Singapore Temasek $75 Billion Independent Asset Management Business Seviora Group & United States Nuveen Private Capital $66 Billion Customized Financing Private Equity Firm Churchill Asset Management Jointly Raised $400 Million for Collateralized Fund Obligation (CFO) to Invest in Seviora Asian Private Credit & Global Fund-of-Funds Strategies (50%) and Churchill United States Junior Capital & Private Equity Secondaries Strategies (50%), Temasek Invested for Minority Stake in $99 Billion Nuveen Private Capital in 2025 – Parent is United States $1.4 Trillion Investment Manager Nuveen Owned by Teachers Insurance and Annuity Association of America (TIAA)
13th July 2026 | Hong Kong
Singapore Temasek ($401 billion AUM) independent asset management business Seviora Group ($75 billion) & United States Nuveen Private Capital customized financing private equity firm Churchill Asset Management ($66 billion AUM) have jointly raised $400 million for Collateralized Fund Obligation (CFO) to invest in Seviora Asian private credit & global fund-of-funds strategies (50%) and Churchill United States junior capital & private equity secondaries strategies (50%). Temasek invested for minority stake in Nuveen Private Capital ($99 billion AUM) in 2025. Nuveen Private Capital parent is United States investment manager Nuveen ($1.4 trillion AUM), which is owned by Teachers Insurance and Annuity Association of America (TIAA). Announcement (13/7/26): “Seviora Holdings Pte. Ltd. (“Seviora”), Temasek’s main asset management platform, and Churchill Asset Management LLC (“Churchill”), the U.S. asset management company of Nuveen Private Capital, today announced the closing of an approximately $400 million Collateralized Fund Obligation (the “CFO”). The CFO invests across Seviora’s Asian private credit and global fund-of-funds strategies, and Churchill’s U.S. junior capital and private equity secondaries strategies, providing institutional investors with diversified exposure across sponsors, investment strategies, and geographies. The CFO is structured with 50% exposure to each platform, strategically selected to meet key investor objectives including credit exposure, yield enhancement, and strategy diversification across the U.S. and Asia. The rated structure was oversubscribed, reflecting broad institutional demand, particularly from U.S. insurance companies seeking highly rated fixed income investments. The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies. Nuveen Private Capital – part of Nuveen, a $1.4 trillion global asset manager owned by TIAA – is a $99 billion private capital platform comprised of Churchill Asset Management and Arcmont Asset Management and one of the largest private debt managers globally.”
“ Singapore Temasek $75 Billion Independent Asset Management Business Seviora Group & United States Nuveen Private Capital $66 Billion Customized Financing Private Equity Firm Churchill Asset Management Jointly Raised $400 Million for Collateralized Fund Obligation (CFO) to Invest in Seviora Asian Private Credit & Global Fund-of-Funds Strategies (50%) and Churchill United States Junior Capital & Private Equity Secondaries Strategies (50%), Temasek Invested for Minority Stake in $99 Billion Nuveen Private Capital in 2025 – Parent is United States $1.4 Trillion Investment Manager Nuveen Owned by Teachers Insurance and Annuity Association of America (TIAA) “
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Gabriel Lim, Executive Director & CEO of Seviora Holdings: “Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs. This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets”
Ken Kencel, President & CEO of Churchill: We are pleased to collaborate with Seviora on this unique transaction and create new opportunities for institutional investors. The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments. We believe the combination of differentiated investment strategies, an investor-friendly structure, as well as the alignment with Churchill’s and Seviora’s parent companies, TIAA and Temasek – two of the world’s largest investors in private debt and equity, respectively – resonated strongly with investors.”
Seviora Group – Seviora Group is a Singapore-headquartered independent asset management group with approximately US$75 billion in assets under management as of 31 December 2025 and is wholly owned by Temasek. The Seviora Group provides global investors access to a wide range of investment strategies in both public and private markets. The Group has a strong talent pool of over 200 investment professionals, supported by approximately 300 staff, with primary presences in Singapore, India, China, Indonesia and UAE. The Seviora Group is aligned with the interests of its investors via its significant investments in its underlying funds, by way of both investment capital and resources, giving them scale and a competitive edge. The Seviora Group’s asset management companies (AMCs) include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings International and Seviora Capital.
Churchill Asset Management – Churchill, an investment-specialist affiliate of Nuveen (the investment manager of TIAA), provides customized financing solutions to U.S. middle market private equity firms and their portfolio companies across the capital structure. With $66 billion of committed capital, we provide 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 our unique origination strategy and investment approach are driven by over 225 professionals in New York, Charlotte, Chicago, Los Angeles and Palm Beach. Together with our sister company Arcmont Asset Management, we comprise Nuveen Private Capital, a $99 billion private capital platform and one of the largest private debt managers globally.
Singapore Temasek $75 Billion Independent Asset Management Business Seviora Group & United States Nuveen Private Capital $66 Billion Customized Financing Private Equity Firm Churchill Asset Management Jointly Raised $400 Million for Collateralized Fund Obligation (CFO) to Invest in Seviora Asian Private Credit & Global Fund-of-Funds Strategies (50%) and Churchill United States Junior Capital & Private Equity Secondaries Strategies (50%), Temasek Invested for Minority Stake in $99 Billion Nuveen Private Capital in 2025 – Parent is United States $1.4 Trillion Investment Manager Nuveen Owned by Teachers Insurance and Annuity Association of America (TIAA)
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