Nuveen Churchill Fund Moves Forward with Major Restructuring

Shareholders approve merger plans and regulatory withdrawal for enhanced strategic flexibility.

December 10, 2024

Shareholders Approve Key Initiatives

Nuveen Churchill Private Credit Fund has announced the successful approval of two pivotal initiatives aimed at reshaping its operations and strategic outlook. Shareholders voted in favor of a proposed merger with Nuveen Churchill Private Capital Income Fund and authorized the withdrawal of its designation as a business development company under the Investment Company Act of 1940.

At a special virtual meeting held on December 5, 2024, the company confirmed that all 8.4 million shares eligible to vote were present, signaling unanimous support for the proposals. This transition paves the way for streamlined operations and integration with a complementary fund, enhancing both scale and market presence.

Implications of the Changes

The adoption of the Purchase and Sale Agreement between the funds serves as a key milestone. Management anticipates that this merger will bolster portfolio diversification and create operational efficiencies by consolidating resources.

Furthermore, the withdrawal of its regulatory status marks a departure from the traditional requirements tied to business development companies, granting Nuveen Churchill more latitude in aligning its capital structure and investment strategy with market opportunities.

CEO Kenneth J. Kencel emphasized the transformative potential of these actions, which reflect a broader focus on adaptability and growth. As the fund shifts its approach, stakeholders are likely to see increased flexibility in how the organization navigates an evolving financial landscape.

While specific financial details of the merger remain undisclosed, the comprehensive shareholder endorsement indicates confidence in the leadership's direction. The market will be closely watching as Nuveen Churchill Private Credit Fund transitions into this next phase of operations.