On October 28, 2025, Crowd Street introduced direct access to two new private market funds, Nuveen Churchill Private Capital Income Fund (PCAP) and StepStone Private Markets Fund (SPRIM).
PCAP and SPRIM represent Crowd Street's first fund offerings investing in private companies to help them grow and evolve. Nuveen and StepStone are both among the leading global private markets managers,1 and these funds will provide our members with the ability to build a portfolio on their own terms.
PCAP is a perpetual-life, non-traded business development company focused on the opportunity for income and potential for attractive risk-adjusted return from investments in U.S. middle market companies. The Fund is managed by Churchill Asset Management, a $55B2 investment-specialist affiliate of Nuveen and leading private capital manager with 200+ investment professionals and a 19+ year track record.
SPRIM is a core, diversified private markets fund investing in private equity, real assets and private debt. The Fund seeks to provide long-term capital appreciation, with a focus on regular current income and substantial diversification through a single investment. The Fund's potential benefits include global access to top-tier investment managers, lower volatility and returns less correlated to the publicly traded markets.3
For more information on both funds, sign in to your Crowd Street account. To learn more about private markets investing, please visit Crowd Street's Resource Center.
{{1 Nuveen is a Top 20 largest global asset manager based on Pensions & Investments, 16 Jun 2025. Rankings based on total worldwide assets as of 31 Dec 2024 reported by each responding asset manager, with 369 firms responding; updated annually. TIAA is the parent company of Nuveen. StepStone is among the top global independent allocators of primary capital based on Preqin, as of December 2023/most recent data available, public disclosures and StepStone research. Note that there are no comprehensive ranking sources for these activities. Independent private LPs defined as investors that are not an affiliate of a government or financial institution. Represents StepStone’s position among independent private LPs by comparing our annual fund commitments on behalf of discretionary and nondiscretionary advisory clients to LP allocations in Preqin’s LP database.}}
{{2 Refers to capital committed to client accounts in the form of equity capital commitments from investors, as well as committed, actual or expected financing from leverage providers. For purposes of this calculation, both drawn and undrawn equity and financing commitments are included. Committed capital figures may be adjusted over the course of a financial period, based on accounts transitioning the calculation methodology from capital commitment to invested capital. Estimated and unaudited, as of June 30, 2025.}}
{{3 The Fund is managed by StepStone, a global private investments firm with over $723B in total capital responsibility and $199B of assets under management as of June 30, 2025.}}
