​Nordic quintet backs $1bn investment in US mid-market loans [updated]

first_imgAnders Stensbøl Christiansen, CIO at Velliv, told IPE: “We are investing in private market loans to these smaller US companies because they provide higher yields than broadly syndicated loans to larger companies, and because they typically carry lower default risk due to more conservative underwriting practices.”He said the partnership with Nuveen should deliver attractive risk-adjusted returns for its customers.“Private credit is an attractive alternative to the more liquid, traditional fixed income market for our portfolio,” he added.Per Frederiksen, head of Nuveen’s Nordics advisory business, said: “One thing we are focused on is that we don’t want to overburden Churchill – we want them to stay in the sweet spot they are in now.”Of the two unnamed Nordic institutions in the investor group, one is Danish and the other is a large Finnish pension insurer, he said. “TIAA knows what it means to be a long-term investor and has the same needs as these pension funds, including a balance sheet that is aligned with theirs,” Frederiksen said. “This opened a lot of doors – they need strong partners and not only do we have the management capabilities but we also provide our own capital.”The US middle market company sector was so large it equated to the third largest economy in the world when seen in isolation, according to Nuveen.Churchill Asset Management is a specialist middle-market US loans manager that was established in 2015.In December last year, PenSam struck a deal with TIAA and Nuveen to invest DKK1.2bn (€161m) in US private equity.This article was updated on 3 October to amend the fundraising target. It was amended again on 9 October to correct details about Churchill Asset Management. Five Nordic pensions institutions have allocated $550m (€475m) to a fund investing in senior secured loans to middle-market US companies.The providers include Denmark’s PFA Pension, PenSam and Velliv (formerly Nordea Liv & Pension Denmark), and the fund aims to raise $1bn in total.The fund has been created and is managed by Churchill Asset Management, a subsidiary of Nuveen, the asset management arm of US pension fund TIAA.The five pension funds acted as seed investors in the fund, which cannot be named due to US marketing restrictions. Nuveen said it was talking to other institutions about investing in the fund.last_img read more

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first_imgThe following incidents were reported in the USC Department of Public Safety crime/incident summary between Thursday, Oct. 22 and Saturday Oct. 24.Crimes against a personOn Oct. 23 at 11:55 a.m., a non-USC male became verbally abusive with DPS officers at the University Village after his bicycle was stolen. The male became increasingly aggressive and was restrained by additional officers who responded to the scene. A supervisor was summoned to the scene and the man was released.On Oct. 24 at 11:25 p.m., a suspect approached a student who was working on his vehicle in the front yard of his house on the 1200 block of 37th Place, simulated a weapon in his pocket and demanded his wallet. The student, fearing for his safety, handed over the money from the wallet and the suspect fled on foot. DPS officers responded and conducted a search, but were unable to locate the suspect.Crimes againstpropertyOn Oct. 22 between 4 p.m. and 4:30 p.m., a non-USC male reported that the front windshield of his car was shattered while parked at of the Hebrew Union College.On OCt. 22 at 4:30 p.m., DPS officers on routine patrol observed a suspect running from Mark Taper Hall of Humanities and detained him for investigation. The officers simultaneously received a call of a theft having just occurred at the same location and the suspect in custody matched the description given by a student who reported that his phone had been stolen. The officers found the suspect in possession of the phone and the student positively identified him during a field show-up. The suspect was then arrested and transported to Southwest station for booking.MiscellaneousincidentsOn Oct. 22 between 8 a.m. and 11:30 a.m., DPS officers responded to a report that the roof alarm of Fluor Tower was broken, allowing students to access the roofwithout activating the alarm. The officers confirmed that the alarm was not working and FMS personnel were requested to conduct repairs.On Oct. 22 between 11 a.m. and 11:39 a.m., Transportation Services personnel immobilized a student’s vehicle displaying an altered USC parking pass in Parking Structure C. The student contacted the Transportation Services office, agreed to pay all fees and fines and her vehicle was released. The student was advised that the matter would be referred to Judicial Affairs.On Oct. 24 at 7:30 p.m., DPS officers observed a suspect selling unauthorized university merchandise near the Coliseum, and as they approached, he abandoned the property and fled on foot. The merchandise was then impounded at the DPS office.last_img read more

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