The terms “Golub Capital” and “Firm” (and, in responses to questions that ask about the management company, general partner, or variants thereof, the terms “Management Company” and “General Partner”) refer, collectively, to the activities and operations of Golub Capital LLC, GC Advisors LLC (“GC Advisors”), GC OPAL Advisors LLC (“GC OPAL Advisors”), and their respective affiliates or associated investment funds. A number of investment advisers, such as GC Investment Management LLC (“GC Investment Management”) and OPAL BSL LLC (Management Series) (collectively, the “Relying Advisers”) are registered in reliance upon GC OPAL Advisors’ registration. The terms “Investment Manager” or the “Advisers” may refer to GC Advisors, GC OPAL Advisors (collectively the “Registered Advisers”) or any of the Relying Advisers. For additional information about the Registered Advisers and the Relying Advisers, please refer to each of the Registered Advisers’ Form ADV Part 1 and 2A on file with the SEC. Certain references to Golub Capital relating to its investment management business may include activities other than the activities of the Advisers, or may include the activities of other Golub Capital affiliates in addition to the activities of the Advisers. The information received may summarize certain terms of a potential investment for informational purposes only. In the case of conflict between this information and the organizational documents of any investment, the organizational documents shall govern.
All information about the Firm contained herein is presented as of September 30, 2024, unless otherwise specified.
Past performance does not guarantee future results.
The information and materials contained herein have been prepared in response to your request for certain further information related to your diligence of Golub Capital LLC (“Golub Capital” or the “Firm”).
This information contained herein related to Golub Capital is being provided to you on a confidential basis, solely to assist you in deciding whether or not to proceed with a further review of Golub Capital.
The information and materials provided do not constitute an offer or a solicitation of an offer to invest in Golub Capital or any products related thereto. No such offer or solicitation will be made prior to the delivery of such legal documents and associated documentation. Before making an investment decision with respect to Golub Capital, potential investors are advised to read carefully the associated legal documents and to consult with their tax, legal and financial advisors.
The following information has not been provided in a fiduciary capacity, and is not intended to be, and should not be construed as, impartial investment advice.
Information is current as of the stated date and may change materially in the future. Golub Capital undertakes no duty to update any information herein. Golub Capital makes no representation or warranty, express or implied, as to the accuracy or completeness of the information herein.
Views expressed represent Golub Capital’s current internal viewpoints and are based on Golub Capital’s views of the current market environment, which is subject to change. Certain information contained in these materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as investment advice. There can be no assurance that any of the views or trends described herein will continue or will not reverse. Past events and trends do not imply, predict or guarantee, and are not necessarily indicative of, future events or results.
Performance and markets could be higher or lower than what is shown herein and the information, assumptions and analysis that may be time sensitive in nature could have changed materially and may no longer represent the views of Golub Capital. Recipient should not rely upon anything herein as a promise or representation as to the future performance of Golub Capital.
Any past performance described herein is not an indication of future results.
Acceptance of this information constitutes an agreement to keep all information relating to Golub Capital strictly confidential and not to use such information for any other purpose. Such information, including the contents of this document, may not be reproduced in whole or in part, and may not be disclosed to any person without the consent of Golub Capital.
This information is intended for institutional and other qualifying investors only. Do not copy or distribute.
Important Investor Information
Golub Capital (including its various affiliates) creates and manages multiple investment funds. Two of its control affiliates, GC Advisors LLC (“GC Advisors”) and GC OPAL Advisors LLC (“GC OPAL Advisors”, and together with GC Advisors, the “Registered Advisers”) are registered investment advisers with the United States Securities and Exchange Commission (the “SEC”). A number of other investment advisers, such as GC Investment Management LLC and OPAL BSL LLC (Management Series) (collectively, the “Relying Advisers”) are registered in reliance upon GC OPAL Advisors’ registration. The Registered Advisers and the Relying Advisers (collectively, the “Advisers”) manage certain of Golub Capital’s affiliated funds and accounts. For a detailed description of the Advisers and each of their investment advisory fees, please see the Registered Advisers’ Form ADV Part 1 and 2A on file with the SEC. Registration is not an endorsement by the SEC, nor does it mean that a government agency approves an advisor or reviews its qualifications. Registration does not imply a certain level of skill or training, nor does it guarantee success or future performance.
Past performance does not guarantee future results. The performance results are presented for Golub Capital’s managed funds or accounts as indicated. The performance presented does not necessarily represent the return of any individual investor. An investor’s return could be significantly lower or higher than the returns shown due to differences in the timing of the investment and other factors. Gross returns shown do not reflect the deduction of management fees and/or incentive fees. Such fees, if charged, will reduce an investor’s return. Net returns reflect the deduction of all fund expenses, including performance and investment advisory fees. Each fund’s investment manager and its affiliates have the discretion to waive all or part of the management fee, incentive allocation, and other fees and expenses that they are entitled to receive, whether directly from such fund or indirectly from payments or distributions that would have otherwise been paid or distributed to the investment manager or its affiliates from holding companies, investment vehicles or other entities managed by them. Further, each fund’s investment manager and its affiliates are permitted to reduce, waive or absorb all or part of the fees or costs otherwise due by such fund or its subsidiaries. Such reductions, waivers and absorptions of fees and costs have occurred in past periods and resulted in higher returns to investors than investors would have received if full fees and costs had been charged. There is no guarantee that such reductions, waivers or absorptions will occur in the future, and such reductions, waivers and absorptions are entirely at the discretion of the investment manager. Additional information on past reductions or waivers of management fees and incentive allocations is available upon request. For more detailed financial information, please refer to the financial statements that are provided as part of the standard reporting package each quarter.
