Dechert Advises Churchill Asset Management on US$400 Million CFO Combining U.S. and Asian Private Capital Strategies

Dechert advised Churchill Asset Management, the U.S. asset management company of Nuveen Private Capital, on the closing of an approximately US$400 million Collateralized Fund Obligation (CFO).

Structured in partnership with Seviora Holdings Pte. Ltd., Temasek's main asset management platform, the CFO provides institutional investors with diversified exposure across sponsors, investment strategies and geographies. The vehicle invests across Churchill's U.S. junior capital and private equity secondaries strategies and Seviora's Asian private credit and global fund-of-funds strategies, with equal 50% exposure to each platform. The rated structure was oversubscribed, reflecting robust 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.

Dechert has now served as drafting counsel to Churchill on each of its four CFO closings to date, including its inaugural US$700 million CFO in 2022.

The Dechert team that advised Churchill was led by global finance partner John Timperio with finance and real estate counsel Eric Zeng and associates Nick Harrelson and Michael Mulvey; and tax partner Jeff Kang with associate Cindy J. Moon.

About Dechert

Dechert is the law firm that helps business leaders lead.

For more than 150 years, we have advised clients on critical issues - from high-stakes litigation to first-in-market transaction structures and complex regulatory matters. Our lawyers in commercial centers worldwide are immersed in the key sectors we serve - financial services, private capital, real estate, life sciences and technology.

Dechert delivers unwavering partnership so our clients can achieve unprecedented results.