Churchill Asset Management has formed a joint collateralized fund obligation (CFO) with Temasek's asset management platform Seviora Group, backed by approximately $400m in collateral. The securitization includes private equity and private credit assets, with exposure to PE secondaries.

The deal comes less than a year after Temasek invested in Nuveen Private Capital, the parent company of Churchill. This partnership highlights growing interest among general partners to collaborate with strategic investors in fund finance.

Chris Freeze, head of product and strategic development at Churchill, emphasized the importance of selecting the right partner for fund asset-backed securities transactions. He noted that these structures offer GPs a way to unlock liquidity and enhance portfolio management capabilities.

The CFO serves as a model for other GPs looking to replicate similar arrangements with institutional partners in the expanding fund finance space.