Nuveen Private Capital has entered into a strategic partnership with Hunter Point Capital (HPC) and Singapore state investor Temasek, a deal that underscores the rapid expansion of private credit as institutional investors seek alternative sources of yield.
HPC and Temasek will take minority stakes in Nuveen Private Capital, while Temasek will also make long-term capital commitments to support the platform’s new and existing strategies, the companies said in a joint statement. Financial terms were not disclosed.
Nuveen Private Capital was created in 2023 following Nuveen’s majority acquisition of London-based Arcmont Asset Management, which was combined with U.S. lender Churchill Asset Management to form an $87 billion private capital business.
Over the past year, the platform has deployed more than $21 billion across more than 400 companies backing private equity firms in the United States and Europe.
“Welcoming Hunter Point Capital and Temasek is a point of pride and a testament to the deep bench of talent that has quickly propelled Nuveen Private Capital to become one of the leading private credit platforms in the world,” said Bill Huffman, Nuveen chief executive and chairman of Nuveen Private Capital.
Private credit has surged in popularity over the past decade, with assets under management globally reaching about $1.7 trillion in 2024, according to Preqin, as investors look beyond public markets for higher returns and stable income streams.
The growth has intensified competition among managers to attract long-term institutional capital.
Temasek, which had a portfolio worth S$434 billion ($324 billion) as of March 31, has been steadily increasing its exposure to private markets, including credit, infrastructure and venture capital, as part of efforts to diversify and boost long-term returns.
“Nuveen Private Capital’s global reach and deep local market expertise, combined with their longstanding relationships with sponsors and ability to source deal flow, are among the best in the industry,” said Avi Kalichstein, chief executive and co-founder of Hunter Point Capital.
Nuveen, the investment arm of U.S. pension fund TIAA, will remain the majority owner of the platform. Senior management and employees of Churchill and Arcmont will continue to hold minority interests.
The transaction will not affect Nuveen Private Capital’s investment processes, leadership or day-to-day operations.
BofA Securities acted as financial adviser to Nuveen.