Gold exploration and discoveries in the Yukon
Additional preliminary assay results from Snowline Gold’s (CSE:SGD,OTC Pink:SNWGF) 2022 drilling program at the Rogue project’s Valley zone in Canada’s Yukon indicate bulk tonnage with strong grades near surface and a promising target, according to Scott Berdahl, the company’s CEO.
Snowline Gold recently intersected 189.2 meters of 1.2 grams per tonne gold near surface in 170 meters step out. The company also commenced metallurgical testing at the Valley discovery.
“We’re in the midst of the discovery even though the drills have shut down from last season. And so that discovery, called Valley, is still taking shape. We have some pretty exciting holes that we’re still awaiting assays for … We’re also doing metallurgy work there, which is a big box to tick, especially for an early stage project.”
Berdhal said similar deposit types have lots of indicators that the project will be a “very workable gold ore” that’s been seen in places like the Eagle mine in Yukon and Fort Knox in Alaska, where these bulk tonnage targets are.
“It’s really a proof of concept for that idea that I mentioned that we launched this company around, and really shows that this district thesis really holds water. And so we’re going back out there to continue to explore it as a district, not lose sight of the bigger picture and hopefully make a few more of these discoveries,” he said.
“We’re coming into 2023 with over $22 million in the bank … We have three drills out there ready to fire up when weather permits in the spring. We’ll be hitting the ground running this year,” Berdhal added.
Watch the full interview with Snowline Gold CEO Scott Berdahl above.
Disclaimer: This interview is sponsored by Snowline Gold (CSE:SGD,OTC Pink:SNWGF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Snowline Goldin order to help investors learn more about the company. Snowline Gold is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Snowline Gold and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
President Joe Biden delivers his State of the Union address to a joint session of Congress on Capitol Hill on Tuesday in Washington. (Yuri Gripas/Abaca Press/TNS)
President Joe Biden used his State of the Union address to double down on his plan to reinvigorate the nation’s home and community-based services system.
During the speech this week, Biden called on Congress to invest in services that allow people with disabilities to receive care in their homes.
“Let’s get seniors who want to stay in their homes the care they need to do so. Let’s give more breathing room to millions of family caregivers looking after their loved ones,” Biden said. “Pass my plan so we get seniors and people with disabilities the home care services they need and support the workers who are doing God’s work.”
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The comments come nearly two years after Biden proposed spending $400 billion on Medicaid home and community-based services with an eye toward expanding access to those currently on waiting lists and strengthening the workforce of direct support professionals.
Last month, a group of federal lawmakers sought to revive the proposal by introducing a bill known as the “Better Care Better Jobs Act” that would provide states the opportunity for a permanent 10 percentage point increase in federal Medicaid matching funds for home and community-based services.
The push to invest in home and community-based services comes as disability service providers continue to struggle to attract and retain direct support professionals, a challenge exacerbated by the COVID-19 pandemic. A survey last fall of providers nationwide found that the vast majority are turning away new referrals and have discontinued programs and services.
David Goldfarb, director of policy at The Arc, said that Biden “sends the right message to Congress” by using the State of the Union to talk about the need to expand home and community-based services.
“Far too many people are on waitlists for services and once off the waitlist there are not enough workers to support individuals due to the low pay for these jobs,” Goldfarb said. “(Biden) also highlighted a number of other important issues for people with disabilities and their families, including paid family leave, restoring the full child tax credit and access to affordable child care.”
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There’s been an increasing number of hurdles placed in front of property investors in the past couple of years.
With weaker market conditions I thought it was a good time to check in on the fundamentals to see whether it will be enough for property investors to jump back into action*.
It’s tough to get the sums to stack up at present
Given 40 per cent deposits (unless buying a new-build), low gross rental yields, higher mortgage rates (not to mention tough serviceability tests), increased compliance costs, removal of interest deductibility, and flattening rents, there are several key challenges for a would-be new investor.
With these challenges, it’s little wonder the CoreLogic Buyer Classification data shows that mortgaged multiple property owners (MPOs, including investors) are currently running at about a 21 per cent share of purchases, close to all-time lows.
Not a total disaster
That being said, the situation is not a total disaster.
Those figures still mean that one in every five deals is going to a mortgaged MPO.
