Golub Capital
| Company type | Private |
|---|---|
| Industry | Credit asset management, Financial services |
| Founded | 1994 in New York City, United States |
| Founder | Lawrence Golub |
| Headquarters | New York City , United States |
Area served | United States |
Key people | Lawrence Golub (Founder, CEO), David Golub (President, CEO of Golub Capital BDC, Inc.), Andrew Steuerman (Senior Managing Director and Head of Middle Market and Late Stage Lending), Scott Morrison (Head of Broadly Syndicated Loans) |
| Products | Middle market lending, late stage lending, broadly syndicated loans |
Number of employees | 120 (2011) |
| Website | golubcapital |
Golub Capital is a credit asset management firm based in the United States, overseeing assets exceeding $70 billion as of July 2024. The company focuses on lending within the middle market, late-stage financing, and broadly syndicated loan transactions. It is connected to Golub Capital BDC, Inc., a publicly traded business development entity listed on NASDAQ under the symbol GBDC. Golub Capital ranks among the largest non-bank providers of senior debt and middle market loans.
1994–2000: Establishment and Initial Development
Established in 1994 in New York City by Lawrence Golub—who brought experience from Allen & Company, Wasserstein Perella & Co., Bankers Trust, and a White House Fellowship—the firm began with $20 million in equity capital. Early backers included Dan Lufkin of Donaldson, Lufkin & Jenrette, Stanley S. Shuman from Allen & Company, and Mellon Bank. Starting with just Golub and one assistant, by 2000 the company had expanded to a team of 8 to 10 employees managing several hundred million dollars in capital.
2000–2004: Strategic Realignment
By 2000, Golub Capital concentrated on mezzanine financing aimed at private equity-backed enterprises while deliberately avoiding controlled private equity stakes to prevent conflicts with clients. After the dot-com crash, the firm leveraged mezzanine loans as cash flow financing options became limited.
In 2003, David Golub joined the organization as President while Lawrence Golub continued as CEO. David brought prior experience from Centre Partners Management LLC and Corporate Partners. In 2004, Andrew Steuerman joined to lead originations and later advanced to Senior Managing Director and Head of Middle Market and Late Stage Lending.
2004–2008: Business Growth
By 2004, Golub Capital broadened its offerings to include senior and one-stop loans, evolving into a leading lender and arranger by 2007. The firm successfully raised $800 million in equity for its fourth Golub Capital Partners fund in 2005 and $700 million for its fifth fund, increasing assets under management to $2.5 billion.
Throughout the 2008 financial crisis, Golub Capital sustained growth, ranking third in deal volume for leveraged buyout loans under $100 million and securing $1.5 billion for new loans by year-end. By 2009, it was the leading bookrunner for middle-market leveraged buyout loans and managed $4 billion in assets by 2010.
Golub Capital BDC, Inc., launched in 2009, went public on NASDAQ (ticker: GBDC) in March 2010 with David Golub serving as CEO and President. By 2011, the company had grown to 120 employees across offices in New York, Chicago, and Atlanta with a loan portfolio totaling $5 billion. In 2012, Golub shifted focus toward lower middle market businesses with EBITDA ranging from $6 million to $8 million.
By 2014, assets under management reached $10 billion following the closing of Golub Capital Partners VIII funds domestically and internationally. Significant transactions included a $100 million credit facility for Boot Barn and a $59 million loan for Wilcon Holdings. The firm also established a San Francisco office to enhance its late-stage lending capabilities.
As of 2018, Golub Capital managed more than $25 billion in assets. That year it facilitated GI Partners’ acquisition of Togetherwork Holdings. In August 2018, Dyal Capital Partners acquired a passive minority interest in Golub’s management entities.
By 2021, Bloomberg recognized Golub Capital as one of the private equity firms capable of independently funding large buyouts without reliance on Wall Street banks. In December 2022, Korea Investment Corporation made a direct minority investment under 5% in Golub Capital.
Businesses
Golub Capital focuses on three main areas: middle market lending, late stage lending, and broadly syndicated loans. The firm allocates capital across various industries such as SaaS, healthcare, dining establishments, and business services. It is connected with Golub Capital BDC, Inc., a publicly traded business development company listed on NASDAQ under the symbol GDBC.
Middle Market Lending
Under the leadership of Andrew Steuerman, operating from Chicago and New York offices, this division offers senior debt, one-stop loans, and second lien financing to U.S.-based middle market companies, often supported by private equity sponsors. Golub Capital has the capacity to commit more than $400 million per transaction and can originate or syndicate senior credit facilities as well as proprietary one-loan debt structures up to $1 billion. The typical clients in this segment generate EBITDA ranging from $5 million to $50 million and are backed by a network of over 200 private equity firms with whom the firm maintains enduring relationships; approximately 85% of financing deals arise from these established connections.
Late Stage Lending
Also led by Andrew Steuerman from the San Francisco office to remain close to Silicon Valley, this business unit provides debt capital to rapidly expanding technology enterprises supported by venture capital, growth equity, private equity, or privately held companies.
Broadly Syndicated Loans
Scott Morrison heads this Chicago-based team that concentrates on larger loan transactions which are usually liquid in secondary markets. This group also oversees a collection of collateralized loan obligations (CLOs).
Golub Capital BDC, Inc.
Golub Capital BDC, Inc., a business development company established in 2009, became publicly traded in March 2010 on NASDAQ with the ticker GBDC. David Golub holds the position of President and CEO. The firm primarily focuses on providing financing solutions to middle-market businesses backed by private equity.
From April through June 2020, Golub Capital BDC purchased over 5.6 million shares of common stock mainly intended for employee incentive programs. On December 20, 2024, the company broadened its investment portfolio by acquiring Fleet Farm’s Midwest franchise.