Seviora and Churchill conclude $400 M collateralized fund obligation by integrating private capital methods from the US, Asia

The conclusion of a roughly $400 million Collateralized Fund Obligation (CFO) has been announced by Temasek’s primary asset management platform, Seviora Holdings Pte. Ltd., and Nuveen Private Capital’s U.S. asset management firm, Churchill Asset Management LLC.

According to a statement released by Seviora on Monday, the CFO invests in both Churchill’s U.S. junior capital and private equity secondaries strategies and Seviora’s Asian private credit and global fund-of-funds strategies, giving institutional investors a diversified exposure across sponsors, investment strategies, and geographies.

In order to achieve important investor goals like credit exposure, yield enhancement, and strategy diversification between the U.S. and Asia, the CFO is positioned with 50% exposure to each platform.

Due to widespread institutional demand, especially from American insurance companies looking for highly rated fixed income assets, the rated structure was oversubscribed.

The deal expands on the strategic alliance that was announced in September 2025, when Temasek pledged long-term resources to Nuveen Private resources’s new and current initiatives and made a minority investment in the company.

One of the biggest private debt managers in the world, Nuveen Private Capital is a $99 billion private capital platform made up of Churchill Asset Management and Arcmont Asset Management. It is a component of Nuveen, a $1.4 trillion global asset manager owned by TIAA.

“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs,

“This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets,” said Gabriel Lim, Executive Director and Chief Executive Officer of Seviora Holdings.

According to Churchill’s President and CEO, Ken Kencel, this is a special deal that opens up new possibilities for institutional investors.

“The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments,

|We believe the combination of differentiated investment strategies, an investor-friendly structure, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek – two of the world’s largest investors in private debt and equity, respectively1 – resonated strongly with investors,” he added.

The transaction’s only structuring advisor and placement agent was PJT Partners. Legal counsel was provided by Dechert LLP and Debevoise & Plimpton LLP.