Kept in context, it’s within a low overall number of transactions.
But clearly some investors are still finding value and new-builds are no doubt one of these opportunities.
Anecdotally there are relative ‘bargains’ to be picked up, with some developers looking to shift stock so they can crack on with their next project.
In the weak market, others will simply be doing deals on existing properties at discounted prices.
Cash remains king
Meanwhile, cash MPOs (yes, they do survive in any economic storm) are enjoying the weak market conditions too.
Their share of purchases has risen to a record high from around 10 per cent in late 2021 to closer to 15 per cent now.
In a market where finance is restricted and costly, it stands to reason that ‘cash is king’.
When we look at investor activity by size of portfolio, the decline in market share has tended to be a bit bigger for those with fewer properties – in other words, the ‘mums and dads’ have found the going a bit tougher than bigger landlords.
Again, that makes sense in the current market conditions, given having the resources or banking relationships for a deposit to keep buying is challenging.
Investor crystal balling
If we put ourselves in the shoes of an investor, what would be worth considering over the coming months and is it a time to buy?
The first question, for investors and buyers more broadly, is to ask when property values might bottom out?
No one knows exactly, but my working assumption is that as mortgage rates finally peak in the next few months (if they haven’t already), we may see sales activity pick up a little in the second half of the year and property values in many parts of the country find a floor.
Will National win the Election and reinstate interest deductibility?
This scenario does seem to be getting more likely as the days go by, but it’s probably still prudent to work the numbers on what we know now, and if the rules change, that’s a bonus for investors.
How will lending rules evolve?
I’m not anticipating any changes to the loan to value ratio rules (LVRs) this year, although November’s Financial Stability Report might signal a loosening in 2024, which would be when the formal caps on debt to income ratios are likely to be introduced.
The cap could be set at seven for all borrowers, with a speed limit system and new-build exemption.
You can find a handy RBNZ LVR explainer here.
Ultimately, I suspect many would-be investors are currently weighing up the need to top-up a property investment’s cashflow from other income sources over a three- to five-year horizon versus the scope for renewed capital gains over that period, which are uncertain and only ‘on paper’ until realised.
It’s by no means an easy balancing act, but one factor that will work in favour of investors are signs that net migration is back in the black – a boost for tenant demand and rents this year.
Three bills have recently been proposed by a trio of California state legislators concerning ESG financial disclosures and investing. The first, SB 253, would “require all large corporations that do business in California to publicly disclose their greenhouse gas (emissions) in line with the Greenhouse Gas Protocol . . . [and] [t]hese disclosures will include corporate supply chains (scope 3), which can include in excess of 90% of a corporation[‘]s carbon emission.” The second, SB 261, “is modeled on the climate disclosure rules used by CALSTRS and hundreds of major financial institutions, as well as Federal securities risk disclosures that focus on financial risk related to the climate crisis.” And the third, SB 252, “harnesses the power of California’s public investment funds, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), to push businesses to act on climate change while protecting these vital public funds from fossil fuels’ inherent volatility.” While none of these three bills have yet passed the California Legislature nor been enacted into law, these proposed bills nonetheless send a clear and unmistakable message.
First, the state legislators in California (and presumably other similarly-aligned states) are prepared to take on those state governments that have displayed an intent to combat ESG-aligned investing. Indeed, the press release issued by one of the state senators proposing this legislation specifically states that “[l]eaders in Texas, Florida, West Virginia, and elsewhere have bowed to anti-science activists and fossil fuel interests and threatened corporate leaders who have attempted to disclose and cut climate pollution” and describes “[t]he chilling effects of these efforts” as extending to California–and hence the proposed response. The blue-state/red-state divide concerning ESG investing appears to be increasing, as are the accompanying difficulties imposed on corporate America in navigating these competing legal regimes.
Second, to the extent the federal government retreats from elements of the SEC’s currently proposed rule on climate disclosures–such as the disclosure of Scope 3 GHG emissions–it is now clear that certain states will demand such a disclosure regardless. (And as most national or international companies have a presence in California, even a law limited in scope to those companies doing business in California will have a widespread and significant effect on corporate America.)
Absent clear action from the federal government that preempts these various efforts to impose a particular vision of ESG investing or of a financial disclosure regime concerning climate change, it is clear that the various states will embark on diverse and mutually contradictory paths. And it is not clear that even firm federal action–to the extent such is even possible in the near future–will be able to resolve these differences.
