio across 227 companies, 89.5% first lien debt, 8.2% subordinated debt, 2.3% equity, with a weighted average asset yield of 9.6%.

• $2.1B in total assets, $321M liquidity, 1.27x debt-to-equity ratio, and a $50M share repurchase program authorized.

• Senior leadership team has worked together since 2006, leveraging deep private equity relationships for proprietary deal flow and disciplined investment approach.

Platform overview

• Backed by TIAA, Nuveen is a $1.4T global investment manager, ranked #4 global private debt investor, serving 12,000+ institutions.

• Churchill Asset Management manages $64B+ in committed capital, with 200+ professionals and 660+ portfolio investments.

• Proprietary deal flow driven by $13B in LP commitments to private equity funds and 750+ private equity relationships.

• Churchill’s platform offers senior lending, junior capital, equity co-investments, and secondaries, providing comprehensive solutions to private equity sponsors.

• Recognized as a top U.S. mid-cap private credit lender and awarded multiple industry accolades.

Investment approach

• Focus on senior lending with a 20+ year track record, targeting first lien secured loans to private equity-owned companies.

• Private equity and junior capital strategy includes $13B committed to PE funds, $7.2B in junior debt, and $6.5B in equity co-investments.

• Investment universe targets U.S. companies with $10–$100M EBITDA, emphasizing diversification and risk-adjusted returns.

• Rigorous underwriting and proactive risk management, with only 5% of reviewed transactions closed and robust portfolio monitoring.

• Majority of investments sourced from LP fund commitments, with selectivity and diversification as key principles.