Raising the Bar in Private Credit Education
Thoughtful perspectives and actionable insights from a market-leading direct lender.
White Paper
The Credit Stress Toolkit
White Paper
The Versatile Asset: Portfolio Construction with Private Credit
Commentary
Dispersion & Persistence of Manager Performance in Direct Lending
Guide to Private Credit
Explore purpose-built educational resources from Golub Capital, a private credit specialist with over 30 years of experience.
Our curriculum focuses on private credit’s largest and fastest-growing segment: middle market direct lending.1
Resources tailored to every stage of the learning curve
Credit Stress Toolkit
Our toolkit helps investors better understand commonly cited signs of credit stress—clarifying what they do (and don’t) tell us in the context of private credit.
Whose Default Is It?
A Matter of Control
The Bigger PIK-ture
Resource Library
Explore white papers, webinars and other resources tailored to the way you prefer to learn.
A Visual Guide to Private Credit
Enhance your knowledge with this quick-read series offering foundational context and practitioner perspective.
Private Credit at a Glance
A Growing Asset Class
- Direct lending is the largest and fastest-growing segment of private credit1
- U.S. middle market companies account for 33% of private sector GDP2
Private Credit Assets Under Management
A Rare Combination of Virtues
Private direct lending has attractive investment characteristics relative to private credit options.
Return vs. Volatility: Direct Lending vs. Traditional Fixed Income3
A Win–Win–Win Relationship
- Sponsor finance is a partnership between the private equity sponsor, the target middle market company and the direct lender
- To enable any middle market transaction to occur, the private equity sponsor will seek out a trusted source of debt capital to support the deal’s financing
How Sponsor Finance Gets Done
About Golub Capital
Raising the Bar in Private Credit
Golub Capital is a market-leading, award-winning private credit manager that specializes in direct lending to middle market companies backed by leading private equity sponsors. For over 30 years, the Firm has been dedicated to building long-term, win-win partnerships with investors and sponsors. Golub Capital has offices in North America, Europe, Asia and the Middle East.
$80+ Billion
of Capital Under Management4
Market-Leading Direct Lending Platform
Golub Capital is a lender of choice for private equity sponsors, many of whom the Firm has partnered with repeatedly.
30+ Years
of Experience
Deep Expertise and Experience
Golub Capital has over 30 years of experience investing in the middle market and a team of 230+ investment professionals5 with in-depth knowledge and experience across a variety of industries.
55+
Industry Awards6
Award-Winning Private Credit Manager
Golub Capital has been named BDC Manager of the Year7, Lender of the Decade and Senior Lender of the Decade8 in the Americas by Private Debt Investor.
Investor Solutions
Golub Capital’s market-leading, award-winning direct lending platform can be accessed through a range of products to meet investors’ objectives.
Private Limited Partnerships
Separately Managed Accounts
Insurance Dedicated Funds
Ready to Learn More?
- Source: Preqin. As of September 30, 2024.
- The National Center for the Middle Market “Middle Market Update.” As of 2024.
- Returns are measured by annualized returns, which are calculated based on quarterly returns. Annualized volatility is measured by standard deviation of quarterly returns. Data from September 30, 2004, through December 31, 2024. The indices used in this analysis are as follows. Direct lending is represented by the CDLI, and high yield is represented by the ICE BofA US High Yield Index. The ICE BofA US High Yield Index tracks the performance of dollar-denominated, below-investment-grade corporate debt publicly issued in the U.S. domestic market. Leveraged loans are represented by the Morningstar LSTA US Leveraged Loan Index. The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. broadly syndicated leveraged loan market. The Morningstar LSTA US Leveraged Loan Index typically encompasses 90–95% of the entire broadly syndicated leveraged loan market. Investment-grade bonds are represented by the Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. The index covers the U.S. investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.
- “Capital under management” is a gross measure of invested capital including leverage. As of July 1, 2025.
- As of June 30, 2025.
- Awards listed on website may not include all previous award wins. For more information, please reference ‘Awards’ here.
- Award won in 2024 was determined by committee vote. Awards won in 2023 or prior are based on the number of votes cast on Private Debt Investor’s website, where the peer group consisted of firms that applied or were nominated. 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. In 2017, 2016 and 2015 the BDC award category was called BDC of the Year, Americas. Golub Capital has provided de minimis compensation to PDI to accept the awards.
- Selections were made based on which firms won the most PDI awards in each category since 2013. Awards were published in PDI’s ‘The Decade’ issue, released in June 2023. In order to use the awards and recognitions received from PDI in Golub Capital materials as well as to be identified as an award recipient on PDI’s website and materials used in association with certain of its awards, Golub Capital has provided de minimis compensation to PDI.
“Cliffwater,” “Cliffwater Direct Lending Index,” and “CDLI” are trademarks of Cliffwater LLC. The Cliffwater Direct Lending Indexes (the “Cliffwater Indexes”) and all information on the performance or characteristics thereof (“Cliffwater Index Data”) are owned exclusively by Cliffwater LLC, and are referenced herein under license. Neither Cliffwater nor any of its affiliates sponsor or endorse, or are affiliated with or otherwise connected to, Golub Capital, or any of its products or services. All Cliffwater Index Data is provided for informational purposes only, on an “as available” basis, without any warranty of any kind, whether express or implied. Cliffwater and its affiliates do not accept any liability whatsoever for any errors or omissions in the Cliffwater Indexes or Cliffwater Index Data, or arising from any use of the Cliffwater Indexes or Cliffwater Index Data, and no third party may rely on any Cliffwater Indexes or Cliffwater Index Data referenced in this report. No further distribution of Cliffwater Index Data is permitted without the express written consent of Cliffwater. Any reference to or use of the Cliffwater Index or Cliffwater Index Data is subject to the further notices and disclaimers set forth from time to time on Cliffwater’s website. This document is intended for institutional and other qualifying investors only. Do not copy or distribute.
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.