Nuveen, the investment manager of TIAA, is to acquire a controlling interest in Arcmont Asset Management, a European private debt investment manager with $21 billion in committed capital, in a deal reportedly worth over $1 billion.
The acquisition will expand Nuveen’s private capital expertise and presence into Europe, complementing its North American private debt and private equity investment specialist Churchill Asset Management.
The combined capabilities of Arcmont and Churchill will create one of the world’s largest private debt managers, with more than $60 billion in combined committed capital, bringing Nuveen’s firmwide alternative credit assets under management to $178 billion. Coming together to form Nuveen Private Capital, a new entity, Arcmont and Churchill will work together in partnership, giving both firms geographic scale and the ability to offer a broader range of products and financing options to corporate borrowers.
Read more: Private Equity Wire
