Nuveen Churchill Direct Lending
NCDL
85 hedge funds and large institutions have $208M invested in Nuveen Churchill Direct Lending in 2025 Q4 according to their latest regulatory filings, with 20 funds opening new positions, 23 increasing their positions, 28 reducing their positions, and 13 closing their positions.
54% more first-time investments, than exits
New positions opened: 20 | Existing positions closed: 13
50% more funds holding in top 10
Funds holding in top 10: 2 → 3 (+1)
10% more capital invested
Capital invested by funds: $188M → $208M (+$19.4M)
9% more funds holding
Funds holding: 78 → 85 (+7)
3.89% more ownership
Funds ownership: 27.6% → 31.49% (+3.9%)
18% less repeat investments, than reductions
Existing positions increased: 23 | Existing positions reduced: 28
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
DCP
Diameter Capital Partners
New York
|
+$17.3M |
| 2 |
Invesco
Atlanta,
Georgia
|
+$10.1M |
| 3 |
AM
Ares Management
Los Angeles,
California
|
+$3.35M |
| 4 |
BBHC
Brown Brothers Harriman & Co
New York
|
+$3.29M |
| 5 |
UBS Group
Zurich,
Switzerland
|
+$2.8M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BOCH
Blue Owl Capital Holdings
New York
|
-$13.5M |
| 2 |
Corient Private Wealth
Miami,
Florida
|
-$5.85M |
| 3 |
Marshall Wace
London,
United Kingdom
|
-$2.6M |
| 4 |
SCA
Snowden Capital Advisors
New York
|
-$1.99M |
| 5 |
Goldman Sachs
New York
|
-$1.82M |
NCDL Hedge Fund Activity: Q4 2025 in Review
85 of the 8,267 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q4 2025, worth a combined $208M — up 10% from $188M a quarter earlier.
Buyers outnumbered sellers: 20 funds opened new NCDL positions and 13 closed out — a net gain of 7 holders — while 23 added to existing stakes and 28 trimmed.
The largest buyer was Diameter Capital Partners, opening a new position worth an estimated $17.3M. The largest seller was Blue Owl Capital Holdings, cutting an estimated $13.5M.
- 85 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q4 2025, up from 78 in Q3 2025.
- Funds reported $208M of Nuveen Churchill Direct Lending stock for Q4 2025, up 10% quarter-over-quarter.
- 20 funds opened new Nuveen Churchill Direct Lending positions in Q4 2025 and 13 closed out, a net change of +7 holders.
- The largest Nuveen Churchill Direct Lending buyer in Q4 2025 was Diameter Capital Partners, an estimated $17.3M added.
- The largest Nuveen Churchill Direct Lending seller in Q4 2025 was Blue Owl Capital Holdings, an estimated $13.5M sold.
Based on aggregated 13F filings for Q4 2025.