In recent years, many corporations that have attempted to take steps to improve transparency and lower emissions have faced serious pushback from governments in other states. Leaders in Texas, Florida, West Virginia, and elsewhere have bowed to anti-science activists and fossil fuel interests and threatened corporate leaders who have attempted to disclose and cut climate pollution. The chilling effects of these efforts extend far beyond the states in which they’ve been successful. If banks, pension funds, asset managers and multinational corporations fail to transparently and uniformly disclose and plan for climate impacts and related risks to their businesses, the result will be serious damage to Californians’ savings, economy, and environment. The Climate Accountability package re-establishes California leadership on these issues … to increase transparency around corporations’ emissions and investments.
Data centres have been identified as alternative investments in real estate as the business environment continues to evolve owing to changing consumption patterns of the market.
A report by global property firm Knight Frank cites these changing consumption patterns to be the reason behind some retailers quitting the Kenyan market.
In the report documenting how the Kenyan real estate market performed over the second half of 2022, Knight Frank urges investors in industrial warehouses to rethink their business.
Just as data centres are emerging as another lifeline for investors in this sector, so is the warehouse business which the report notes that there is a demand yet what is in the market is not what is needed.
Businesses, says the report, are looking for warehouses that are renewable energy-friendly and it happens there are not so many in the market.
“Solar power is gaining popularity as the call for clean energy and the need to cut costs become critical,” reads the report titled Kenya Market Update H2 2022.
It references the Corporation for Africa and Overseas (CFAO), formerly Toyota Kenya’s acquisition of a 35 per cent stake in one of East Africa’s major providers of solar installation services, Ofgen. The firm(Cfao) has also installed solar panels in its existing facilities and will be doing the same in upcoming ones.
“The push for renewable energy has also received a boost from the government of Kenya,” adds Knight Frank noting firms like Solar One Limited which will be up and running by end of 2023 with intentions of serving some parts of the Nyanza region.
“There is a rising demand for quality industrial facilities (Grade A) since an overwhelming number of the existing stock is outdated and does not meet the threshold standards for modern warehouses.”
The report notes data centres are gradually becoming popular to investors in the sector as the demand for internet and e-business continues to shift upwards.
“Data centres provide a cheaper and more efficient IT capability than inbuilt servers. They offer cloud services and allow organisations to focus on their core functions,” the report says.
The report notes an agreement between IX Africa, a colocation data centre provider, with Helios Investment Partners, one of Africa’s leading private equities, where the latter will invest up to Sh6 billion ($50 million) to help the former continue the development of its Nairobi campus.
Icolo, another supplier of data centres, is noted to have completed their newest facility dubbed ‘MBA2’. MBA2 is in Nyali and is the second iColo data centre in Mombasa, MBA2 has a capacity of 1.7MW and 13, 000 square feet of floor space.
“Investors are always searching for the most profitable asset to invest in within their risk acceptance,” the report says.
Investment in alternative business lines like data centres and modern warehouses has become necessary when major drivers of the sector, like retail, are undergoing some adjustments.
“Supermarket chains in Kenya have had contrasting fortunes with Naivas, Quickmart,
Chandarana, and Carrefour continuing to expand while Uchumi, Tuskys, Nakumatt, Shoprite, Game Stores, and Choppies shutting down either through bankruptcy or exiting the market,” the report notes.
This, the report says, may perhaps be attributed to the low penetration of modern retail in Kenya.
“A report by Boston Consulting Group (BCG) noted that 77 per cent of retail sales are made in traditional retailers (commonly known as duka),” says the report. “This depicts the existence of a large consumer base for supermarket chains to target as the number of middle-income earners continues to increase.”
During the period, the report documents that Carrefour opened three branches – Kilimani, Valley Arcade, and Nairobi central business district (CBD) – to increase its total branches to 19 while Naivas opened seven stores in Eldoret, Nairobi West, Uthiru, Meru, and Westlands – to take its total stores to 91 and strengthening its position as Kenya’s retail leader.
Chandarana Foodplus, a family-owned retail chain, opened their latest 26 stores at Azalea Square along General Mathenge in Westlands.
