Churchill Asset Management and Dawson Partners Complete $425 Million Structured Liquidity Solution Transaction
17 Mayo 2024 - 7:30AM
Business Wire
Churchill Asset Management LLC (“Churchill”), an
investment-specialist affiliate of Nuveen focused on middle market
private debt and private equity solutions, and Dawson Partners
(“Dawson”), a global alternative asset manager focused on providing
innovative structured solutions to the private markets, today
announced the closing of a $425 million transaction.
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The transaction, solely financed by Dawson vehicles, served as
an alternative solution to a traditional secondary sale, delivering
liquidity to Churchill investors on a curated portfolio of 19
high-quality buyout fund interests. The structure provides Dawson
vehicles with downside protection and upside participation, and
Churchill investors with immediate liquidity and future upside
potential. Further, the transaction secured strategic unfunded
capital to support the growth of Churchill’s middle-market GP-led
secondaries and equity co-investment platforms.
“Our focus is to always approach transactions with a partnership
first mentality, and we seek to find the win-win in all that we do.
Leveraging our scale, we were able to provide a large, customized
solution that aligned with Churchill’s objectives, while also
benefitting from a downside protected structure on a highly
diversified portfolio of private equity with meaningful
participation in any future upside,” said Rob Gavin, Partner at
Dawson. “We're excited to work with Churchill given their
experience and the strength of their private capital platform. They
are a trusted partner, and we value their differentiated access to
the U.S. middle market.”
Nick Lawler, Managing Director and Head of Secondaries at
Churchill added, “This transaction achieves several objectives for
our firm. It delivers material liquidity for our investors, and
supports the continued growth of Churchill’s secondaries platform
and leading equity co-investment business. We thank the Dawson team
for their partnership, structural creativity and ability to provide
a comprehensive solution with speed and certainty.”
Churchill has been an active equity co-investor exclusively
focused on the U.S. middle-market for over a decade, deploying in
excess of $4 billion within the strategy. Churchill formally
launched its secondaries platform in 2022, and is now managing over
$1.5 billion of committed capital across its GP-led and LP-led
programs.
Dawson focuses on providing innovative structured solutions to
the private markets by taking a differentiated approach to
selecting, curating, structuring, and managing bespoke portfolios.
Dawson seeks to provide liquidity at scale with customized
solutions to users of its capital while seeking to provide its
investors with unique and differentiated product offerings. Since
its inception, Dawson has raised over US$17 billion in commitments
and has deployed over US$22 billion across more than 225
transactions.
Evercore acted as the exclusive financial advisor on the
transaction.
About Churchill Asset Management LLC
Churchill, an investment-specialist affiliate of Nuveen (the
asset manager of TIAA), provides customized financing solutions to
middle market private equity firms and their portfolio companies
across the capital structure. With over $50 billion of committed
capital, Churchill provides first lien, unitranche, second lien and
mezzanine debt, in addition to equity co-investments, secondary
solutions and private equity fund commitments. Churchill has a long
history of disciplined investing across multiple economic cycles
and its unique origination strategy, execution and investment are
driven by 170 professionals in New York, Charlotte, Chicago, Dallas
and Los Angeles. To learn more about Churchill, visit
https://www.churchillam.com.
About Dawson Partners
Dawson is a leading global alternative asset manager focused on
providing innovative structured solutions to the private markets.
Founded in 2015 as Whitehorse Liquidity Partners, Dawson provides
tailored portfolio financing and liquidity solutions to LPs and
GPs. Dawson takes a differentiated approach to selecting, curating,
structuring, and managing bespoke portfolios to serve the demands
of a growing market and seeks to provide its investors unique
product offerings. The Firm has raised over US$17 billion in
commitments and has deployed over US$22 billion across more than
225 transactions. Dawson has 175 employees and primary offices in
Toronto, Canada and London, UK. For more information visit:
www.dawsonpartners.com.
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Nick Kyriacou (914)-703-7654 pro-churchill@prosek.com