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.
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)
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Marshall Wace
London,
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
New York
|
+$1.6M |
| 5 |
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
New York
|
-$2.2M |
| 3 |
Acadian Asset Management
Boston,
Massachusetts
|
-$1.51M |
| 4 |
TP
Tranquility Partners
Brentwood,
Tennessee
|
-$1.37M |
| 5 |
Two Sigma Advisers
New York
|
-$1.18M |
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.