Knight Frank also notes there is more potential in student accommodation and area that has not been fully exploited. This area currently is dominated by Acorn Holdings Limited(AHL) known for the Qwetu student hostels.
“Of real estate assets in Kenya, purpose-built student accommodation (PBSA) has proven to be marginally above traditional real estate classes – a trend that is widely observable worldwide,” the report says.
In Kenya, says Knight Frank, PBSA generally registers a return of about 8 per cent while prime residential attracts returns of approximately 4.0 per cent.
As investment in this sector increases, the returns may minimally fall. It is expected that in the foreseeable future, PBSA will remain more profitable as universities (public and private) struggle to accommodate the ever-increasing number of students,” the report says.
Las Vegas — Opportunities will arise for savvy business owners this year, and the key to maximizing their potential begins with a strong balance sheet and an embrace of dislocation, says Joe Zidle, senior managing director and chief investment strategist for Blackstone, a leading global investment business and owner of International Market Centers.
During an exclusive interview with HTT sister publication Furniture Today, Zidle offered several insights into the economic roller coaster ride many businesses are currently navigating, along with ample reason for optimism.
During the recent Las Vegas Market, you provided a few key takeaways about the upcoming year. Can you share some of that information?
Absolutely. First, I think we’re still likely to feel the effects of higher interest rates this year because there is a lag between higher interest rates and impact on the economy, and that can put pressure on growth. But I’m optimistic because even as those higher interest rates affect or slow growth, the silver lining is household balance sheets. Seventy percent of the economy is consumption, and household balance sheets are some of the healthiest we’ve seen in our data.
Next, an additional silver lining for consumers is that the labor market is strong, and there is a 50-year low in unemployment. These are positive factors.
Finally, the hospitality and travel industries are experiencing strong demand, and as China shifts from a zero-COVID policy, global travel opens up even more. There is pent-up demand for travel and excess savings of a trillion dollars more than pre-COVID in China, so as the second largest economy in the world prepares to reopen, there are a lot of different parts of the economy that will benefit.
In your opinion, what will be the defining issues for the economy in 2023? How do you think these issues might collide or synergize over the next 12 months?
Housing is top of mind for many. There’s a confluence of a couple of different things happening in the housing sector.
First, Baby Boomers want to age in place, reducing the amount of housing turnover.
Second, we have a demographic boost of people turning 30 — Millennials turning 30 in relatively high numbers. At the same time, there has been a chronic undersupply of new homes built ever since the end of the Great Financial Crisis, which translates into a cumulative deficit of more than 3 million homes. These fundamentals make it an attractive place to invest.
One of the challenges facing the housing industry is the lack of qualified labor. How does that fit into the equation?
The shortage of labor is something that is impacting just about every industry. Across all of our portfolios that include around 250 companies and 700,000 employees, labor shortages are top of mind. The Fed forecasted unemployment to rise from 3.5% to 4.6%, 110 basis points, by year end, which it believes would be enough to bring down wage pressure.
The challenge is that 70 years of data shows us that once the unemployment rate moves up a little, it usually moves up a lot, and interest rates are a blunt instrument. Labor markets are very tight right now, and labor shortages will continue to be a challenge, but I think technology will provide some solutions that help alleviate some of the issues.
Many business owners feel that they have been in a constant pivot since 2020 and that some of the former business adages no longer apply. With that in mind, what are some of the post-pandemic adages that business owners can include in their “new normal” strategy?
Think about the lyrics from that song from the 1990s hit “Closing Time”: ‘Every new beginning comes from some other beginning’s end.’ It’s important to remember that history shows us there are always opportunities in dislocation.
First, companies should make sure they have staying power and ask themselves if they are well-capitalized with interest rates higher and less liquidity. ‘Do I have access to capital or lending to ride out the cycle?’
A lot of companies used the past few years to term out their debts. Additionally, the duration of corporate bonds is nearly the longest in history. Again, there are always opportunities in dislocation.
In what is likely to become a more challenging environment, we’ll see greater separation between strong companies and the rest in each sector, and the companies with a stronger balance sheet and a plan in place will come out stronger on the other side.
