Golub Capital will celebrate its 30th anniversary this year, and marked the milestone by reporting that it raised a company record $13.9 billion of new investment firepower and grew capital under management to more than $65 billion, a new high, in 2023. The firm also closed $13.7 billion in financing commitments in 2023.
“Golub Capital is purpose-built to be the best in sponsor finance,” David Golub, president of Golub Capital, said. “Over the last 30 years, we have been steadfast in our commitment to building long-term, win-win partnerships and delivering compelling results for investors, sponsors, portfolio companies and the Golub Capital team. We look forward to continuing to raise the bar for excellence in private credit in 2024 and beyond.”
2023 Highlights
- In addition to record fundraising, Golub Capital was the No. 1 issuer of U.S. middle market CLOs and the No. 1 issuer of new CLOs in the U.S. overall in 2023, according to the company.
- In 2023, Golub Capital made new hires to bolster client service capabilities in Europe, Asia and Latin America and support the firm’s institutional and private wealth investor base with senior hires to. The company also opened new offices in Seoul and Hong Kong.
- During the year, Golub Capital Private Credit Fund (GCRED) had investments with a total fair market value of $1.3 billion as of Nov. 30, 2023.
- The company also reported zero new payment defaults in the 12 months ended Dec. 31, 2023, continuing an 18-year track record of average annual default rates meaningfully below the broadly syndicated loan index.
- Golub Capital BDC reported company record quarterly adjusted net investment income per share and distributions per share. GBDC also increased its base dividend by more than 12%, declared a new quarterly variable supplemental dividend and permanently reduced its base management fee.
- Golub Capital also provided a lead investment in Ruby Reinsurance Company, marking the firm’s inaugural insurance capital transaction.
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2023 Deal Highlights
- Software & Technology: Golub Capital led a new $3.4 billion unitranche facility for Hyland Software to refinance existing broadly syndicated debt. The company also acted as administrative agent on the financing supporting TPG Capital’s acquisition of NexTech.
- Diversified Industries: Golub Capital acted as administrative agent and sole lender on a new unitranche facility for Virginia Green, supporting Golden Gate Capital’s acquisition. The company also led a $700 million incremental financing for Risk Strategies, completing its 13th transaction with the company and expanding the total unitranche facility to $4.5 billion with more than 45 lenders.
- Consumer, Restaurant & Retail: Golub Capital acted as administrative agent on a new unitranche facility for Bazooka Candy Brands, and led a fourth transaction, a dividend recapitalization, for Tropical Smoothie Cafe.
- Healthcare: Golub Capital ed the syndication of incremental financings for Southern Veterinary Partners to support the company’s acquisition strategy. Golub Capital also acted as joint lead arranger on a new unitranche facility for Simtra BioPharma Solutions to support Warburg Pincus and Advent International’s acquisition from Baxter International.
- Europe: Golub Capital closed $1.8 billion in deals in Europe in 2023. It acted as lead arranger on a unitranche facility for Civica Group and on a unitranche facility to support GTCR’s acquisition of Once for All. The company also provided financing to insurance company PIB Group to support its acquisition strategy.
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Founded in 1994, Golub Capital was named “Lender of the Decade” and “Senior Lender of the Decade” in the Americas by Private Debt Investor in 2023.
