Private company

Nuveen Churchill Private Capital Income Fund

Company based in New York1

In its 2026 annual report the company says: “We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company under subchapter M of the Internal Revenue Code of 1986, as amended.”4

Last updated Oct 20, 2026.

Overview

$84.7MNet income, fiscal 20252
  • HeadquartersNew York, New York1
  • Business address375 Park Avenue, 9Th Floor, New York, Ny 101523
  • Filer category, Emerging growth company3

See how the biggest companies compare on our leaderboards

We were formed on February 8, 2022 as a Delaware statutory trust. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, we have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.1%Return on equity2
0.57×Debt to equity2

Financial statements

Net income2$84.7M in 2025+144% since 2023
0$25.0M$50.0M$75.0M$100.0M2023: $34.7M$34.7M20232024: $70.4M$70.4M2024+103%2025: $84.7M$84.7M2025+20%
Fiscal year2022202320242025
Income tax$595.0K2
Net income$34.7M2$70.4M2$84.7M2
Shares (weighted, basic)11.6M shares8
Shares (weighted, diluted)53.3K shares8

Compare Nuveen Churchill Private Capital Income Fund with another company

Corporate structure

Nuveen Churchill Private Capital Income Fund sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nuveen Churchill Private Capital Income Fund

  • Income Insurance Limited Filed SCHEDULE 13G/A on Nuveen Churchill Private Capital Income Fund, latest Aug 14, 2026 (6 filings since Jun 10, 2024)
  • TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA Filed SCHEDULE 13G/A on Nuveen Churchill Private Capital Income Fund, latest Nov 14, 2025 (4 filings since Feb 13, 2023)
  • Nuveen Churchill Private Capital Income Fund New York, New York

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nuveen Churchill Private Capital Income Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$66.9M9 Dec 31, 2024$8.7M9 Dec 31, 2023+671.3%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 375 Park Avenue, 9th Floor, New York, NY 10152, and are provided by the Administrator in accordance with the terms of our Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 6, 2026.4

Leadership

Who has led Nuveen Churchill Private Capital Income Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Kenneth J. Kencel2025–now

President

  1. Kenneth J. Kencel2025–now

Chief financial officer

  1. Shaul Vichness2022
2025
Board members and other officers (5)

Timeline

  1. Oct 1, 20268-K Other events19
  2. Aug 28, 20268-K Other events20
  3. Aug 28, 20268-K Regulation FD disclosure21
  4. Aug 12, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation22
  5. Jul 31, 20268-K Other events23
  6. Jul 29, 20268-K Other events24
  7. Jul 1, 20268-K Other events25
  8. Jun 25, 20268-K Completed an acquisition or sale26
  9. Jun 12, 20268-K Regulation FD disclosure27
  10. May 29, 20268-K Entered a material agreement; Other events28
  11. May 28, 20268-K Shareholder vote29
  12. May 6, 20268-K Completed an acquisition or sale30
  13. Jan 2, 2025New chief executive Kenneth J. Kencel becomes CEO12

Filings

223 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 78 major events, 27 insider forms, 13 large holders, 88 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 30, 20264 EDGAR
  3. Aug 28, 20268-K EDGAR
  4. Aug 28, 20268-K EDGAR
  5. Aug 28, 2026SC TO-I EDGAR
  6. Aug 18, 2026424B3 EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 12, 20268-K EDGAR
  9. Aug 12, 202610-Q EDGAR
  10. Jul 31, 20268-K/A EDGAR
  11. Jul 31, 2026SC TO-I/A EDGAR
  12. Jul 29, 20268-K EDGAR
  13. Jul 1, 20268-K EDGAR
  14. Jun 25, 20268-K/A EDGAR
  15. Jun 12, 20268-K EDGAR
  16. May 29, 20268-K EDGAR
  17. May 29, 2026SC TO-I EDGAR
  18. May 28, 20268-K EDGAR
  19. May 13, 2026424B3 EDGAR
  20. May 12, 202610-Q EDGAR

