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Average sponsored TLB tenors fall to six-year low
The maturity runway is shrinking for newly originated US sponsored term loan Bs. Average tenor fell to roughly 76 months…
Share of PE middle-market deal value by sector
Sector rotation in capital deployment remains underway for the asset class.
Cautious investors note performance struggles
Investors in private credit are easing off on new commitments as more find the asset class coming up short of…
Rafay Farooqui on the digitization, tokenization, and AI of private credit
A conversation with Rafay Farooqui, Founder and CEO of SUBSCRIBE.
About us
About Churchill
Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, the firm provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments.
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Direct lending M&A declines QoQ and YoY except in upper middle market
M&A activity declined 12% in the third quarter of 2026 to 296 deals, from 336 recorded in the second quarter.
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line shows BIZD’s dividend yield of 12.5% as of 6 November, declining 41bps over the month entirely due…

Why Capital Solutions: Party Like It's 2021
Prince wrote “1999” in 1982, when the year itself sounded like science fiction. It became the New Year’s Eve anthem and landed on Rolling Stone’s list of the greatest songs of all time.