Nuveen Churchill Fund Expands Credit Portfolio

The private capital fund sees surge in investment income and net share issuance while navigating market risks.

November 12, 2025

Portfolio Growth Backed by Fresh Capital

Nuveen Churchill Private Capital Income Fund is scaling fast. As of September 30, 2025, total net assets reached $1.26 billion—up more than 50% from the end of last year. The jump reflects sustained growth in private credit deployment, increased shareholder participation, and strong cash generation from a diverse portfolio of secured loans.

The fund’s investment portfolio now stands at $1.96 billion in fair value, anchored almost entirely in first-lien senior secured debt across U.S. middle-market companies. That’s a step up from $1.68 billion at the start of the year.

Behind that expansion: new capital. Class I shares alone brought in over $412 million in net proceeds this year, helping push total equity capital raised across all share classes past $440 million. The team continues to channel that capital into new credit opportunities with measurable risk and return profiles.

Income Momentum with Cost Discipline

Nuveen Churchill’s investment income totaled $134.3 million for the year through September—more than double the $64.2 million generated over the same period in 2024. Interest income drove most of the gains, supported by rising rates and an uptick in outstanding principal across the loan book.

That revenue came alongside a rise in financing costs. Interest expense grew to $43.2 million—reflecting greater use of leverage early in the year—while overall expenses reached $66.7 million before fee waivers and expense support. With support and waivers applied, net expenses came in at $57.9 million.

The result: $76.4 million in net investment income for the nine-month period, a clear jump from $50.4 million a year earlier. On a per-share basis, net investment income for Class I shares hit $1.80 —up from $2.03 for the same period last year.

Capital Gains Pressure Offsets Income Growth

Despite the income lift, realized and unrealized losses pulled down total net gains from operations. The fund recorded $14.9 million in net losses on investments through September. A combination of portfolio markdowns and realized losses on exits contributed to the shortfall.

Even so, overall net assets from operations increased by $61.5 million. Distribution activity kept pace, with $76.4 million returned to shareholders during the period. Class I shares accounted for the majority of those payouts.

Exposure Spans Key Middle-Market Sectors

The fund remains broadly diversified. Healthcare and pharmaceuticals represent the largest share of assets at 20.45%, followed by:

• Construction and building – 12.75%


• High-tech – 12.69%


• Capital equipment – 12%

That mix reflects the strategy’s focus on sourcing secured loans to companies with established sponsors and stable cash flows.

Risks in View, Liquidity Maintained

Macroeconomic uncertainty remains part of the backdrop. The fund called out potential pressures from inflation, global conflicts, supply chain constraints, and ongoing credit market volatility. These risks could affect borrower performance or slow deal origination in the quarters ahead.

Leverage has been dialed down. Secured borrowings dropped to $735 million, compared to $906 million at year-end. The fund is still well-capitalized, with $76.6 million in cash and equivalents on hand as of September 30.

Positioning for What’s Next

With new capital deployed, income momentum building, and a portfolio anchored in senior credit, Nuveen Churchill is executing on its strategy. The team continues to invest selectively and manage risk, while keeping the focus on durable returns. For allocators tracking private credit, this fund is staying active and in motion.