The 223 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 5 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Kencel Kenneth J.CEO and PresidentBuy20,964$23.85$500.0KForm 4
Jan 30, 2025TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale967,742$24.80$24.0MForm 4
Dec 31, 2024Kencel Kenneth J.CEO and PresidentBuy10,085$24.79$250.0KForm 4
Nov 29, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale587,404Form 4
Oct 28, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale1,026,246$24.75$25.4MForm 4
Sep 27, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale229,293$24.75$5.7MForm 4
Aug 28, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale50,789$24.71$1.3MForm 4
Jul 29, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale1,376,063$24.69$34.0MForm 4
Jul 15, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale8,115Form 4
Jun 28, 2024TEACHERS INSURANCE & ANNUITY ASSOCIATION OF AMERICA10% ownerSale2,946,721Form 4
Mar 28, 2024Sklar Diana ABuy2,020$24.75$50.0KForm 4
Sep 29, 2023RITCHIE JAMES JOSEPHBuy10,179$24.56$250.0KForm 4
Aug 28, 2023Potter Stephen NBuy10,163$24.60$250.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Nuveen Churchill Private Capital Income Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNuveen Churchill Private Capital Income Fund1
  • CIK0001911066
  • Employer ID (EIN)88-61873974
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Business address375 Park Avenue, 9Th Floor, New York, NY 101521
  • Phone(212) 478-92001
  • Shares outstanding1,878,634 Common Class S shares; 1,325,772 Common Class D shares; 57,076,181 Common Class I shares as of Mar 6, 20264
  • Public float$0 as of Dec 31, 20252
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceFeb 14, 20221
  • Filings229 in all: 8-K (74), 424B3 (20), 4 (14), 10-Q (13), 3 (13), SC TO-I (13), SC TO-I/A (13), DEFA14A (8)1
    All 29 form types

    486BPOS (6), SCHEDULE 13G/A (6), 40-17G (5), 40-APP/A (5), 10-K (4), 8-K/A (4), DEF 14A (4), POS EX (4), 40-APP (3), SC 13G (3), SC 13G/A (3), CORRESP (2), N-2 (2), N-2/A (2), PRE 14A (2), 8-A12G (1), EFFECT (1), N-54A (1), N-6F (1), SCHEDULE 13G (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 6, 2026
    Latest 8-K (8-K) Oct 1, 2026

Risk factors and legal proceedings

The risks Nuveen Churchill Private Capital Income Fund names in Item 1A of its 10-K filed Mar 6, 2026: 77 risks under these headings, as written.4