Joe Zidle is a senior managing director and the chief investment strategist in Blackstone’s Private Wealth Solutions group. He is a leading alternative asset manager with $975 billion in assets under management. Zidle previously worked at Richard Bernstein Advisors and spent nearly a decade at Bank of America Merrill Lynch. He holds a Bachelor degree in Economics and History from Emory University.
Read on for a discussion about the drivers behind this changing dynamic – and the state of real estate in general – with Beverley Kilbride, European COO of LaSalle Investment Management, and Andy Poppink, CEO of JLL EMEA Markets.
What’s driving demand for quality real estate from an occupier standpoint?
Andy Poppink: Most real estate executives – three out of four, according to JLL research – believe the office is key to their future. They want their people back together, collaborating and innovating, so they’re seeking flexible, amenity rich, quality workspaces. Remember, it’s still a historically tight labor market, so the competition to attract and retain quality people remains extremely high.
Second, they want to meet ESG requirements due to both regulatory demand and the true demand of their clients, customers and people.
Finally, and more recently, they’ve become very concerned about the economic impact of the bottom line on their businesses, real estate and labor force.
Those three things are top of mind for occupiers now and for each of those, they need investor partners who are providing space, leases and terms that help them achieve those goals.
What about with investors? What’s driving them to quality?
Beverley Kilbride: On the investor side, ESG is definitely the main driver. But there’s been a shift from good intentions to creating a measurable ESG journey. That’s because their tenants are now asking about the carbon footprint of the actual building and how that will translate into operational performance.
We’re seeing this flight to quality globally and across all sectors, not just offices. But when it comes to office space, the implementation of hybrid work and projections from organizations about future space requirements means we’re seeing occupiers asking for a reduction in the number of desks, coupled with an increase in collaborative space and a very high level of service.
Nuveen Churchill Private Capital Income Fund Is Differentiated By Access to Both Private Debt and Equity Co-Investments
NEW YORK, Feb. 8, 2023 /PRNewswire/ — Nuveen, the $1.1 trillion investment manager of TIAA, and Churchill Asset Management, an investment-specialist affiliate of Nuveen, today announced that Nuveen Churchill Private Capital Income Fund (PCAP) will offer qualified individual investors1 access to private capital investments across the U.S. middle market that have typically been available only to institutional investors.
PCAP, which is an income and total return focused strategy structured as a perpetual-life non-traded business development company (BDC), primarily invests in middle market senior loans and junior capital. Allocations to private equity co-investments are a differentiator, providing upside potential and exposure to a hard-to-tap asset class.
Reflecting the conviction that the traditional middle market capital asset class is well-positioned in an inflationary and rising rate environment, PCAP launches with an investment portfolio of approximately $350M, including a commitment of more than $250M from TIAA, Nuveen’s parent company.
“The middle market stands out as one of the most vibrant, appealing sectors in the U.S. economy, with a large target universe of companies poised for private capital investment,” said Ken Kencel, President and CEO of Churchill Asset Management. “Recent volatility and more limited availability of credit in the public markets has only accelerated middle market demand for flexible financing solutions across the capital structure, creating a unique opportunity for investors to capitalize on this long-term trend.”
“We’re pleased to be able to provide this new offering, which emphasizes risk management, selectivity, diversification and a rigorous underwriting process, to an even broader global cohort of advisors and their clients through Nuveen’s key marketplace relationships,” said Kencel.
Individual Investors Seek Exposure to Private Market and Alternative Asset Classes
“Like our institutional clients, individual investors are increasingly focused on growing their exposure to alternative investment strategies. We are focused on providing innovative products that meet investors’ needs,” said Mike Perry, Head of Nuveen’s Global Client Group. “With inflation and rising rates challenging global stock and bond markets, the benefits of non-publicly traded debt and equity are well-established in diversifying exposures and increasing overall income and return potential.”
“The launch of PCAP provides individual investors access to the scale of Churchill’s nationally recognized, middle market private capital platform and established track record in sourcing attractive and differentiated investing opportunities,” said Perry.
A Leading Capital Provider to the U.S. Middle Market
With $46 billion in committed capital2, Churchill provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. Churchill also invests over $1 billion annually as a limited partner to private equity firms —a key differentiator when sourcing deals that drives a significant level of high-quality deal flow. Churchill recently completed a $12 billion third-party capital raise for its senior lending program and an oversubscribed $737 million final closing for its Junior Capital Opportunities Fund II, with a record-setting year of investment activity across its platform in 2022.
