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Nuveen Churchill Direct Lending
NCDL

78 hedge funds and large institutions have $188M invested in Nuveen Churchill Direct Lending in 2025 Q3 according to their latest regulatory filings, with 20 funds opening new positions, 26 increasing their positions, 17 reducing their positions, and 14 closing their positions.

New
Increased
Maintained
Reduced
Closed

53% more repeat investments, than reductions

Existing positions increased: 26 | Existing positions reduced: 17

43% more first-time investments, than exits

New positions opened: 20 | Existing positions closed: 14

8% more funds holding

Funds holding: 72 → 78 (+6)

0% more funds holding in top 10

Funds holding in top 10: 2 → 2 (0)

0.39% less ownership

Funds ownership: 27.99% → 27.6% (-0.39%)

17% less capital invested

Capital invested by funds: $228M → $188M (-$39.8M)

Holders
78
Holders Change
+6
Holders Change %
+8.33%
% of All Funds
1.02%
Holding in Top 10
2
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
0.03%
New
20
Increased
26
Reduced
17
Closed
14
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Marshall Wace
Marshall Wace
United Kingdom
+$3.02M
2
SCA
Snowden Capital Advisors
New York
+$1.91M
3
BBHC
Brown Brothers Harriman & Co
New York
+$1.74M
4
Goldman Sachs
Goldman Sachs
New York
+$1.6M
5
Morgan Stanley
Morgan Stanley
New York
+$1.5M

Top Sellers

Rank Fund Capital Flow
1
BOCH
Blue Owl Capital Holdings
New York
-$15.2M
2
VanEck Associates
VanEck Associates
New York
-$2.2M
3
Acadian Asset Management
Acadian Asset Management
Massachusetts
-$1.51M
4
TP
Tranquility Partners
Tennessee
-$1.37M
5
Two Sigma Advisers
Two Sigma Advisers
New York
-$1.18M
Name Holding Trade Value Shares
Change 		Change in
Stake
Bank of America
26
Bank of America
North Carolina
$1.29M +$121K +7,573 +9%
AAA
27
Adams Asset Advisors
Texas
$1.21M -$39.3K -2,456 -3%
Neuberger Berman Group
28
Neuberger Berman Group
New York
$1.1M +$304K +19,019 +31%
CIM
29
Confluence Investment Management
Missouri
$1.07M -$268K -16,770 -18%
Balyasny Asset Management
30
Balyasny Asset Management
Illinois
$933K +$1.08M +67,575 New
AWM
31
Accurate Wealth Management
Florida
$784K – – –
LPL Financial
32
LPL Financial
California
$688K +$8K +500 +1%
Lido Advisors
33
Lido Advisors
California
$639K +$382K +23,856 +114%
MFG
34
Merit Financial Group
Georgia
$632K -$11.1K -695 -1%
MM
35
MQS Management
New York
$604K +$700K +43,734 New
WIA
36
World Investment Advisors
California
$597K – – –
CAM
37
Cresset Asset Management
Illinois
$573K +$67K +4,186 +12%
PA
38
Procyon Advisors
Connecticut
$546K -$128K -8,029 -17%
HVP
39
Hudson Value Partners
Florida
$521K -$83.7K -5,234 -12%
Commonwealth Equity Services
40
Commonwealth Equity Services
Massachusetts
$485K – – –
Invesco
41
Invesco
Georgia
$449K +$521K +32,569 New
BBWP
42
Beacon Bridge Wealth Partners
Pennsylvania
$448K – – –
ECM
43
ExodusPoint Capital Management
New York
$423K +$491K +30,682 New
QC
44
Quadrature Capital
United Kingdom
$411K +$476K +29,757 New
OWP
45
Obermeyer Wealth Partners
Colorado
$407K +$472K +29,500 New
VIA
46
Virtus Investment Advisers
Connecticut
$387K +$88.9K +5,555 +25%
HF
47
HRT Financial
New York
$379K -$605K -37,790 -58%
BAMF
48
BI Asset Management Fondsmaeglerselskab
Denmark
$375K +$11.6K +723 +3%
DCM
49
Dudley Capital Management
Virginia
$364K -$107K -6,662 -20%
DTL
50
Dynamic Technology Lab
Singapore
$304K +$352K +22,035 New
1
2
3 4

NCDL Hedge Fund Activity: Q3 2025 in Review

78 of the 7,621 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q3 2025, worth a combined $188M — down 17% from $228M a quarter earlier.

Buyers outnumbered sellers: 20 funds opened new NCDL positions and 14 closed out — a net gain of 6 holders — while 26 added to existing stakes and 17 trimmed.

The largest buyer was Marshall Wace, opening a new position worth an estimated $3.02M. The largest seller was Blue Owl Capital Holdings, cutting an estimated $15.2M.

  • 78 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q3 2025, up from 72 in Q2 2025.
  • Funds reported $188M of Nuveen Churchill Direct Lending stock for Q3 2025, down 17% quarter-over-quarter.
  • 20 funds opened new Nuveen Churchill Direct Lending positions in Q3 2025 and 14 closed out, a net change of +6 holders.
  • The largest Nuveen Churchill Direct Lending buyer in Q3 2025 was Marshall Wace, an estimated $3.02M added.
  • The largest Nuveen Churchill Direct Lending seller in Q3 2025 was Blue Owl Capital Holdings, an estimated $15.2M sold.

Based on aggregated 13F filings for Q3 2025.