2025 in Review
Specialization That Delivers
Golub Capital delivered another year of strong, reliable performance—what we call “good boring.” Our consistent results reflect the specialization we’ve honed over more than three decades, creating value for investors, private equity sponsors, financing partners and our team.
Resilience Through Cycles
In a year that was decidedly not boring, we leveraged our competitive advantages as a specialist. Our deep relationships, scale and expertise enabled us to deliver strong results for our clients despite a muted M&A environment and high levels of credit stress across the private equity ecosystem.
Billion
$
0
+
Financing commitments
closed in 2025
Billion
$
0
+
European financing commitments
closed since 2020
~
0
%
Direct lending transactions as lead lender since 20132
Recent Transactions
Senior Credit
Facilities
Facilities
- Sole & Joint Lead Arranger
- Joint Bookrunner
Insight Partners, TPG Capital
GOLD*
Facility
Facility
- Lead Arranger
Cinven Partners
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Keensight Capital
GOLD*
Facility
Facility
- Lead Arranger
Partners Group
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Hellman & Friedman, Genstar Capital
GOLD*
Facility
Facility
- Administrative Agent
- Joint Lead Arranger
- Joint Bookrunner
Apax Partners
GOLD*
Facility
Facility
- Administrative Agent
- Sole Lead Arranger
- Sole Bookrunner
Brentwood Associates
Recurring Revenue
Facility
Facility
- Sole Lead Arranger
Corten Capital
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Vista Equity Partners, General Atlantic
GOLD*
Facility
Facility
- Administrative Agent
- Sole Lead Arranger
- Sole Bookrunner
Thoma Bravo
GOLD*
Facility
Facility
- Administrative Agent
- Joint Lead Arranger
- Joint Bookrunner
Warburg Pincus, Bain Capital
Senior Credit
Facilities
Facilities
- Sole & Joint Lead Arranger
- Joint Bookrunner
Shore Capital Partners
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Apax Partners
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Leonard Green & Partners
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
KKR & Co., Seidler Equity Partners
GBP
GOLD*
Facility
Facility
- Lender
Warburg Pincus
Senior Credit
Facilities
Facilities
- Lender
TA Associates, Genstar Capital
GOLD*
Facility
Facility
- Administrative Agent
- Sole Lead Arranger
- Sole Bookrunner
TA Associates, Insight Partners, Charlesbank Capital Partners, Clearlake Capital
GOLD*
Facility
Facility
- Administrative Agent
- Joint Lead Arranger
- Joint Bookrunner
Cobepa S.A., AVALT
Senior Credit
Facilities
Facilities
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
Gridiron Capital
GOLD*
Facility
Facility
- Administrative Agent
- Left Lead Arranger
- Joint Bookrunner
TSG Consumer Partners
* GOLD facilities are Golub Capital One-Loan Debt (one-stop) facilities.
Delivering Consistent, Premium Returns to a Broad Range of Investors Globally
Golub Capital maintained its long track record of low credit losses and Good Boring* results for both our equity and debt investors, attracting capital from a broad range of investors globally.
Strong Credit Performance
- Extended our 20+ year track record of average annual payment default rates well below the broadly syndicated loan index3
New Investment Capital
- Raised a Firm record $20.5 billion in new investment capital4
Strong BDC Results
- Golub Capital’s proven strategy and decades of experience navigating complex credit market conditions positioned our BDCs to deliver strong results.
Leveraging Specialization for the Broader Good: Golub Capital Nonprofit Board Fellows Network
In 2025, Golub Capital expanded its commitment to developing the next generation of nonprofit board members through the Golub Capital Nonprofit Board Fellows Network. The network now brings together 17 of the top 25 business schools in the United States to develop MBA candidates and alumni to serve as impactful nonprofit board members. The programs train thousands of future nonprofit directors each year. Learn more about the network.
In April 2025, Golub Capital hosted its inaugural Nonprofit Board Fellows Network National Symposium, bringing together Fellows, nonprofit leaders and academics from across the country who all share one common goal: amplifying the impact of nonprofits.
Partner Schools
Global Footprint
- Golub Capital marked the five-year anniversary of its London office in June 2025, an opportunity to reflect on continued growth in Europe.
