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Nuveen Churchill Direct Lending
NCDL

67 hedge funds and large institutions have $194M invested in Nuveen Churchill Direct Lending in 2026 Q1 according to their latest regulatory filings, with 8 funds opening new positions, 25 increasing their positions, 21 reducing their positions, and 22 closing their positions.

New
Increased
Maintained
Reduced
Closed

19% more repeat investments, than reductions

Existing positions increased: 25 | Existing positions reduced: 21

0% more funds holding in top 10

Funds holding in top 10: 3 → 3 (0)

4.49% less ownership

Funds ownership: 35.35% → 30.86% (-4.5%)

17% less capital invested

Capital invested by funds: $233M → $194M (-$38.9M)

21% less funds holding

Funds holding: 85 → 67 (-18)

64% less first-time investments, than exits

New positions opened: 8 | Existing positions closed: 22

Holders
67
Holders Change
-18
Holders Change %
-21.18%
% of All Funds
0.82%
Holding in Top 10
3
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.04%
New
8
Increased
25
Reduced
21
Closed
22
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
BBHC
Brown Brothers Harriman & Co
New York
+$7.81M
2
AM
Ares Management
California
+$2.87M
3
DCP
Diameter Capital Partners
New York
+$2.13M
4
Two Sigma Investments
Two Sigma Investments
New York
+$2.12M
5
Invesco
Invesco
Georgia
+$2.03M

Top Sellers

Rank Fund Capital Flow
1
Corient Private Wealth
Corient Private Wealth
Florida
-$27.9M
2
CEFA
Closed-End Fund Advisors
Virginia
-$6.17M
3
VanEck Associates
VanEck Associates
New York
-$4.37M
4
CCM
Callodine Capital Management
Massachusetts
-$1.33M
5
Morgan Stanley
Morgan Stanley
New York
-$1.25M
Name Holding Trade Value Shares
Change 		Change in
Stake
Millennium Management
26
Millennium Management
New York
$1.43M +$984K +73,297 +189%
VT
27
Vise Technologies
New York
$1.27M – – –
Jane Street
28
Jane Street
New York
$1.24M +$1.31M +97,707 New
CEFA
29
Closed-End Fund Advisors
Virginia
$1.18M -$6.17M -459,847 -83%
AAA
30
Adams Asset Advisors
Texas
$1.16M +$44.6K +3,326 +4%
Wealth Enhancement Advisory Services
31
Wealth Enhancement Advisory Services
Minnesota
$1.14M -$655K -48,780 -36%
NW
32
NewEdge Wealth
Pennsylvania
$1.14M +$802K +59,777 +199%
AC
33
Almitas Capital
California
$892K – – –
Neuberger Berman Group
34
Neuberger Berman Group
New York
$888K -$23.4K -1,747 -2%
CIM
35
Confluence Investment Management
Missouri
$874K -$55.6K -4,146 -6%
Commonwealth Equity Services
36
Commonwealth Equity Services
Massachusetts
$751K +$121K +9,049 +18%
Lido Advisors
37
Lido Advisors
California
$705K +$120K +8,932 +20%
AWM
38
Accurate Wealth Management
Florida
$688K +$244K +18,215 +55%
CAM
39
Cresset Asset Management
Illinois
$615K +$6.56K +489 +1%
WIA
40
World Investment Advisors
California
$551K – – –
PA
41
Procyon Advisors
Connecticut
$504K – – –
HVP
42
Hudson Value Partners
Florida
$480K – – –
BBWP
43
Beacon Bridge Wealth Partners
Pennsylvania
$413K – – –
VIA
44
Virtus Investment Advisers
Connecticut
$363K +$14.9K +1,107 +4%
QFW
45
QTR Family Wealth
Florida
$355K -$3.27K -244 -1%
NAM
46
NewGen Asset Management
Ontario, Canada
$355K +$374K +27,900 New
NA
47
Nottingham Advisors
New York
$308K +$325K +24,195 New
GAM
48
Gotham Asset Management
New York
$254K – – –
BHCM
49
Brevan Howard Capital Management
Jersey
$245K +$258K +19,224 New
GHA
50
GW Henssler & Associates
Georgia
$233K -$9.1K -678 -4%
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NCDL Hedge Fund Activity: Q1 2026 in Review

67 of the 8,134 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q1 2026, worth a combined $194M — down 17% from $233M a quarter earlier.

Sellers outnumbered buyers: 22 funds closed out of NCDL and 8 opened new positions — a net loss of 14 holders — while 21 trimmed existing stakes and 25 added.

The largest buyer was Brown Brothers Harriman & Co, adding an estimated $7.81M. The largest seller was Corient Private Wealth, cutting an estimated $27.9M.

  • 67 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q1 2026, down from 85 in Q4 2025.
  • Funds reported $194M of Nuveen Churchill Direct Lending stock for Q1 2026, down 17% quarter-over-quarter.
  • 8 funds opened new Nuveen Churchill Direct Lending positions in Q1 2026 and 22 closed out, a net change of -14 holders.
  • The largest Nuveen Churchill Direct Lending buyer in Q1 2026 was Brown Brothers Harriman & Co, an estimated $7.81M added.
  • The largest Nuveen Churchill Direct Lending seller in Q1 2026 was Corient Private Wealth, an estimated $27.9M sold.

Based on aggregated 13F filings for Q1 2026.