Churchill $1.5B Fund Close – Co-Investment Success
- Churchill Asset Management, based in New York, announced the final closing of its Churchill co-Investment Fund II, hitting its $1.5 billion hard cap.
- The new fund is approximately 3.5 times larger than Churchill’s initial co-investment fund, which closed in 2021 at $440 million.
- Moshe Bajnon, global head of Private Wealth and co-head of Investor Solutions Group at Churchill, said individual investors are increasingly seeking exposure to alternative investment strategies.
Churchill Closes Oversubscribed $1.5B co-Investment Fund II
Updated June 17, 2025
Churchill Asset Management, based in New York, announced the final closing of its Churchill co-Investment Fund II, hitting its $1.5 billion hard cap. The fund was oversubscribed, reflecting strong investor interest in equity co-investments alongside private equity sponsors focused on U.S.middle market companies. This successful fundraise highlights the increasing role of private capital in today’s investment landscape.
The new fund is approximately 3.5 times larger than Churchill’s initial co-investment fund, which closed in 2021 at $440 million. Fund II also saw a significant shift in investor makeup, with about 20% of commitments originating from Churchill’s wealth platform. This indicates a growing desire among high-net-worth individuals for access to private market opportunities and the significant role alternative investments play in their portfolios.
Moshe Bajnon, global head of Private Wealth and co-head of Investor Solutions Group at Churchill, said individual investors are increasingly seeking exposure to alternative investment strategies. He added that the fund’s success in the wealth channel highlights the strong demand from high-net-worth investors for unique private capital opportunities. This underscores the evolving role of wealth management firms in providing access to these investments.
Along with private wealth channels, Churchill Co-Investment fund II attracted commitments from a diverse group of institutional investors.These included sovereign wealth funds, public and corporate pensions, insurance companies, fund of funds, foundations, asset managers, and family offices.
In March, Nuveen, a private capital investment specialist, announced the closing of its third collateralized fund obligation (CFO), NPC SIP 2024-1, also known as the “Long Duration Bond” (LDB), at $750 million.
Since its founding,Churchill has invested over $11 billion in more than 280 private equity funds,committing over $1 billion annually to U.S. middle market private equity.
What’s next
Churchill plans to continue deploying capital into U.S. middle market companies, leveraging its expertise and relationships to generate strong returns for its investors.