  • We are subject to risks related to our business and structure.
  • We are subject to risks related to our operations.
  • We are subject to risks related to an investment in our Common Shares.
  • Risks Related to the Fund’s Business and Structure
  • Our Board may change our investment objective, operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to investors.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • Our financial condition and results of operations depend on our ability to manage our business effectively.
  • Churchill may not be able to achieve the same or similar returns as those achieved by its senior management and investment personnel while they were employed at prior positions.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • Many of our portfolio investments will be recorded at fair value as determined in good faith by the Adviser, as the Valuation Designee, subject to the oversight of the Board, and, as a result, there may be uncertainty as to the value of our portfolio investments.
  • We may not be able to pay distributions, our distributions may not grow over time and/or a portion of our distributions may be a return of capital.
The other 66 risks
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your adjusted tax basis in your Common Shares and reduce the amount of funds we have for investment in targeted assets.
  • We have not established any limit on the amount of funds we may use from certain available sources, such as proceeds from our offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we have implemented a share repurchase program, we have discretion to not repurchase your Common Shares or to suspend the program.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • There are significant financial and other resources necessary to comply with the requirements of being an SEC reporting entity, and non-compliance may adversely affect us.
  • Efforts to comply with Section 404 of the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us.
  • We may experience fluctuations in our quarterly operating results.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Terrorist attacks, acts of war, global health emergencies or natural disasters may affect any market for our Common Shares, impact the businesses in which we invest and harm our business, operating results and financial condition.
  • We are currently operating in a period of significant market disruption and economic uncertainty, which may have a negative impact on our business, financial condition and operations. An extended disruption in the capital markets and the credit markets could negatively affect our business.
  • New or modified laws or regulations governing our operations could adversely affect our business.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.
  • The failure of cybersecurity protection systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.
  • We may be subject to risks associated with artificial intelligence.
  • Our business is dependent on bank relationships and any strain on the banking system may adversely impact us.
  • We may not be able to obtain all required state licenses.
  • Downgrades of the U.S. credit rating, automatic spending cuts or government shutdowns could negatively impact our liquidity, financial condition and earnings.
  • U.S. policy changes may adversely affect our business.
  • Global economic, political and market conditions may adversely affect our business or cause us to alter our business strategy.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objective.
  • Risks Related to Our Investments
  • Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment.
  • We typically invest in middle market, privately owned companies, which may present a greater risk of loss than loans to larger companies.
  • We are subject to risks associated with our senior loan investments.
  • We are subject to risks associated with our investments in junior or subordinated debt securities.
  • We are subject to risks associated with our investments and trading of liquid assets, including broadly syndicated loans.
  • We are subject to risks associated with “covenant-lite” loans.
  • We are subject to risks associated with our investments in unitranche secured loans and securities.
  • We are subject to risks associated with our investments in equity-related securities.
  • The loans we make in portfolio companies may become non-performing.
  • The lack of liquidity in our investments may adversely affect our business.
  • Our portfolio companies may prepay loans, which may reduce stated yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • We may be subject to risks associated with our investments in the business services industry.
  • Our investments in the healthcare sector face considerable uncertainties.
  • We are exposed to risks associated with any OID income and PIK interest required to be included in taxable and accounting income prior to receipt of cash representing such income.
  • We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • We may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies, which could decrease the value of our investments.
  • Defaults by our portfolio companies will harm our operating results.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, the loans and other investments we make in such portfolio companies.
  • We are subject to risks associated with syndicated loans.
  • We are subject to risks associated with our investments in special situation companies.
  • We may enter into repurchase agreements.
  • The disposition of our investments in private companies may result in contingent liabilities.
  • We may not realize gains from our equity investments.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies.
  • We are exposed to risks associated with changes in interest rates.
  • Our ability to enter into transactions involving derivatives and unfunded commitment transactions may be limited.
  • We may incur lender liability as a result of our lending activities.
  • We may incur liability as a result of providing managerial assistance to our portfolio companies.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.
  • The data we use to make ESG-related determinations may not guarantee that our investments satisfy applicable ESG criteria.
  • The effect of global climate change may impact the operations and valuation of our portfolio companies.
  • Risks Related to Churchill and its Affiliates; Conflicts of Interests
  • We depend upon the senior management of Churchill for our success, and upon the strong referral relationships of the investment professionals of Churchill, Nuveen, Nuveen Leveraged Finance and its affiliates with financial institutions. Any inability to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our access to confidential information may restrict our ability to take action with respect to some of our investments, which, in turn, may negatively affect our results of operations.
  • The Adviser and its affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • There may be conflicts related to obligations that senior investment professionals of the Advisers and members of their investment committees have to other clients. There may be conflicts related to the investment and related activities of TIAA and the Advisers, and these conflicts could prevent us from making or disposing of certain investments on the terms desired.
  • The time and resources that individuals employed by Churchill devote to us may be diverted, and we may face additional competition because individuals employed by Churchill are not prohibited from raising money for or managing other entities that make the same types of investments that we target.
  • Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us.
  • The Adviser, Churchill and Nuveen Asset Management can resign on 120 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • The Administrator can resign on 60 days’ notice from its role as our administrator under the Administration Agreement, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Our Common Shares may be purchased by Churchill or its affiliates.
  • The recommendations that the Adviser gives to us may differ from those rendered to its other clients.
  • The Investment Team or the Investment Committee may, from time to time, possess material nonpublic information, limiting our investment discretion.

Legal proceedings

We and our consolidated subsidiaries are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we and/or our consolidated subsidiaries may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business also is subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
    SEC EDGAROther events
  20. 20
    SEC EDGAROther events
  21. 21
  22. 22
  23. 23
    SEC EDGAROther events
  24. 24
    SEC EDGAROther events
  25. 25
    SEC EDGAROther events
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32