The 2026 Investor Conference brought together investors, industry leaders and the Golub Capital team for a day of insightful discussions. Centered on the theme “The Good, the Bad and the Opportunity,” the conference explored the forces shaping private credit and private equity, the impact of artificial intelligence on investing and the opportunities emerging in the year ahead.
Conference Highlights
Watch the key highlights from the 2026 Investor Conference.
Private Credit: The Good, the Bad and the Opportunity
David Golub, Co-CEO, and Spyro Alexopoulos, Co-President and Co-Head of Sponsor Finance, kicked off this year’s Golub Capital Investor Conference with a look at how private credit and private equity are evolving and what those changes mean for investors.
David explored the “Darwinian Moments” facing both industries: the forces reshaping their competitive landscapes, how these forces are increasingly intertwined and why we believe the strongest firms in each are positioned to emerge stronger. Spyro then turned to the direct lending market, discussing current deal activity and why we believe today’s environment is creating attractive opportunities for new investments.
One theme David explored in detail was the growing concentration of firepower in the private equity industry and its implications for private credit. Slower exits and distributions have left many investors overallocated to private equity, making fundraising more competitive and concentrating capital among a smaller group of proven managers. These leading private equity firms have advantages of scale, specialized investment and operating capabilities, and global fundraising reach that are difficult for smaller firms to match.
David argued that their rise will, in turn, accelerate consolidation in private credit. Leading private equity firms increasingly favor a smaller group of trusted lenders with the scale, breadth, expertise and reliability to support them across strategies, sectors and geographies. This dynamic should create opportunities for well-established lenders like Golub Capital to deepen sponsor relationships and become increasingly important strategic financing partners.
Speakers
– David Golub, Co-Chief Executive Officer– Spyro Alexopoulos, Co-President and Co-Head of Sponsor Finance
The Impact of AI on Software Investing and the Opportunities Ahead
This timely conversation with Orlando Bravo focused on how artificial intelligence (AI) is reshaping software investing. The discussion explored the opportunities AI presents for software companies and technology investors, as well as his strategies for navigating a rapidly evolving market environment. In this highlight, Orlando discusses the key characteristics that distinguish winners from losers in an AI-driven environment.
Session Key Takeaways
1. Focus on the value proposition as well as the technology. Durable software companies succeed by solving critical customer challenges and delivering measurable business outcomes.2. Invest in strong leadership and domain expertise. Experienced leadership teams and deep industry knowledge are key drivers of long-term competitive advantage.
3. Balance strong fundamentals with AI-driven innovation. The most successful companies combine sound business fundamentals with demonstrable progress in AI capabilities.
Speakers
– Orlando Bravo, Founder and Managing Partner, Thoma Bravo– Tia Malhotra, Managing Director, Direct Lending, Golub Capital
Macro Forces and the State of Private Credit
Lawrence Golub, Co-CEO of Golub Capital, and Harvard Kennedy School Professor Jason Furman joined CNBC’s Melissa Lee for a wide-ranging discussion of the forces shaping the U.S. economy and investment landscape. They explored why the economy has remained resilient despite significant headwinds; the disconnect between stronger economic data and weaker consumer sentiment; what higher interest rates are signaling; and how AI could reshape productivity, investment and the labor market.
In this highlight, Lawrence Golub and Jason Furman discuss where AI is beginning to generate value, the potentially significant productivity gains still ahead and why adaptability will matter as companies learn to put the technology to work.
Session Key Takeaways
1. The U.S. economy has proven remarkably resilient, even as some consumers remain uneasy. Strong consumer spending and business investment point to underlying economic strength. At the same time, factors such as the cumulative impact of higher prices, affordability pressures for some households and political polarization may be driving a disconnect between the economic data and consumer sentiment.2. AI could meaningfully boost productivity and economic growth, but its impact may unfold gradually and unevenly. Early productivity gains may already be visible in the economic data, with much greater potential as existing AI capabilities are more fully deployed. That said, adoption will take time, and AI’s near-term impact may show up more in slower employment growth and greater output from existing workers than in widespread job reductions. Much depends on how workers and businesses adapt as the technology evolves.
Speakers
– Lawrence Golub, Co-Chief Executive Officer, Golub Capital– Jason Furman, Director of the M-RCBG at the Harvard Kennedy School and Aetna Professor of the Practice of Economic Policy at Harvard University
– Moderator: Melissa Lee, CNBC’s “Closing Bell: Overtime” Co-Anchor, “Fast Money” Host
Capturing Opportunities in Today’s Environment
Golub Capital investment professionals discussed how they are finding opportunities across different strategies in a changing market environment. While the opportunity sets vary, a common theme emerged: attractive investing starts with understanding the fundamental quality of a business or asset and the reasons behind its valuation, not simply looking for what appears cheap.
In this highlight, Tara Moore, Matthew Teichner and Matthew Shafer discuss how they distinguish genuine value from investments that may be “cheap for a reason.”
Session Key Takeaways
1. A changing market environment is creating a range of opportunities across investment strategies. Slower M&A activity and longer private equity holding periods are creating new needs for liquidity and growth capital, while market volatility can create opportunities to invest in high-quality businesses at attractive prices. Across these situations, the panel emphasized the importance of matching the right investment solution to the underlying need.2. Price alone does not determine value. Valuations reflect differences in growth, risk and business quality, and an investment that has repriced may be attractive—or it may be “cheap for a reason.” Across strategies, the panelists emphasized the importance of understanding the underlying business and what is driving its valuation before determining whether an opportunity represents genuine value.
3. Deep relationships, information and expertise can create investment advantages across strategies. Long-standing relationships with sponsors and companies can provide early access to opportunities, while sector expertise and information gathered across a large volume of investments can help investors evaluate risks, develop conviction and identify attractive opportunities.
Speakers
– Matthew Teichner, Head of Golub Capital Credit Opportunities– Tara Moore, Co-Head of Direct Lending Europe
– Matthew Shafer, Head of Golub Equity Continuation Partners
– Moderator: Gerry Keefe, Co-President
Want more? Connect with our Investor Relations team for exclusive access to full conference replays and additional resources.
More Insights to Build on the Conversation
From the Perspective of a Private Credit Specialist
The AI Era is rapidly approaching, with improved agentic models and new business use cases emerging at an increasing pace. While the long-term impact of AI remains uncertain, we share how we’re underwriting AI risk across software borrowers through a credit-first approach focused on cash flow durability and downside protection.
Defining the “Natural” Manager for GP-Led Secondaries Investing
GP-led secondaries have emerged as one of the fastest-growing segments of private equity. But what makes a good GP-led secondaries manager? Traditional secondary credentials still matter, but they are not the only factor defining the right manager.
We were pleased to feature Golub Capital’s newly appointed Managing Director and Head of Golub Equity Continuation Partners, Matthew Shafer, whose leadership marks an exciting milestone in GECP’s continued growth.
Understand why manager selection drives performance dispersion in direct lending—and why durable sourcing, underwriting and portfolio management advantages matter.
Explore our Guide to Private Credit
Get to know the fundamentals of direct lending and private credit by exploring our quick-read series.