TIAA-CREF launched a new money management subsidiary, Churchill Asset Management, spokesman Stewart Lewack said.
Based in New York, the new money management company will focus on originating, underwriting and managing senior loan investments, primarily in U.S. middle-market companies. TIAA-CREF did not disclose how much money it is seeding the new unit with.
Churchill will operate as a stand-alone business and seeks to raise investment funds from investors — both retail and institutional — interested in middle-market senior secured loans. The new venture will invest on behalf of and further diversify the TIAA general account.
Churchill will be led by Kenneth J. Kencel as president and CEO; Randy Schwimmer as head of origination and capital markets; George F. Kurteson as head of underwriting and portfolio management; and Alastair G. Merrick as chief financial officer and chief administrative officer.
Mr. Kencel was vice chairman and investment committee member for Carlyle Group’s business development company, Carlyle GMS Finance; Mr. Schwimmer was a managing director for Carlyle GMS Finance; Mr. Kurtson was a senior adviser to Carlyle and an investment committee member; and Mr. Merrick was CFO and treasurer at WhiteHorse Finance.
TIAA-CREF had $851 billion in assets under management as of Dec. 31.