- The Firm also opened an office in Abu Dhabi to serve clients in the Middle East with local coverage.
Commitment to Investor Education
- The Firm launched a dedicated education platform, sharing specialist insights and resources to help investors deepen their understanding, make informed allocation decisions and navigate the evolving private markets landscape.
Deeper Focus on Private Wealth
- The Firm grew its Private Wealth team to ensure Gold Standard client service and broaden access to Golub Capital’s private credit expertise for more investors by launching new vehicles in 2025.
Raising the Bar to Serve Our Partners
Golub Capital continued to grow its capabilities with new educational resources, robust investor segment coverage and local presence in key international markets.
An Award-Winning Year
Golub Capital celebrated these achievements with gratitude for our partners and team. Of note, the Firm was named to Newsweek’s list of America’s Greatest Midsize Workplaces 2025, as well as Lender of the Year, Americas by Private Debt Investor for the fourth consecutive year and eighth time overall since 2014. See more of our recognitions.7
Watch Highlights from Our 2025 Investor Conference:
A Specialist’s View
The theme, “A Specialist’s View,” highlighted how our deep specialization in sponsor finance has helped us deliver consistent, long-term results for our stakeholders.
Specialization That Delivers
We are grateful for the trust our clients place in us, and we look forward to continuing to build long-term, win-win partnerships to help our partners succeed.
- Based on middle market transactions executed by Golub Capital’s Sponsor Finance business from January 1, 2025 through December 31, 2025. Excludes transactions executed by Golub Capital’s Broadly Syndicated Loans business and equity-only transactions. Source: Golub Capital.
- Based on Golub Capital’s retained debt commitment to middle market transactions executed by Golub Capital’s Sponsor Finance business from January 1, 2025 through December 31, 2025. Excludes transactions executed by Golub Capital’s Broadly Syndicated Loans business and equity-only transactions. Source: Golub Capital.
- A loan is classified as a payment default if there is an uncured payment default with respect to principal or interest. The broadly syndicated loan index is represented by the default rate of the Morningstar LSTA US Leveraged Loan Index, measured by principal amount. The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. broadly syndicated loan market based upon market weightings, spreads and interest payments.
- New investment capital reflects equity capital raised by product, multiplied by a product-specific target leverage factor.
- Based on 2025 issuance. Source: CLO Global Databank Pitchbook LCD, as of December 31, 2025.
- Based on data provided by 9fin as of September 30, 2025.
- Awards listed on website may not include all previous award wins.
PDI Awards: Award won in 2024 was determined by committee vote. All awards given on March 1st – March 3rd of the following year and based on the period of January 1st to September 30th of the referenced year. Golub Capital has provided de minimis compensation to PDI to promote award wins.
Korea Economic Daily: Based on surveys by The Korea Economic Daily Global Edition to determine Korean LPs’ preferred global asset managers across five asset classes. The 2024 award was given on February 27, 2025 and based on the period of January 1, 2024 through November 30, 2024.
Newsweek: Based on independent point-indexing scoring method from employee review websites. The 2025 award was given on April 1, 2025. Golub Capital provided Newsweek with de minimis compensation to accept the award.
GrowthCap: Based on nomination submissions and further in-depth research by the GrowthCap editorial team. The 2025 award was given on November 11, 2025. Golub Capital provided GrowthCap with de minimis compensation to accept the award.
ABF Journal: Selections were made by the ABF Journal editorial team. The 2025 award list was published on December 1, 2025. Golub Capital provided ABF Journal with de minimis compensation to promote the award.
Creditflux: Based on the average ranking of each CLO relative to its peers by the following performance metrics, in order to recognize managers who have achieved the greatest performance for all classes of investors: change in junior overcollateralization; weighted average rating factor, average collateral value, weighted average spread, cash-on-cash return to equity; and equity volatility. Peer group consists of CLOs that invested in middle market collateral that are within their reinvestment period and listed on CLO-I (Creditflux’s database). Awards based on performance over the prior calendar year. The 2025 awards were given on May 15, 2025.
DealCatalyst: Based on the number of votes submitted online by LSTA member organizations. Peer group consisted of firms that applied or were nominated. The 2025 award was given on April 29, 2025 and based on US CLO deals completed in calendar year 2024.