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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 3, 2025
 
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.)
         
375 Park Avenue, 9th Floor, New York, NY
 10152
(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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 prices for the Fund’s Class I, Class S, and Class D shares of beneficial interest, which was approximately equal to their respective NAV per share.

NAV as of January 31, 2025
Class I shares$24.81
Class S shares$24.75
Class D shares$24.80

As of January 31, 2025, the Fund’s aggregate NAV was approximately $878.4 million, the fair value of its investment portfolio was $1.7 billion, and it had $853.5 million in secured borrowings outstanding.

As of January 31, 2025, the Fund's Class I, Class S, and Class D shares of beneficial interest generated the following returns:

Inception date1-Month3-MonthYear to Date
1-Year
Since Inception
Class I SharesMarch 30, 20220.85%2.69%0.85%11.01%11.40%
Class S SharesOctober 2, 20230.78%2.48%0.78%9.95%10.99%
Class D SharesOctober 2, 20230.83%2.63%0.83%10.71%11.82%

Distributions

On February 27, 2025, the Fund’s board of trustees (the “Board”) declared regular distributions for each class of its shares of beneficial interests in the amount per share set forth below. The regular distributions are payable to shareholders of record as of February 28, 2025 and the payment date is on or about March 28, 2025.

Gross Regular Distributions
Shareholder Servicing Fee
Net Total Distributions
Class I shares$0.200$—$0.200
Class S shares$0.200$0.017$0.183
Class D shares$0.200$0.005$0.195

Portfolio Update

As of January 31, 2025, the Fund had debt investments and equity investments in 275 portfolio companies with an aggregate of $1.7 billion (at cost) in investments and an average position size of 0.36%.1 As of January 31, 2025, the Fund’s investments consisted of 92.64% first-lien debt investments, 3.17% second-lien debt investments, 3.03% mezzanine debt investments, and 1.16% equity investments (at fair value). As of January 31, 2025, on a fair value basis, 94.44% of the Fund’s debt investments bear interest at a floating rate and 5.56% of the Fund’s debt investments bear a fixed rate. As of January 31, 2025, the weighted average yield on the debt and income producing investments at fair value was 9.67%.2

As of January 31, 2025, our portfolio companies had a weighted average reported EBITDA (including all private debt investments and excluding quoted assets) of $82.3 million. Including all quoted assets as of January 31, 2025, our portfolio companies had a weighted average reported EBITDA of $227.5 million. EBITDA amounts are derived from the most recently available portfolio company financial statements and are weighted based on the fair market value of each respective investment as of its most recent valuation.

1 Average position size is calculated as a percentage of the total fair value of the Fund's investment portfolio.
2 The weighted average yield of the Fund's debt and income producing securities is not the same as a return on investment for the Fund's shareholders, but rather relates to the Fund's investment portfolio and is calculated before the payment of all of the Fund's and its subsidiary’s fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status. Weighted average yield inclusive of debt and income producing investments on non-accrual status at fair value was 9.65%. There can be no assurance that the weighted average yield will remain at its current level.



The industry composition of the Fund’s portfolio as a percentage of fair value as of January 31, 2025 was as follows:

Industry
January 31, 2025
Aerospace & Defense1.96 %
Automotive1.70 %
Banking, Finance, Insurance, Real Estate4.15 %
Beverage, Food & Tobacco4.85 %
Capital Equipment7.49 %
Chemicals, Plastics & Rubber2.60 %
Construction & Building7.35 %
Consumer Goods: Durable1.26 %
Consumer Goods: Non-durable3.53 %
Containers, Packaging & Glass1.13 %
Energy: Electricity1.59 %
Energy: Oil & Gas0.57 %
Environmental Industries4.35 %
Healthcare & Pharmaceuticals12.37 %
High Tech Industries8.07 %
Hotel, Gaming & Leisure0.38 %
Media: Advertising, Printing & Publishing1.02 %
Media: Broadcasting & Subscription0.33 %
Media: Diversified & Production0.31 %
Metals and Mining0.15 %
Retail0.16 %
Services: Business16.62 %
Services: Consumer5.87 %
Sovereign & Public Finance0.54 %
Telecommunications2.50 %
Transportation: Cargo2.03 %
Transportation: Consumer1.12 %
Utilities: Electric2.80 %
Utilities: Water0.58 %
Wholesale2.62 %
Total100.00 %

The Fund's top ten portfolio companies as of January 31, 2025 were as follows:

Portfolio CompanyIndustry% of Fair Value of Investments
Kenco PPC Buyer LLCTransportation: Cargo1.29%
PAG Holding Corp. (Precision Aviation Group)Aerospace & Defense1.17%
Motion & Control Enterprises LLCCapital Equipment1.17%
VMG Holdings LLC (VMG Health)Healthcare & Pharmaceuticals1.17%
Impact Parent Corporation (Impact Environmental Group)Environmental Industries1.16%
Matador US Buyer, LLC (Insulation Technology Group)Energy: Electricity1.15%
ISG Enterprises, LLC (Industrial Service Group)Wholesale1.14%
Olympus US Bidco LLC (Phaidon International)Services: Business1.13%
Transit Buyer, LLC (Propark Mobility)Services: Business1.09%
Soliant Lower Intermediate, LLCServices: Business1.08%




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.

The information presented above is based on the determination of the Valuation Designee as of January 31, 2025. The valuation process is subject to the review and oversight by the Board to determine that the Valuation Designee selected and consistently applied the appropriate valuation methodologies in connection with the Valuation Designee's determination of the fair value of the Fund's portfolio securities. Consequently, the data set forth in the Fund’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2025 may differ from this information, 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. 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 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 3, 2025By:/s/ Kenneth J. Kencel
  
Kenneth J. Kencel
Chief Executive Officer and President