Nuveen Churchill Private Capital Income Fund Updates Shareholder Offer
The fund offers a redemption opportunity for up to 5% of its outstanding shares, maintaining strategic liquidity.
November 29, 2024
Nuveen Churchill Private Capital Income Fund, a non-diversified, closed-end investment company, has announced a new tender offer aimed at enhancing shareholder value and ensuring liquidity. The fund has committed to repurchasing up to 5% of its outstanding shares, approximately 1,568,692 units, based on the net asset value determined as of December 31, 2024.
The tender offer is open to Class I, Class D, and Class S shareholders, allowing them to submit shares for repurchase by the fund. This opportunity aligns with the fund’s broader strategy to periodically provide liquidity options for its investors. The offer, which commenced on November 27, 2024, is scheduled to expire on December 27, 2024, unless extended.
Strategic Approach to Liquidity
The fund, regulated under the Investment Company Act of 1940, emphasizes maintaining balance between investor liquidity and long-term growth. The tender offer follows a quarterly recommendation by Churchill PCIF Advisor LLC, the fund's advisor, to conduct share repurchases. Shareholders who participate will receive non-interest-bearing promissory notes equivalent to the value of their accepted shares.
Nuveen Churchill Private Capital Income Fund manages assets primarily in private equity and middle-market debt, positioning itself as a pivotal investment vehicle for sophisticated investors seeking steady returns.
Key Financial and Structural Details
As of September 30, 2024, the fund reported approximately 31.37 million shares outstanding. Major shareholders include Teachers Insurance and Annuity Association of America (TIAA) and Income Insurance Ltd, holding significant stakes of 18.9% and 12.6%, respectively. The fund’s leadership comprises experienced executives and trustees, led by CEO Kenneth Kencel.
The repurchase program is structured to ensure equitable treatment of all shareholders. Executive officers and trustees have disclosed no intent to tender shares during this round, underscoring the fund’s transparency and focus on broader shareholder interests.
The offer is a testament to the fund’s commitment to investor-centric governance, highlighting its adaptability to market conditions and investor needs. As the deadline approaches, shareholders are advised to review the terms carefully and consult financial advisors for guidance.
For additional details, shareholders can contact the fund directly or refer to the official Offer to Purchase document available through Nuveen Churchill Private Capital Income Fund’s website or by calling their designated contact line.
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