Nuveen Churchill Direct Lending
NCDL
80 hedge funds and large institutions have $248M invested in Nuveen Churchill Direct Lending in 2025 Q1 according to their latest regulatory filings, with 17 funds opening new positions, 24 increasing their positions, 29 reducing their positions, and 18 closing their positions.
100% more funds holding in top 10
Funds holding in top 10: 1 → 2 (+1)
6% less first-time investments, than exits
New positions opened: 17 | Existing positions closed: 18
1% less funds holding
Funds holding: 81 → 80 (-1)
1.29% less ownership
Funds ownership: 29.44% → 28.16% (-1.3%)
8% less capital invested
Capital invested by funds: $269M → $248M (-$21.6M)
17% less repeat investments, than reductions
Existing positions increased: 24 | Existing positions reduced: 29
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Two Sigma Advisers
New York
|
+$7.32M |
| 2 |
Two Sigma Investments
New York
|
+$4.85M |
| 3 |
Wealth Enhancement Advisory Services
Plymouth,
Minnesota
|
+$4.62M |
| 4 |
Morgan Stanley
New York
|
+$3.36M |
| 5 |
Renaissance Technologies
New York
|
+$2.86M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
N
Nuveen
Charlotte,
North Carolina
|
-$20.2M |
| 2 |
JP Morgan Chase
New York
|
-$12.6M |
| 3 |
IC
IEQ Capital
Foster City,
California
|
-$4.8M |
| 4 |
Corient Private Wealth
Miami,
Florida
|
-$3.56M |
| 5 |
Goldman Sachs
New York
|
-$2.55M |
NCDL Hedge Fund Activity: Q1 2025 in Review
80 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q1 2025, worth a combined $248M — down 8% from $269M a quarter earlier.
Sellers outnumbered buyers: 18 funds closed out of NCDL and 17 opened new positions — a net loss of 1 holder — while 29 trimmed existing stakes and 24 added.
The largest buyer was Two Sigma Advisers, adding an estimated $7.32M. The largest seller was Nuveen, cutting an estimated $20.2M.
- 80 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q1 2025, down from 81 in Q4 2024.
- Funds reported $248M of Nuveen Churchill Direct Lending stock for Q1 2025, down 8% quarter-over-quarter.
- 17 funds opened new Nuveen Churchill Direct Lending positions in Q1 2025 and 18 closed out, a net change of -1 holder.
- The largest Nuveen Churchill Direct Lending buyer in Q1 2025 was Two Sigma Advisers, an estimated $7.32M added.
- The largest Nuveen Churchill Direct Lending seller in Q1 2025 was Nuveen, an estimated $20.2M sold.
Based on aggregated 13F filings for Q1 2025.