Golub Capital investments are valued at each quarter-end at their fair value consistent with ASC Topic 820 and Golub Capital’s valuation policies and procedures. The Internal Rate of Return (“IRR”) is the annualized effective compound rate of return and is based on starting capital accounts, distributions, capital calls, and ending capital accounts. The IRR performance calculation includes historical cash flows (in the case of investments, this includes the initial investment, interest and principal received, and any additional receipts or payments, and in the case of funds, this includes all capital contributions and distributions) as well as the current fair value of each portfolio loan or other investment still outstanding. The current fair value of outstanding portfolio loans or other investments that are not actively traded is determined in accordance with the valuation policies and procedures as summarized in the Registered Advisers’ Form ADV Part 2A.
The determination of the current fair value of each portfolio loan or other investment is based on several inputs, including, among other factors, scheduled payments and comparable market yields. Because many of the loans or other investments are not actively traded, this determination of current fair value is a material factor in determining IRR performance. Actual amounts subsequently realized on an investment could differ materially from the current fair value, and accordingly the actual IRR performance could differ materially from that stated herein.
The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal could occur. An investment in any Golub Capital affiliated fund will be subject to a variety of risks (which are described in that affiliated fund’s confidential offering memorandum), and there can be no assurance that any Golub Capital affiliated fund will meet its investment objective or that any such fund will not incur losses. Certain statements herein constitute forward-looking statements, which relate to future events, future performance or financial condition, and are subject to change for any reason. Actual results could differ materially from those implied or expressed in such forward-looking statements for any reason, and future results could differ materially from historical performance.
This document is intended for institutional and other qualifying investors only. Do not copy or distribute.
Golub Capital may appoint placement agents in connection with the offering of the securities referenced herein (the respective “Fund”). Generally, placement agents receive cash compensation from Golub Capital, the Fund’s sponsor, which is often based on a percentage of the commitments from investors introduced to the Fund by the placement agent. The engagement of a placement agent creates a conflict of interest between the placement agent and the investor since the placement agent has an incentive to recommend the Fund and endorse Golub Capital, rather than investment funds or companies of other sponsors with which it does not have a placement agent arrangement, and because the placement agent earns compensation from Golub Capital when you invest in the Fund. The statements and opinions made by the placement agents describe their experience with Golub Capital and may not be representative of the experience of others.
The placement agents may also provide (or expect to provide) other services to Golub Capital and the Fund, and their respective affiliates, such as investment banking, consulting or advisory services. The placement agents and their personnel also may invest in funds, portfolio companies and/or companies that have interests different from or adverse to Golub Capital or the Fund, or any of their respective affiliates’ clients and/or portfolio companies. These other relationships and the fees paid to the placement agents in connection with these services may result in material conflicts of interest on the part of these placement agents.
The Morningstar Indexes are the exclusive property of Morningstar, Inc. Morningstar, Inc., its affiliates and subsidiaries, its direct and indirect information providers and any other third party involved in, or related to, compiling, computing or creating any Morningstar Index (collectively, “Morningstar Parties”) do not guarantee the accuracy, completeness and/or timeliness of the Morningstar Indexes or any data included therein and shall have no liability for any errors, omissions, or interruptions therein. None of the Morningstar Parties make any representation or warranty, express or implied, as to the results to be obtained from the use of the Morningstar Indexes or any data included therein.
The terms “Golub Capital Insurance Fund” or “GIDF” refer to “Golub Capital Insurance Fund Series Interests of the SALI Multi-Series Fund, L.P.”
The Golub Capital Insurance Fund Series of the SALI Multi-Series Fund, L.P. (the “Series”) is a private investment fund for which GC Advisors LLC (“GC Advisors”) serves as a nondiscretionary subadviser. The investment manager, SALI Fund Management, LLC (the “Adviser”) retains investment discretion over the Series, and GC Advisors makes investment recommendations to the Adviser. The Adviser is an investment adviser registered with the SEC. While the Adviser is not bound to follow the recommendations of GC Advisors, it has historically done so. The GIDF investment objective is to provide investors with exposure to the credit markets, with an emphasis on U.S. middle market lending. Investments in the Series are available only to variable life insurance and variable annuity contracts sold through licensed insurance brokers in compliance with applicable laws. GIDF may invest its capital into funds managed by GC Advisors and/or its affiliates. As such, GIDF should not be considered a proper diversification tool by investors who also invest in funds advised by GC Advisors or its affiliates.
The Series returns set forth herein represent the actual portfolio returns (net of fees and expenses) of the Fund over the periods indicated as calculated by Golub Capital and are not intended to represent the return to any particular investor with respect to the subscription or redemption of Fund interests during the period. Actual Fund returns could differ, in some cases substantially, from the estimated returns that are used by SALI Fund Services to determine the net asset value that forms the basis for subscriptions and redemptions of Fund interests. Estimated returns are used to calculate NAV as of each quarter end as actual returns are not available immediately. As a result, the returns experienced by investors who subscribe for and redeem Fund interests could differ from the portfolio returns presented to the extent that an estimated return does not correspond to actual portfolio returns and results in a subscription or redemption at an NAV that is higher or lower than the actual portfolio returns that are later calculated. Although such differences are generally expected to be small, there can be no guarantee that the difference in any given quarter will not be substantial. Recipients should consult the applicable offering and governing documents of the Fund for further discussion of how purchases and redemptions are processed.
Before making the investment decision with respect to the Series and related insurance company products, potential investors are advised to read carefully the Series Supplement, limited partnership agreement and related insurance contract, and to consult with their tax, legal and financial advisers. As described in the Series Supplement, investments in hedge funds and funds of hedge funds are speculative and should only be made by sophisticated investors that can afford the risk of loss.