In October 2022, Nuveen, the investment manager of TIAA, announced the acquisition of Arcmont Asset Management, a leading European private debt investment manager. Establishing a partnership through which Arcmont and Churchill will come together to expand Nuveen’s private capital expertise and presence into Europe, Nuveen Private Capital was formed, creating one of the world’s largest private debt managers.
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.1 trillion in assets under management as of 31 Dec 2022 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
About Churchill, an investment-specialist affiliate of Nuveen
Churchill provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With over $46 billion of committed capital, Churchill provides first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles. Our unique origination strategy, best-in-class execution and investment are driven by more than 150 professionals in New York, Charlotte, Chicago, Dallas, and Los Angeles. More information can be found at www.churchillam.com.
The information included in this material is restricted from residents of certain states and is not available to persons located in the states of: Kansas, Maryland, Massachusetts, New Jersey, Oklahoma, and Washington. You should seek independent financial advice before viewing any material.
The Nuveen Churchill Private Income Fund is restricted from residents of certain states and is not available to persons located in: Kansas, Maryland, Massachusetts, New Jersey, Oklahoma, Washington.
Past performance is no guarantee of future results.
This material must be preceded or accompanied by a prospectus for Nuveen Churchill Private Credit Income Fund. This press release does not constitute an offer to sell or a solicitation of an offer to buy any security. An offering is made only by a prospectus to individuals who meet minimum suitability requirements. This press release must be read in conjunction with PCAP’s prospectus in order to understand fully all the implications and risks of the offering of securities to which it relates. A copy of the prospectus must be made available to you in connection with an offering. Neither the Securities and Exchange Commission nor any other state securities regulator has approved or disapproved of our securities or determined if the prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Nuveen products may be subject to market and other risk factors. See the applicable product literature or visit nc-pcap.com for details.
Investments in middle market loans are subject to certain risks. Please consider all risks carefully prior to investing in any particular strategy. These investments are subject to credit risk and potentially limited liquidity, as well as interest rate risk, currency risk, prepayment and extension risk, inflation risk, and risk of capital loss. Diversification is a technique to help reduce risk. It is not guaranteed to protect against loss.
Investing in PCAP’s common shares of beneficial interest (Common Shares) involves a high degree of risk. See full information pertaining to “Risk Factors” in the prospectus. Also consider the following:
We have no prior operating history and there is no assurance that we will achieve our investment objective.
You should not expect to be able to sell your Common Shares regardless of how we perform.
You should consider that you may not have access to the money you invest for an extended period of time.
We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop.
Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure in any market downturn.
We intend to implement a share repurchase program, but only a limited number of Common Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions and limitations. See “Share Repurchase Program” and “Risk Factors” in the prospectus.
An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.
We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such other sources.
Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Churchill Asset Management LLC, the investment adviser (Adviser), or its affiliates, which may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
We intend to use leverage, which will magnify the potential for loss on amounts invested in us. See “Risk Factors -Risks Related to Debt Financing” in the prospectus.
We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
An investor will pay a sales load of up to 3.50% and offering expenses of up to 0.75% on the amounts it invests in Class S shares. If you pay the maximum aggregate 4.25% for sales load and offering expenses for Class S shares at the current purchase price of $25.00, you must experience a total return on your net investment of 4.44% in order to recover these expenses. Additionally, Class S shares are subject to a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly.
An investor will pay a sales load of up to 1.50% and offering expenses of up to 0.75% on the amounts it invests in Class D shares. If you pay the maximum aggregate 2.25% for sales load and offering expenses for Class D shares at the current purchase price of $25.00, you must experience a total return on your net investment of 2.30% in order to recover these expenses. Additionally, Class D shares are subject to a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month, payable monthly.
An investor will pay offering expenses of up to 0.75% on the amounts it invests in Class I shares. Accordingly, you must experience a total return on your net investment of 0.76% in order to recover the expenses for Class I shares.
Distributed by Nuveen Securities, LLC. Churchill Asset Management is a registered investment advisor and an affiliate of Nuveen, LLC.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. Past performance is no guarantee of future results. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
TIAA and Nuveen products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa.org for details.
