Private company

Golub Capital Private Credit Fund

Investment fund based in New York1

In its 2025 annual report the company says: “We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.”5

Last updated Oct 20, 2026.

Overview

$256.1MNet income, fiscal 20252
  • HeadquartersNew York, New York1
  • Business address200 Park Ave, 25Th Fl, New York, Ny 101663
  • Filer categoryNon-accelerated filer3
  • Legal formOther
  • Kind of organizationInvestment fund1

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We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, or the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. We were formed on May 13, 2022 as a Delaware statutory trust and commenced operations on June 30, 2023. We make investments and 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 in the form of one stop and other senior secured loans. GC Advisors structures these one stop loans as senior secured loan…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.3%Return on equity2
1.15×Debt to equity2

Financial statements

Net income2$256.1M in 2025+111% since 2024
0$100.0M$200.0M$300.0M2024: $121.6M$121.6M20242025: $256.1M$256.1M2025+111%
Fiscal year202320242025
Interest$73.4M2$189.7M2
Net income$121.6M2$256.1M2

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Corporate structure

Golub Capital Private Credit Fund sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Golub Capital Private Credit Fund New York, New York
    • GCRED Funding Subsidiary · Delaware, United States
    • GCRED Holdings 2 LLC Subsidiary · Delaware, United States
    • GCRED Holdings LLC Subsidiary · Delaware, United States
    • Golub Capital Private Credit Fund CLO 2 Subsidiary · Delaware, United States
    • Golub Capital Private Credit Fund CLO 2 Depositor Subsidiary · Delaware, United States
    • Golub Capital Private Credit Fund CLO-R Subsidiary · Delaware, United States
    • Golub Capital Private Credit Fund CLO-R Depositor Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Golub Capital Private Credit Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$43.9M2 Sep 30, 2025$170.6M2 Sep 30, 2024−74.3%

Properties, in its own words

Properties

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 200 Park Avenue, 25th Floor, New York, NY 10166 and are provided by the Administrator pursuant to the Administration Agreement. We believe that our office facilities are suitable and adequate to our business.

Item 2 of the 10-K filed Nov 25, 2025.5

Leadership

Who has led Golub Capital Private Credit Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David Golub2023–now

Chief financial officer

  1. Christopher Compton Ericson2023
2025
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Managing DirectorDaniel J. Colaizzi named Aug 28, 202321
  • Managing Director, Corporate StrategyJonathan D. Simmons named Aug 28, 202321
  • Chief Operating OfficerMatthew W. Benton named Aug 28, 202321
  • Associate DirectorTim J. Topicz named Aug 28, 202321
  • TrusteeAnita J. Rival named Aug 28, 202321

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • GCRED Funding Delaware4
  • GCRED Holdings 2 LLC Delaware4
  • GCRED Holdings LLC Delaware4
  • Golub Capital Private Credit Fund CLO 2 Delaware4
  • Golub Capital Private Credit Fund CLO 2 Depositor Delaware4
  • Golub Capital Private Credit Fund CLO-R Delaware4
  • Golub Capital Private Credit Fund CLO-R Depositor Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 25, 20268-K Regulation FD disclosure; Other events22
  2. Aug 25, 20268-K Regulation FD disclosure23
  3. Aug 24, 20268-K Regulation FD disclosure; Other events24
  4. Aug 6, 20268-K Regulation FD disclosure25
  5. Aug 3, 20268-K Regulation FD disclosure26
  6. Jul 24, 20268-K Regulation FD disclosure; Other events27
  7. Jul 7, 20268-K Entered a material agreement; New debt or obligation28
  8. Jun 23, 20268-K Regulation FD disclosure; Other events29
  9. May 28, 20268-K Regulation FD disclosure30
  10. May 22, 20268-K Regulation FD disclosure; Other events31
  11. May 7, 20268-K Regulation FD disclosure32
  12. May 7, 20268-K Regulation FD disclosure33
  13. Jun 30, 2023New chief executive David Golub becomes CEO11

Filings

238 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 94 major events, 13 insider forms, 2 private raises, 115 other. The latest 20:

