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Golub Capital Private Credit Fund (GCRED)

Published date February 5, 2026
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Inception Date
July 1, 2023
Fund Size
$9.6 billion total investments (November 2025)
Management Fee
1.25% of net assets
Incentive Fee
12.5% of net investment income (5% hurdle, full catch-up, paid quarterly); 12.5% of realized gains net of losses, paid annually
Preferred Return
5% hurdle rate

Market Opportunity

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    Private credit now represents ~35% of the U.S. leveraged credit market.
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    Bank retrenchment drives demand for alternative lending solutions.
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    GCRED well positioned to capture sponsor-driven middle market deals.
    • Private credit continues to be one of the fastest-growing segments in global private markets. In the U.S., private credit’s share of the leveraged credit market has increased from just 5% in 2000 to approximately 35% today. This growth is driven by structural shifts: traditional banks have reduced their lending footprint due to regulatory constraints, creating an ongoing need for non-bank lenders to step in. The asset class is projected to reach nearly $2.8 trillion by 2028.
    GCRED targets this gap by focusing on directly originated, senior secured loans to U.S. middle market companies. Recent market events, including tariff-related uncertainty and volatility in the liquid loan market, have further highlighted the value of stable, relationship-driven private lenders like Golub Capital, which can deploy capital consistently even as public credit markets seize up.

    Background of Firm

  • •
    30+ years of private credit expertise.
  • •
    Over $85 billion capital under management.
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    Deep sponsor relationships with 420+ private equity firms.
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    Proven track record across cycles.
    • Golub Capital is a market-leading private credit manager with more than three decades of experience providing tailored financing solutions to middle market companies, predominantly those backed by private equity sponsors. The firm manages over $85 billion in capital and has originated more than $200 billion in loans since 2004.
    Golub’s competitive edge stems from its scale, deep bench of over 230 investment professionals, and long-standing relationships with 400+ private equity sponsors. This network provides GCRED with unique sourcing advantages and repeat deal flow that is less sensitive to public market volatility. The firm’s disciplined underwriting and active portfolio management have enabled it to maintain a consistently low payment default rate of just 0.50% since inception.

    Strategy

  • •
    Focus on senior secured, first-lien loans.
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    Sector emphasis on non-cyclical, recession-resistant industries.
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    Direct origination approach with disciplined credit selection.
    • GCRED’s core investment strategy is to generate current income and capital appreciation by investing primarily in directly originated, first-lien senior secured loans to U.S. middle market companies. The fund targets sectors that exhibit resilience across market cycles, including healthcare, technology, and diversified business services.
    The fund leverages Golub Capital’s trusted sponsor relationships to access high-quality borrowers that are leaders in their respective niches, with diversified revenue streams and strong cash flow profiles. GCRED emphasizes conservative credit structures, robust covenants, and active borrower monitoring to mitigate risk.
    The portfolio employs prudent leverage, targeting a debt-to-equity ratio of 0.85x to 1.25x. The portfolio represents 96% senior secured first-lien loans, all of which are private equity sponsor-backed.

    Learn More

    Visit Golub Capital to learn more about GCRED.
    2261 Market Street, Suite 5190
    San Francisco, CA 94114
    hello@ivyinvest.co
    The Institutional Investment Strategy Fund ("IISF" or "Fund") is an investment company registered under the Investment Company Act of 1940. IISF is a closed-end fund operating as an interval fund that makes quarterly repurchase offers and as such provides limited liquidity. The fund commenced operations on March 5, 2024. An investor should consider the investment objective, risks, charges and expenses of an investment. The Prospectus contains this and other information. Read it carefully before investing.