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FUNDRAISING NEWS | October 29, 2024

Nuveen to Merge Private Credit Fund into Private Capital Income Fund

Tags: Private Credit, New Fund Launches

Two funds managed by Nuveen’s investment affiliate Churchill will merge into a single fund in a deal expected to expand and streamline the combined fund’s portfolio and offer a redemption opportunity for holders of the merged fund. 

Nuveen Churchill Private Capital Income Fund (PCAP) and Nuveen Churchill Private Credit Fund (NCPCF) have entered into a purchase and sale agreement, according to an October 29 press release, that would eventually dissolve NCPCF investment operations as PCAP takes over the credit fund’s assets and liabilities. The move would also integrate the fund’s portfolios, with PCAP already holding portfolio assets in approximately 60% of the companies that NCPCF has active investments in. 

The transaction is expected to close in the fourth quarter. Following NCPCF’s liquidation, shareholders will be able to receive cash consideration in one lump sum for their investments. 

View the press release here.

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Written By: Dakota

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