Nuveen Churchill Direct Lending
NCDL
72 hedge funds and large institutions have $228M invested in Nuveen Churchill Direct Lending in 2025 Q2 according to their latest regulatory filings, with 11 funds opening new positions, 32 increasing their positions, 19 reducing their positions, and 19 closing their positions.
68% more repeat investments, than reductions
Existing positions increased: 32 | Existing positions reduced: 19
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
0.17% less ownership
Funds ownership: 28.16% → 27.99% (-0.17%)
8% less capital invested
Capital invested by funds: $248M → $228M (-$19.8M)
10% less funds holding
Funds holding: 80 → 72 (-8)
42% less first-time investments, than exits
New positions opened: 11 | Existing positions closed: 19
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
VanEck Associates
New York
|
+$13.8M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$4.31M |
| 3 |
OWA
Opal Wealth Advisors
Jericho,
New York
|
+$2.5M |
| 4 |
HWAM
Hennion & Walsh Asset Management
Parsippany,
New Jersey
|
+$1.12M |
| 5 |
HF
HRT Financial
New York
|
+$1.03M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
SCA
Snowden Capital Advisors
New York
|
-$5.75M |
| 2 |
Renaissance Technologies
New York
|
-$4.92M |
| 3 |
Nuveen
Charlotte,
North Carolina
|
-$4.26M |
| 4 |
Millennium Management
New York
|
-$3.52M |
| 5 |
Marshall Wace
London,
United Kingdom
|
-$3.11M |
NCDL Hedge Fund Activity: Q2 2025 in Review
72 of the 7,613 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q2 2025, worth a combined $228M — down 8% from $248M a quarter earlier.
Sellers outnumbered buyers: 19 funds closed out of NCDL and 11 opened new positions — a net loss of 8 holders — while 19 trimmed existing stakes and 32 added.
The largest buyer was VanEck Associates, opening a new position worth an estimated $13.8M. The largest seller was Snowden Capital Advisors, cutting an estimated $5.75M.
- 72 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q2 2025, down from 80 in Q1 2025.
- Funds reported $228M of Nuveen Churchill Direct Lending stock for Q2 2025, down 8% quarter-over-quarter.
- 11 funds opened new Nuveen Churchill Direct Lending positions in Q2 2025 and 19 closed out, a net change of -8 holders.
- The largest Nuveen Churchill Direct Lending buyer in Q2 2025 was VanEck Associates, an estimated $13.8M added.
- The largest Nuveen Churchill Direct Lending seller in Q2 2025 was Snowden Capital Advisors, an estimated $5.75M sold.
Based on aggregated 13F filings for Q2 2025.