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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
QFW
51
QTR Family Wealth
Florida
$281K +$325K +20,336 New
GAM
52
Gotham Asset Management
New York
$276K – – –
Citigroup
53
Citigroup
New York
$274K -$19.4K -1,212 -6%
GHA
54
GW Henssler & Associates
Georgia
$262K – – –
MWM
55
Modera Wealth Management
New Jersey
$252K +$12.2K +760 +4%
FOR
56
Family Office Research
Maryland
$225K +$2.64K +165 +1%
VF
57
Virtu Financial
New York
$205K +$237K +14,840 New
Cerity Partners
58
Cerity Partners
New York
$204K +$25.4K +1,585 +12%
Jane Street
59
Jane Street
New York
$155K +$179K +11,210 New
Susquehanna International Group
60
Susquehanna International Group
Pennsylvania
$152K +$177K +11,038 New
VPWA
61
Vestia Personal Wealth Advisors
Indiana
$152K – – –
FA
62
Fedenia Advisers
Wisconsin
$147K – – –
SS
63
Sunbelt Securities
Texas
$145K +$47.9K +2,995 +40%
OWM
64
OneAscent Wealth Management
Alabama
$141K – – –
A
65
AlphaQuest
New York
$135K +$157K +9,789 New
ACM
66
Aquatic Capital Management
Illinois
$131K +$152K +9,518 New
SOW
67
State of Wyoming
Wyoming
$107K +$17.4K +1,090 +16%
GRP
68
Global Retirement Partners
California
$84.6K +$98.1K +6,134 New
QCG
69
Quadrant Capital Group
Ohio
$79.5K +$92.2K +5,763 New
Royal Bank of Canada
70
Royal Bank of Canada
Ontario, Canada
$72K -$736K -46,030 -90%
NA
71
NewEdge Advisors
Louisiana
$63.9K +$1.9K +119 +3%
ASN
72
Advisory Services Network
Georgia
$38K +$44.1K +2,755 New
BNP Paribas Financial Markets
73
BNP Paribas Financial Markets
France
$33.1K +$25.2K +1,573 +190%
CIBC Private Wealth Group
74
CIBC Private Wealth Group
Georgia
$17.9K – – –
S
75
SignatureFD
Georgia
$13.2K – – –
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.