  1. Sep 29, 2026SC TO-I EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Sep 25, 202640-17G/A EDGAR
  4. Sep 10, 202640-17G EDGAR
  5. Aug 25, 20268-K EDGAR
  6. Aug 24, 20268-K EDGAR
  7. Aug 17, 2026424B3 EDGAR
  8. Aug 17, 2026POS EX EDGAR
  9. Aug 11, 2026SC TO-I/A EDGAR
  10. Aug 11, 202610-Q EDGAR
  11. Aug 6, 20268-K EDGAR
  12. Aug 3, 20268-K EDGAR
  13. Jul 24, 20268-K EDGAR
  14. Jul 17, 2026424B3 EDGAR
  15. Jul 17, 2026POS EX EDGAR
  16. Jul 7, 20268-K EDGAR
  17. Jul 2, 202610-K/A EDGAR
  18. Jun 29, 2026SC TO-I EDGAR
  19. Jun 23, 20268-K EDGAR
  20. Jun 16, 2026POS EX EDGAR

The 238 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 25, 2025Golub DavidCEO and TrusteeBuy261,781$25.10$6.6MForm 4
May 24, 2024Golub DavidCEO and TrusteeBuy393,638$25.15$9.9MForm 4

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 14, 2023Raised $619.3 million in a private offering of equity Form D: 2,467 investors so far Form D

SEC filer profile

How Golub Capital Private Credit Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGolub Capital Private Credit Fund1
  • CIK0001930087
  • Employer ID (EIN)92-20302605
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsSeptember 301
  • Business address200 Park Ave, 25Th Fl, New York, NY 101661
  • Phone212-750-60601
  • Shares outstanding164,583,056 Common Class I shares; 8,449,812 Common Class S shares as of Nov 25, 20255
  • Public float$0 as of Sep 30, 20252
  • AuditorErnst & Young LLP, Chicago PCAOB ID 42; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMay 26, 20221
  • Filings246 in all: 8-K (91), 424B3 (27), POS EX (13), SC TO-I (12), SC TO-I/A (12), 10-Q (10), 3 (10), 40-APP (5)1
    All 39 form types

    40-APP/A (5), 40-17G (4), CORRESP (4), 10-K (3), 4 (3), 486BPOS (3), 8-K/A (3), DEF 14A (3), DEFA14A (3), DRS/A (3), EFFECT (3), N-2 (3), 40-17G/A (2), APP WDG (2), N-14 8C (2), N-14 8C/A (2), N-2/A (2), N-6F/A (2), SCHEDULE 13G/A (2), 10-K/A (1), 8-A12G (1), 8-A12G/A (1), APP NTC (1), APP ORDR (1), APP WD (1), D (1), D/A (1), DRS (1), N-54A (1), N-6F (1), SC 13G (1)

  • Latest filingsAnnual report (10-K) Nov 25, 2025
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Jan 6, 2026
    Latest 8-K (8-K) Sep 25, 2026

