Seviora Holdings Pte. Ltd., Temasek’s main asset management platform, and Churchill Asset Management LLC, the US asset management company of Nuveen Private Capital, today announced the closing of an approximately $400m collateralized fund obligation (CFO).

The CFO invests across Seviora’s Asian private credit and global fund-of-funds strategies, and Churchill’s US junior capital and private equity secondaries strategies, providing institutional investors with diversified exposure across sponsors, investment strategies, and geographies, according to a statement by Seviora.

The transaction builds on the strategic partnership announced in September 2025, when Temasek made a minority investment in Nuveen Private Capital and committed long-term capital to its new and existing strategies.

The CFO is structured with 50% exposure to each platform, selected to meet key investor objectives including credit exposure, yield enhancement, and strategy diversification across the US and Asia. The rated structure was oversubscribed, reflecting broad institutional demand, particularly from US insurance companies seeking highly rated fixed income investments, said Seviora.

Seviora Group is a Singapore-headquartered independent asset management group with approximately $75bn in assets under management as of 31 December 2025 and is wholly owned by Temasek. Its asset management companies include Azalea Investment Management, Fullerton Fund Management, InnoVen Capital, SeaTown Holdings International and Seviora Capital.

“Developing innovative investment solutions for institutional clients requires deep partnerships with like-minded organizations, the ability to bring together complementary capabilities across markets and strategies, and the expertise to structure investments that meet evolving client needs,” said Gabriel Lim, executive director & CEO of Seviora Holdings.

“This collaboration brings together the strengths of Churchill and Seviora, reflecting Seviora’s ambition to forge global partnerships that broaden institutional investors’ access to private markets.”

 Ken Kencel, president & CEO of Churchill, added. “The offering was oversubscribed, underscoring robust demand for high-quality, diversified private market investments.”