Golub Capital Private Credit Fund Breaks Escrow with Net Proceeds of $650 Million

Rhea-AI Summary

Golub Capital's Private Credit Fund, GCRED, has broken escrow with $650 million in net proceeds. The fund aims to generate income and capital appreciation by investing in privately originated loans to US private companies in the middle market and upper middle market. Golub Capital is expanding its presence in the private wealth market through partnerships and aims to provide greater access to private credit expertise for private wealth investors.

Positive

• GCRED breaks escrow with $650 million in net proceeds
• Fund seeks to generate income and capital appreciation
• Expanding presence in the private wealth market
• Partnership with fintech platform iCapital

Negative

• None.

GCRED makes Golub Capital's middle market direct lending franchise accessible to a broader client base across the private wealth market

NEW YORK, July 6, 2023 /PRNewswire/ -- Golub Capital today announced that the Golub Capital Private Credit Fund ("GCRED" or the "Fund"), a non-traded business development company, broke escrow with approximately $650 million in net proceeds on June 30, 2023.

Golub Capital, founded in 1994, is a leading lender to middle market companies with over $60 billion of capital under management as of April 1, 2023.¹ GCRED will access Golub Capital's leading U.S. debt platform, proprietary deal flow, disciplined underwriting process and experienced management team. The Fund seeks to generate current income and capital appreciation by investing primarily in privately originated and privately negotiated investments, predominantly through direct lending to U.S. private companies in the middle market and upper middle market in the form of one stop and other senior secured loans.

"Golub Capital has a 20-year track record of investing in loans to middle market companies and building long-term partnerships with leading private equity sponsors," said David Golub, President of Golub Capital. "We are pleased to provide private wealth investors greater access to what we believe is a differentiated offering from an experienced manager with a specialized focus on private credit."

Golub Capital's Intermediary Wealth Solutions business is a dedicated team focused on delivering compelling investment solutions and gold-standard client service to the private wealth market via wirehouses, regional broker-dealers, private banks, registered investment advisors and other intermediaries. 

"We are seeing tremendous interest from private wealth investors in accessing Golub Capital's private credit expertise and the success of the GCRED private offering reflects that," said Tom Burt, Managing Director and Head of Intermediary Wealth Solutions at Golub Capital. "Our team looks forward to working with our existing and new partners to continue to provide compelling solutions suited to the needs of the private wealth market."

Tom Burt joined Golub Capital in June 2022 and the Intermediary Wealth Solutions team has since expanded to 7 people across the United States.

As part of Golub Capital's continued expansion into the private wealth market, the Firm announced a partnership with fintech platform iCapital in 2022, which would extend access to Golub Capital's private credit strategies to the wealth managers on the iCapital platform.

About Golub Capital

Golub Capital is a market-leading, award-winning direct lender and experienced credit asset manager. We specialize in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Our sponsor finance expertise also forms the foundation of our Broadly Syndicated Loan and Credit Opportunities investment programs. We nurture long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.

As of April 1, 2023, Golub Capital had over 800 employees and over $60 billion of capital under management, a gross measure of invested capital including leverage. The firm has lending offices in Chicago, New York, San Francisco and London. For more information, please visit golubcapital.com. 

Forward-Looking Statements 

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. Golub Capital Private Credit Fund undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Disclaimer

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities was filed and has been declared effective by the U.S. Securities and Exchange Commission. This offering is being made solely by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering must be made available to you prior to making a purchase of shares in connection with this offering and may be obtained from the Fund's website, when available, at [www.gcredbdc.com].

Media Contact

press@golubcapital.com

¹ Capital under management is a gross measure of invested capital including leverage.

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SOURCE Golub Capital

FAQ

What is GCRED?

GCRED is Golub Capital's Private Credit Fund, a non-traded business development company.

What is Golub Capital's strategy with GCRED?

The fund aims to generate current income and capital appreciation by investing primarily in privately originated and privately negotiated loans to US private companies in the middle market and upper middle market.

What is Golub Capital's presence in the private wealth market?

Golub Capital is expanding its presence in the private wealth market through partnerships and aims to provide greater access to private credit expertise for private wealth investors.

What is the partnership with fintech platform iCapital?

The partnership with iCapital extends access to Golub Capital's private credit strategies to wealth managers on the iCapital platform.