Nuveen Churchill Private Capital Income Fund

03/29/2023 | Press release | Distributed by Public on 03/29/2023 13:57

Net Asset Value - Form 8-K

ncpif-20230329

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 29, 2023
Nuveen Churchill Private Capital Income Fund
(Exact name of registrant as specified in its charter)

Delaware 000-56412 88-6187397
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
430 Park Avenue, 14th Floor, New York, NY
10022
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 478-9200
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
None N/A N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 8.01 Other Events.

Net Asset Value

In accordance with Nuveen Churchill Private Capital Income Fund's (the "Fund") valuation policy, the Fund intends to sell its shares on the first business day of each month at an offering price that it believes reflects the net asset value ("NAV") per share at the end of the preceding month. The table below sets forth the public offering price for the Fund's Class I shares of beneficial interest, which is approximately equal to its NAV per share.

NAV as of
February 28, 2023
Class I shares
$24.70

As of February 28, 2023, the Fund's aggregate NAV was approximately $260.4 million, the fair value of its investment portfolio was $369.5 million, and it had $124.0 million in secured borrowings outstanding. The Fund generated a 0.80% and 1.64% total net return for Class I shareholders for the 1-month and 2-months ended February 28, 2023, respectively, and a 6.55% total net return for Class I shareholders from March 30, 2022 (date on which Class I shares were issued) to February 28, 2023.

Distributions

On March 29, 2023, the Fund's board of trustees declared a regular distribution for Class I shares of beneficial interest in the amount of $0.23 per share. The distribution is payable to Class I shareholders of record as of March 31, 2023 and the payment date is on April 28, 2023.

Portfolio Update

As of February 28, 2023, the Fund had debt investments and equity investments in 71 portfolio companies with an aggregate of $373.2 million (at cost) and an average position size of 1.21%.1The portfolio companies had a weighted average annual EBITDA of $61 million.2As of February 28, 2023, the Fund's investments consisted of 72.47% first-lien term loans, 9.10% second-lien debt investments, 17.04% of mezzanine debt investments, and 1.39% equity investments (at fair value). As of February 28, 2023, the weighted average yield on the debt and income producing investments at fair value was 11.30%.

1 Average position size (committed par amount) is calculated as a percentage of contributed capital and total size of the credit facility.
2 These calculations include all private debt investments and exclude quoted assets. Amounts are weighted based on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently reviewed by the Fund, and may reflect a normalized or adjusted amount. Accordingly, the Fund makes no representation or warranty in respect of this information.



The industry composition of the Fund's portfolio as a percentage of fair value as of February 28, 2023 was as follows

February 28, 2023
Industry
Automotive 1.05 %
Banking, Finance, Insurance, Real Estate 0.17 %
Beverage, Food & Tobacco 12.57 %
Capital Equipment 2.67 %
Chemicals, Plastics & Rubber 4.06 %
Construction & Building 4.27 %
Consumer Goods: Durable 4.24 %
Consumer Goods: Non-Durable 7.29 %
Containers, Packaging & Glass 4.64 %
Energy: Oil & Gas 5.76 %
Environmental Industries 2.07 %
Healthcare & Pharmaceuticals 6.93 %
High Tech Industries 3.22 %
Media: Advertising, Printing & Publishing 1.87 %
Services: Business 16.75 %
Services: Consumer 7.43 %
Sovereign & Public Finance 1.02 %
Telecommunications 1.82 %
Transportation: Cargo 2.93 %
Wholesale 9.25 %
Total
100.00 %

Past performance is not necessarily indicative of future performance, and there can be no assurance that the Fund will achieve comparable investment results, or that any targeted returns will be met.

Statements contained herein that are not historical facts are based on current expectations, estimates, projections, opinions, and/or beliefs of the Fund's management. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of terms such as "may", "will", "should", "expect", "project", "estimate", "intend", "continue", "target", or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the Fund's actual performance may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions.

The estimates presented above are based on management's preliminary determinations and current expectations only and, consequently, the data set forth in the Fund's Quarterly Report on Form 10-Q for fiscal quarter ending March 31, 2023 may differ from these estimates, and any such differences may be material. In addition, the information presented above does not include all of the information regarding our financial condition and results of operations that may be important to investors. As a result, investors are cautioned not to place undue reliance on the information presented above. The information presented above is based on management's current expectations that involve substantial risk and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information. The Fund assumes no duty to update these preliminary estimates except as required by law.

Neither PricewaterhouseCoopers LLP, the Fund's independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled or performed procedures with respect to the preliminary financial data contained herein. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any form of assurance with respect thereto and assumes no responsibility for, and disclaims any association with, this information.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Nuveen Churchill Private Capital Income Fund
Date: March 29, 2023
By: /s/ Kenneth J. Kencel
Kenneth J. Kencel
Chief Executive Officer and President