Global law firm K&L Gates LLP has advised Churchill Asset Management LLC on the final close of Junior Capital Opportunities Fund III with US$1.54 billion in total commitments. The fund is the largest raised to date in Churchill’s Junior Capital Opportunities program, exceeding its US$1 billion target by more than 50% and more than doubling the US$737 million raised by its predecessor.

The fund invests in junior debt to private equity sponsor-backed US middle market companies and attracted commitments from a diversified global group of pension funds, insurance companies, asset managers, and family offices.

The K&L Gates team that advised Churchill was led by Sasha Burstein, with support from Jason Kirk, Adam Tejeda, Mathieu Volckrick, Jay Buchman, Jan Boeing, Jamie Robinson, Brigitte Shaw, and Adam Paschalidis.

Churchill Asset Management, an investment-specialist affiliate of Nuveen, the asset manager of TIAA, provides customized financing solutions to US middle market private equity firms and their portfolio companies. With more than US$66 billion of committed capital, Churchill invests across the capital structure, including first lien, unitranche, second lien and mezzanine debt, as well as equity co-investments, secondary solutions and private equity fund commitments.