Churchill PCIF Advisor

Churchill PCIF Advisor was created as an affiliated entity to serve as the investment adviser for registered interval funds, while Churchill Asset Management continues to manage the underlying private credit and secondaries strategies. All investment decisions and portfolio management are executed by Churchill Asset Management's team, which is majority-owned by Nuveen. PCIF Advisor essentially wraps Churchill's institutional strategies inside a 1940 Act-registered fund vehicle for individual investors.

John D. McCarthy and Randy Schwimmer are the named co-founders and senior leaders of the Churchill PCIF platform, with investment decisions ultimately made by the Churchill Asset Management team. McCarthy serves as co-portfolio manager for the Churchill Private Capital Income Fund alongside a broader investment committee that includes senior underwriters and the heads of each strategy vertical within Churchill Asset Management.

PCIF typically refers to the Private Capital Income Fund, a registered interval fund that packages Churchill Asset Management's middle-market direct lending and private equity secondaries strategies into a continuously offered vehicle for accredited investors. Unlike a traditional drawdown fund with a 10-year lockup, the interval fund offers quarterly repurchase windows at net asset value, typically capped at 5% of outstanding shares per quarter. This structure provides some liquidity while still holding illiquid underlying assets.

The vehicle pursues three primary strategies: senior secured direct lending to private equity-backed middle-market companies, junior capital including subordinated debt and preferred equity, and private equity secondaries including LP fund interests and direct co-investment portfolios. The underlying loans are primarily floating-rate, first lien instruments sourced through more than 300 private equity sponsor relationships built over two decades by Churchill.

Even though the firm name includes 'PCIF Advisor,' it operates as a registered investment adviser and asset manager, not a family office. The 'Advisor' designation reflects its role as the adviser to a series of registered investment companies under the Investment Company Act of 1940. The underlying asset management is performed by Churchill Asset Management, an institutional credit manager that is majority-owned by Nuveen, the investment management arm of TIAA.

Loan origination flows through Churchill Asset Management's direct sourcing engine, which maintains relationships with over 300 middle-market private equity sponsors across the United States. Churchill typically participates as a lead arranger, agent, or club member in first lien senior secured loans to companies with $10 million to $100 million in EBITDA. This direct origination model avoids the syndicated loan market and gives Churchill control over documentation and covenants.

Through the underlying Churchill Asset Management platform, the vehicle holds both directly originated loans and private equity secondary fund interests. The direct lending sleeve consists entirely of senior and junior debt positions originated one by one, not blind pool fund commitments. The secondaries sleeve acquires LP interests in existing private equity funds as well as portfolios of direct co-investments, providing diversification across vintages, managers, and strategies that a direct-only loan portfolio would not achieve on its own.