1 Eligible investors either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability standards. See prospectus for more information.
2 The term “committed capital” refers to the sum of assets under management and capital legally committed to client accounts in the form of capital commitments from equity investors, committed financing from leverage providers, notes sold in the capital markets or any capital otherwise legally committed and available to fund investments that comprise assets under management as of December 31, 2022.
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While Beijing has wound down sweeping crackdowns on digital platform firms, new elements of regulatory supervision came to bear in the second half of 2022. Although high-level statements emphasized the importance of foreign investment and fair treatment for the private sector, specific policies reinforced state supervision over private companies, especially on the sensitive matter of data security. At a State Council Information Office press conference last November, Wang Song, the information development bureau head of the Cyberspace Administration of China (CAC), said the internet regulator—which led the crackdown on ride-hailing giant Didi in 2021—is responsible for encouraging and supporting what the government terms the healthy development of inter- net platform enterprises. Wang flagged the importance of platform companies for economic growth and society. Taken together, these are clear signs that Beijing is concerned about restoring economic growth—but its willingness to let the market guide the way to eco- nomic recovery is far from certain.
Despite promises by senior Chinese officials to boost foreign investment, the government took steps to strengthen supervision of foreign firms. The China Securities Regulatory Commission (CSRC) revised rules governing publicly offered securities investment funds, requiring the Chinese subsidiaries of foreign-owned fund managers—such as Fidelity and BlackRock—and foreign Chinese joint ventures to create Communist Party cells. While it is difficult to gauge the impact of individual Party cells, for foreign companies their presence raises the specter of having to consult a Party cadre when making company decisions, heightening the risk of government interference.
Though the regulatory crackdown is winding down, the China National Knowledge Infrastructure (CNKI) academic resource database did not escape scrutiny, becoming the subject of both an antitrust and a security investigation. The State Administration for Market Regulation (SAMR) concluded that CNKI, which enjoys a near-monopoly on academic journal access, “abused its dominant market position” by increasing subscription fees and slapped the company with a hefty RMB 87.6 million fine, amounting to 5 percent of its 2021 annual revenue. By comparison, Alibaba and Meituan were only fined 4 percent and 3 percent of their annual revenues, respectively, in previous SAMR investigations. CNKI’s security investigation is potentially more serious, as it addresses the sensitive nature of data access and management. CAC, which carries broad responsibilities for internet and data security, launched a cybersecurity probe into CNKI to “prevent national data security risks, safeguard national security, and protect public interests.” This investigation is ongoing.
Pro-market, business-friendly messages notwithstanding, the government’s commitment to industrial policy is clear. Purchase tax exemptions on new energy vehicles (NEVs) were extended through the end of 2023—the third time such an extension has been granted. Hands-on intervention in 2022 to drive economic recovery in this sector led to twice the number of domestic NEV sales year- on-year, while traditional car sales contracted by 13 percent com- pared to 2021 levels. This comes at a time when the United States, the European Union (EU), and others seek to sustain their own domestic EV industries rather than concede the market to China.
MetLife Investment Management (MIM) has signed a definitive deal to purchase US-based alternative investment company Raven Capital Management for an undisclosed sum.
Raven, which currently makes investments in the private credit space, specialises in primary origination, underwriting as well as implementation and management of middle market direct asset-driven investments.
Until 31 December 2022, the firm’s total assets under management was $2.1bn.
The latest deal, which awaits approval of customary closing conditions, is set to help MIM in further expanding its private credit solutions.
MIM, the institutional asset management unit of insurance giant Metlife, also aims to accelerate the growth of its overall origination in the asset classes and sectors where Raven has expertise.
MIM president and MetLife executive vice president and chief investment officer Steven Goulart said: “A distinguishing feature of MIM is our ability to originate differentiated private investment opportunities for our clients.
“The addition of Raven Capital Management will broaden and further distinguish our offerings in higher yielding private credit and alternative investments.
“MIM will be able to deliver more for our clients and continue to expand our range of capabilities and complementary investment strategies.”
In December last year, MIM concluded the purchase of environmental, social and corporate governance (ESG) impact fixed income investment manager Affirmative Investment Management (AIM).
The deal, which was aimed at helping MIM to grow its ESG investment and reporting capabilities, was announced in August last year.