Bloomberg Talks Churchill Asset Management President & CEO Ken Kencel Talks Private Credit
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Nov 14, 2025 
Ken Kencel, President and CEO of Churchill Asset Management, shares insights on the surging popularity of private credit, highlighting its unique advantages in relationship-driven lending. He discusses the potential risks for newcomers in the space and the impact of tariffs and deregulation on middle-market firms. Kencel explains why his firm focuses on financing mid-market companies, emphasizing growth strategy amid strong investor demand and the challenges posed by fee compression in the market.
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Relationship-Led Private Credit Wins
- Private credit success depends on differentiated sourcing, origination, and long-term relationships.
- New entrants will chase opportunistic niches, but established relationship lenders retain an advantage.
Private Credit Comes In Many Flavors
- Private credit is not a single market but many flavors from venture to distressed and asset-based lending.
- Different strategies suit different players; Churchill focuses on traditional middle-market lending.
Limited Tariff Exposure In Mid‑Market Focus
- Churchill finances primarily U.S. mid-market service companies with limited international exposure.
- As a result, less than 10% of their portfolio is materially affected by tariffs.