US investment manager Nuveen is considering selling a minority stake in its private-capital arm, Nuveen Private Capital, reported Bloomberg, citing sources.
This unit, which includes Churchill Asset Management and Arcmont Asset Management, manages $78bn.
Discussions are ongoing, and no final decision has been made, sources told the publication. An initial public offering is also being considered for the asset-management platform.
Nuveen Private Capital was established in March 2023 after Nuveen, which is backed by Teachers Insurance and Annuity Association of America, acquired a controlling stake in London-based Arcmont.
The unit operates private credit and private equity strategies, with $52bn managed by Churchill and $26bn by Arcmont, which has operations across Europe.
Representatives for Nuveen and Churchill declined to comment, while an Arcmont spokesperson did not immediately respond.
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By GlobalDataThe timing for any potential listing could be in 2028, five years after the Arcmont transaction, which according to then Nuveen CEO provided “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”.
The potential sale aligns with trends among alternative-asset managers seeking liquidity through minority-stake sales.
Alternative-asset managers have increasingly turned to minority-stake sales to provide liquidity for senior management or founders.
In January, Sixth Street sold a minority stake to Northwestern Mutual Life Insurance Company managing $13bn of assets for the insurance company.
HPS Investment Partners also sold stakes before its agreement to be taken over by BlackRock.
It divested ownership interests to both Guardian Life Insurance Company of America and Dyal Capital Partners.
HPS had about $148bn in client assets when BlackRock struck the deal in December 2024.
BlackRock’s acquisition aims to create an integrated private credit franchise with $220bn in client assets, working alongside its $3tn public fixed income business to offer comprehensive income solutions.
