Exclusive: Golub closes ninth lending fund at $970m

The Golub Capital Partners 9 fund is already 75 percent invested and the firm has begun gathering money for its next mid-market lending fund.  

Golub Capital, the US mid-market lending firm, has closed its Golub Capital Partners (GCP) 9 fund with $970 million in capital commitments. Like its predecessors, the middle-market lending fund will use 2.5:1 debt-to-equity leverage, according to a source familiar with the vehicle. The firm has already invested most of the fund’s capital (75 percent) and has begun gathering assets for its next GCP 10 fund, which recently held a first close at $95 million.

Golub declined to comment.

The ninth fund is the largest fundraise so far for the New York-headquartered firm. Golub didn’t set a specific target for its ninth fund, but expected to raise around the same or less than its predecessor, the Golub Capital Partners VIII, which closed on $835 million in 2012, a source said.

The firm invests across the industry spectrum in North American corporations, primarily via senior secured and one-stop loans. Golub's mid-market lending team structures financing packages with hold positions of up to $300 million. The group also underwrites and syndicates senior credit facilities and a proprietary suite of GOLD (Golub One-Loan Debt) facilities up to $500 million.

Golub has more than $10 billion in assets under management across four business lines: middle-market lending, late-stage lending, broadly syndicated loans and opportunistic credit. The firm’s offices are located in Chicago, New York and San Francisco.