Churchill Private Credit
Anyone have any insights on their senior lending team? Thanks in advance.
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Haven't had any direct interaction with them, but they have been insanely active last year/this year and have raised a lot of money. Some of the terms we've seen them provide sponsors/borrowers are incredibly aggressive from both a pricing and looseness of docs perspective. They have a pretty good angle by being an LP in many PE funds, so they get pretty good looks from a lot of sponsors.
Appreciate it
My understanding is they underwrite their sponsors on the front end when they commit to a fund. I would not call their credit diligence rigorous. The model is underwrite the sponsor, commit to the fund with the "if we commit, we get first look at financing" mantra, then do almost every deal the sponsor asks. They have been trying to offload some positions.
Agree. In my experience, they'll roll over for whatever the sponsor wants. Not great to be in a club with them.
Who are the PC firms infamous for rolling over to sponsors? My impression was that the PC space is moving there anyway given how much capital has flooded in and low deal flow. Not judging DL for being easy, just curious.
All of them. Jokes aside, the “hard” part of underwriting (and what is hard for firms to do right) is balancing between being commercial and not losing $ / doing stupid deals. You’re always playing a game. Act too sponsor unfriendly and no one shows you deals or you only get looks for bad deals. Act too sponsor friendly and you blow up.
If you don’t like that, then do other asset classes where it’s more pure investing.
From a European perspective, it seems any decent sub 150m ticket has an army of shops desperate to deploy. Recently saw a doc on a 40m EBITDA business that was comparable to syndicated deal lol
That is a recipe for disaster but I guess once you get so much AUM they don’t care
Bump in case anyone's got additional color
What is pay like?
some interesting takes on this thread. i’ve seen them stay conservative and not be willing to do uni deals without a covenant - think that’s broadly their mandate regardless.
They’ll do stuff with a cov but it will be cov loose (ie high cov that will never get triggered) or with meaningless EBITDA def
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