Golub’s tenth fund holds third close

Golub Capital has raised roughly $360m in a third close for its tenth leveraged finance-focused debt fund.  

US mid-market lender Golub Capital has held a third close at $360 million on its tenth fund, according to filings with the Securities and Exchange Commission. The Golub Capital Partners (GCP) 10 fund was launched last summer, as soon as the firm closed its GCP 9 fund at $970 million, as PDI reported at the time.

Golub declined to comment and it is unclear how many more closings the fund will hold.

The firm has not set a formal target for the fund, though it would expect to raise between $500 million and $800 million, PDI understands. The tenth fund will be levered the same way as its predecessor: at a 2.5 to 1 debt to equity ratio.

The firm has also been collecting money from LPs via its separate account programme. The Texas Municipal Retirement System committed $300 million to the Golub Capital PEARLS Direct Lending Program in December.

The New York-headquartered lender works on predominantly sponsor-backed transactions. The 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 one-loan debt facilities, up to $500 million. The firm has about $15 billion in assets under management.