Arcmont Asset Management is expected to complement Nuveen’s North American private debt and equity investment specialist. Credit: Scott Graham on Unsplash.

American asset manager Nuveen has reached a definitive agreement to purchase a controlling stake in private debt investment manager Arcmont Asset Management.

The deal is expected to help Nuveen expand its base across Europe and add to its expertise in private capital space.

Arcmont Asset Management will complement Churchill Asset Management, Nuveen’s private debt and equity investment specialist in North American.

The acquisition, which also includes a minority stake held by Dyal Capital Partners IV, involves $21bn in committed capital.

The transaction, which is subject to receipt of approval from the UK’s Financial Conduct Authority, is likely to close in the first half of 2023.

However, the company did not reveal financial details of the deal.

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Since 2011, Arcmont has been delivering financing solutions to companies, industries, and markets through its six offices across Europe.

So far, the private debt investment manager has raised over $26bn from nearly 350 blue-chip investors.

Under the terms of the deal, Arcmont and Churchill will join hands to form a new entity dubbed Nuveen Private Capital.   

The new private debt manager is expected to have nearly $60bn in combined committed capital.

The new entity will enable both Arcmont and Churchill to cater to a combined investor base of over 600 institutional and family office investors.

Nuveen CEO Jose Minaya 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.

“We are thrilled to welcome Arcmont’s professionals, who share with Nuveen deep experience and skills, consistent flexibility and innovative thinking in delivering private capital – as well as a culture of investment excellence rigorously focused on creating long-term value for stakeholders.” As per the agreement, both Arcmont and Churchill will retain their respective names, brands, investment teams and processes.