Nuveen has bought a controlling interest in Arcmont Asset Management, a European private debt investment manager with $21bn (£18bn) in committed capital.
The move forms part of the investment manager’s plan to expand into the European private capital sector.
Jose Minaya, chief executive at Nuveen, said: “Arcmont provides Nuveen with a transformational opportunity to significantly expand our position in one of the world’s most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients globally.”
Arcmont will complement Nuveen’s North American private debt and equity investment business Churchill Asset Management. The two businesses will create a private debt manager with more than $60bn in combined committed capital, bringing Nuveen’s alternative credit assets under management to $178bn.
Both firms will continue to be managed by their respective leadership teams.
Ken Kencel, president and chief executive at Churchill, said: “Together our two firms can provide our private equity clients with scaled and integrated financing solutions and our investors with access to a broader array of attractive investment opportunities from a private capital platform.”
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