Risk factors and legal proceedings

The risks Golub Capital Private Credit Fund names in Item 1A of its 10-K filed Nov 25, 2025: 78 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • We are a relatively new company with a limited operating history and there is no assurance that we will achieve our investment objective.
  • We are subject to risks associated with the current interest rate environment and to the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • Changing interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans.
  • We are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates.
  • Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates.
  • Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively.
  • There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns.
  • There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its affiliates have to other Clients and conflicts related to fees and expenses of such other Clients.
  • GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material non-public information, limiting our investment discretion.
The other 67 risks
  • Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with the interests of our shareholders and could induce GC Advisors to make certain investments, including speculative investments.
  • Our securities could be purchased by GC Advisors or its affiliates.
  • Although we have adopted a share repurchase program, we have discretion to not repurchase shares or to suspend the program.
  • The timing of our repurchase offers pursuant to our share repurchase program could be at a time that is disadvantageous to our shareholders.
  • The valuation process for certain of our portfolio holdings creates a conflict of interest.
  • Conflicts related to other arrangements with GC Advisors or its affiliates.
  • Our ability to enter into transactions with our affiliates is restricted, which could limit the scope of investments available to us.
  • We have entered into the Adviser Revolver resulting in a conflict of interest between GC Advisors’ obligation to act in its own best interest and in our best interest.
  • To the extent consistent with GC Advisors’ fiduciary duties, GC Advisors could make certain investment decisions for the purpose of receiving transaction fees.
  • Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.
  • GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of seeking the most advantageous terms for our investments.
  • GC Advisors operates in multiple business lines and could pursue additional business lines, which could create a conflict of interest in the allocation of its time and focus.
  • Golub Capital could pursue strategic transactions, which could create a conflict of interest in the allocation of GC Advisors’ time and focus.
  • We and GC Advisors could be the target of litigation or regulatory investigations.
  • We will be subject to corporate-level income tax if we are unable to qualify for taxation as a RIC.
  • We could need to raise additional capital to grow because we must distribute most of our income.
  • We could have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.
  • Our shareholders could receive our Common Shares as distributions, which could result in adverse tax consequences to them.
  • Potential changes to tax laws could affect the tax treatment of an investment in GCRED.
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital. As a BDC, the necessity of raising additional capital exposes us to risks, including the typical risks associated with leverage.
  • We finance our investments with borrowed money, which will accelerate and increase the potential for gain or loss on amounts invested and could increase the risk of investing in us.
  • We are subject to risks associated with our Debt Securitizations.
  • We are subject to certain risks as a result of our direct or indirect interests in the junior notes and membership interests of Securitization Issuers.
  • The notes and membership interests that we hold that are issued by the Securitization Issuer are subordinated obligations of the Securitization Issuer and we could be prevented from receiving cash from such Securitization Issuer.
  • The interests of holders of the senior classes of securities issued by the Securitization Issuers could not be aligned with our interests.
  • A Securitization Issuer could fail to meet certain asset coverage tests.
  • We could be required to assume liabilities of a Securitization Issuer and are indirectly liable for certain representations and warranties in connection with our Debt Securitizations.
  • The Securitization Issuers could issue additional notes.
  • We are a holding company and depend on payments from our subsidiaries in order to make payments on any debt securities that we could issue as well as to pay distributions on our Common Shares. Any debt securities that we issue are structurally subordinated to the obligations of our subsidiaries.
  • We may form one or more additional CLOs, which may subject us to certain structured financing risks.
  • Our investments in CLOs may be riskier than a direct investment the debt or other securities of the underlying companies.
  • Our investments in CLOs may subject us to certain currency risks.
  • The Company’s investment may be in illiquid CLO securities.
  • The Company’s investment in the CLOs may be subordinated to other CLO securities.
  • The Company’s investments in CLO first loss interests are susceptible to losses of up to 100%.
  • There may be a lack of control over decisions relating to the CLO first loss interests.
  • There are restrictions in underlying indenture and credit agreements.
  • There may be a mismatch between the interest rates of the CLOs securities and that of its underlying investments.
  • Resignation or removal of the collateral manager.
  • We could default under our credit facilities.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could have a material adverse effect on us, GC Advisors and our portfolio companies.
  • Our ability to invest in public companies is limited in certain circumstances. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy and decrease our operating flexibility.
  • Our investments could include original issue discount and payment-in-kind instruments.
  • The majority of our portfolio investments are valued using the investment’s fair value, as determined in good faith by the Valuation Designee, subject to oversight by the Board, and, as a result, there could be uncertainty as to the value of our portfolio investments.
  • Government intervention in the credit markets could adversely affect our business.
  • We could be unable to obtain all required state licenses.
  • Compliance with the SEC’s Regulation Best Interest by participating broker-dealers could negatively impact our ability to raise capital, which could harm our ability to achieve our investment objectives.
  • The Board could change our investment objective, operating policies and strategies without prior notice or shareholder approval.
  • GC Advisors can resign on 120 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • The Administrator can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Certain investors will be subject to Exchange Act filing requirements.
  • We face risks associated with the deployment of our capital.
  • Risks Relating to Our Investments
  • Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results.
  • Inflation could adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Our debt investments are risky and we could lose all or part of our investments.
  • Our investments in leveraged portfolio companies are risky, and we could lose all or part of our investment.
  • Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • We would be subject to risks if we are required to assume operation of portfolio companies upon default.
  • The lack of liquidity in our investments could adversely affect our business.
  • Fair valuation of our assets may differ from the values that could be, or ultimately are, realized upon sale or otherwise updated by additional information.
  • Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.
  • We are subject to risks to the extent we invest in covenant-lite loans.
  • We are subject to credit and default risk and our portfolio companies could be unable to repay or refinance outstanding principal on their loans at or prior to maturity.
  • We could have difficulty sourcing investment opportunities.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and we are therefore not limited with respect to the proportion of our assets that could be invested in securities of a single issuer.
  • Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

Legal proceedings

We, GC Advisors and the Administrator could, from time to time, be involved in legal and regulatory proceedings arising out of their respective operations in the normal course of business or otherwise. While there can be no assurance of the ultimate disposition of any such proceedings, each of us, GC Advisors and the Administrator do not believe it is currently subject to any material legal proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

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