The business development fund reported $1.4 billion in net asset value and steady portfolio returns across all share classes for March.

April 30, 2026

Nuveen Churchill Private Capital Income Fund disclosed on April 29, 2026 that it has entered into an agreement with its investment adviser, Churchill PCIF Advisor LLC, to waive 50 percent of the income-based incentive fee owed by the fund for the period spanning March 1 through March 31, 2026. The waiver agreement, executed April 28, does not modify the underlying calculation methodology established in the original investment advisory agreement from May 2024, which was previously amended in July 2025. All other terms of the advisory relationship remain intact.

Valuation and Portfolio Snapshot

In the same disclosure, the fund updated investors on its March 31, 2026 valuation metrics. Class I and Class D shares were valued at $24.02 per share, while Class S shares stood at $23.94. Aggregate net asset value reached approximately $1.4 billion, supported by an investment portfolio with a fair value of $2.4 billion. The fund carried $994 million in secured borrowings as of the reporting date.

Performance Across Share Classes

Performance results showed continued positive returns across all share classes:

• Class I shares (launched March 2022): one-year return of 6.86 percent, three-year return of 10.98 percent, and since-inception annualized return of 10.69 percent.
• Class S shares (launched October 2023): one-year return of 5.91 percent and since-inception return of 8.97 percent.
• Class D shares (launched October 2023): one-year return of 6.64 percent and since-inception return of 9.84 percent.

Distributions Declared

The fund’s board also declared regular monthly distributions of $0.170 per share across all classes, payable around May 28 to shareholders of record as of April 30. After accounting for shareholder servicing fees, net distributions amount to $0.170 for Class I, $0.153 for Class S, and $0.165 for Class D.

Portfolio Composition

The portfolio comprises 337 companies with an average position size of 0.30 percent. First-lien debt represents the dominant exposure at 92.90 percent of fair value, with the remainder split among second-lien debt, mezzanine and structured debt, and equity holdings. Floating-rate instruments account for 96 percent of debt holdings, generating a weighted average yield of 8.75 percent. Portfolio companies have a weighted average EBITDA of $90.4 million on a private-debt basis, climbing to $186.7 million when quoted assets are included.

Sector exposure remains concentrated in business services at 18.40 percent, healthcare and pharmaceuticals at 14.23 percent, and high-tech industries at 9.01 percent. Top holdings include Healthspan Buyer (Thorne HealthTech), FirstCall Mechanical Group, and Transit Buyer (Propark Mobility), each representing roughly 1 percent or more of fair value.