Nuveen Churchill Direct Lending
NCDL
67 hedge funds and large institutions have $194M invested in Nuveen Churchill Direct Lending in 2026 Q1 according to their latest regulatory filings, with 8 funds opening new positions, 25 increasing their positions, 21 reducing their positions, and 22 closing their positions.
19% more repeat investments, than reductions
Existing positions increased: 25 | Existing positions reduced: 21
0% more funds holding in top 10
Funds holding in top 10: 3 → 3 (0)
0.63% less ownership
Funds ownership: 31.49% → 30.86% (-0.63%)
7% less capital invested
Capital invested by funds: $208M → $194M (-$13.5M)
21% less funds holding
Funds holding: 85 → 67 (-18)
64% less first-time investments, than exits
New positions opened: 8 | Existing positions closed: 22
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
BBHC
Brown Brothers Harriman & Co
New York
|
+$7.81M |
| 2 |
AM
Ares Management
Los Angeles,
California
|
+$2.87M |
| 3 |
DCP
Diameter Capital Partners
New York
|
+$2.13M |
| 4 |
Two Sigma Investments
New York
|
+$2.12M |
| 5 |
Invesco
Atlanta,
Georgia
|
+$2.03M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
CEFA
Closed-End Fund Advisors
Richmond,
Virginia
|
-$6.17M |
| 2 |
VanEck Associates
New York
|
-$4.37M |
| 3 |
Corient Private Wealth
Miami,
Florida
|
-$2.31M |
| 4 |
CCM
Callodine Capital Management
Boston,
Massachusetts
|
-$1.33M |
| 5 |
Morgan Stanley
New York
|
-$1.25M |
NCDL Hedge Fund Activity: Q1 2026 in Review
67 of the 8,187 institutional investors tracked by Wall St. Rank reported a position in Nuveen Churchill Direct Lending (NCDL) for Q1 2026, worth a combined $194M — down 6.5% from $208M a quarter earlier.
Sellers outnumbered buyers: 22 funds closed out of NCDL and 8 opened new positions — a net loss of 14 holders — while 21 trimmed existing stakes and 25 added.
The largest buyer was Brown Brothers Harriman & Co, adding an estimated $7.81M. The largest seller was Closed-End Fund Advisors, cutting an estimated $6.17M.
- 67 institutional investors held Nuveen Churchill Direct Lending (NCDL) as of Q1 2026, down from 85 in Q4 2025.
- Funds reported $194M of Nuveen Churchill Direct Lending stock for Q1 2026, down 6.5% quarter-over-quarter.
- 8 funds opened new Nuveen Churchill Direct Lending positions in Q1 2026 and 22 closed out, a net change of -14 holders.
- The largest Nuveen Churchill Direct Lending buyer in Q1 2026 was Brown Brothers Harriman & Co, an estimated $7.81M added.
- The largest Nuveen Churchill Direct Lending seller in Q1 2026 was Closed-End Fund Advisors, an estimated $6.17M sold.
Based on aggregated 13F filings for Q1 2026.