Over the past two decades, the private equity secondaries market has transformed into one of the highest growth yet, in our opinion, most undercapitalized areas of alternative investments.”
Nick Lawler
Head of Secondaries
Investment criteria
Secondaries
Target transaction size
$10 mm - $1 bn
Target position size
$10 - $100 mm
Capabilities
- GP-Led: Single & muti-asset continuation funds
- LP-Led: LP interests
Target % of portfolio3
- GP-Led: 70-80%
- LP-Led: 20-30%
Insight
Video/Podcast
Nuveen in 90 – Secondaries with Nick Lawler
Nick Lawler, Head of Secondaries at Churchill, discusses how private equity secondaries have evolved into one of the highest-growth areas in alternative investments. From LP-led…
Streamlined investment process:
Originate
Evaluate opportunities through the lens of Churchill's sponsor relationships, portfolio insights, and industry expertise to assess strategic fit and information advantage.
Analyze
Conduct initial company and industry analysis, review comparable transactions, and prepare preliminary financial models.
Early deal discussion
Engage in management meetings, perform exploratory financial due diligence, and assess industry trends, competitive landscape, and transaction structure.
Investment committee
Conduct diligence in key areas, review third-party research, arrange industry calls, and evaluate financial and operational resilience. Present to investment committee for final approval.
Closing
Negotiate and finalize legal documentation, manage the capital funding process, and ensure a seamless transition into portfolio monitoring.
Originate
Analyze
Early deal discussion
Investment committee
Closing
Recent transactions
News & Press
Churchill’s Ken Kencel to receive the 2025 Lifetime Achievement Award and be inducted into the M&A Advisor Hall of Fame
New York, NY, October 14, 2025 – The M&A Advisor is proud to announce that Ken Kencel, President and CEO of Churchill Asset Management, will be recognized as The M&A Advisor’s 2025 Lifetime Achievement Award recipient. Mr. Kencel will be honored for his significant contributions in the fields of private capital and middle-market finance at the 2025 Future of Dealmaking Summit, on November 18th & 19th in New York City. Mr. Kencel will also be formally inducted into The M&A Advisor’s Hall of Fame…
Nuveen Private Capital, Hunter Point Capital and Temasek Announce Strategic Partnership
New York, NY, September 3, 2025 – Nuveen Private Capital, comprising U.S. and European asset managers Churchill Asset Management and Arcmont Asset Management, has entered into a strategic partnership with Hunter Point Capital (“HPC”), an independent investment firm that provides capital solutions and strategic support to alternative asset managers, and Temasek, a global investment company headquartered in Singapore. HPC and Temasek are making minority investments in Nuveen Private Capital and Temasek will provide long-term capital commitments to the platform’s new and existing strategies…
Churchill Asset Management Appoints Michael Foley as Head of Institutional
New York, August 27, 2025 – Churchill Asset Management LLC, an investment specialist of Nuveen, announced the appointment of Michael Foley as Senior Managing Director, Head of Institutional. Mr. Foley will be responsible for leading Churchill’s institutional fundraising strategy, strengthening existing and building new client relationships globally. He will report to President & CEO Ken Kencel and sit on the firm’s Operating Committee…