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'''Golub Capital''' is an [[United States|American]] credit [[Asset management|asset manager]] with over $15 billion of capital under management.<ref name="Bloom">{{cite web |url=http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20711 |title=Company Overview of Golub Capital|author=<!--Staff writer(s); no by-line.--> |website=www.bloomberg.com |publisher=[[Bloomberg L.P.|Bloomberg]] |accessdate=13 September 2015}}</ref><ref>{{cite news|last1=McGovern|first1=Rachel|title=Golub syndicates $515m one-stop loan|url=https://www.privatedebtinvestor.com/news/north-america/2015-07-21/golub-syndicates-_515m-one-stop-loan/?highlight|accessdate=5 October 2015|publisher=Private Debt Investor|date=21 July 2015}}</ref> The firm has primary business lines in [[Middle-market company|middle market]] lending, late stage lending, [[Syndicated loan|broadly syndicated loans]], and opportunistic credit.<ref name="MAFinance">{{cite news | last=Collins| first=Allison| title =Finance Finesse: Golub Grows Tech Lending Unit | newspaper =| location = | pages = | language = | publisher = ''[[Mergers & Acquisitions]]''| date =27 October 2014 | url =http://www.themiddlemarket.com/news/lender_news/finance-finesse-golub-grows-tech-lending-unit-253018-1.html| accessdate =13 September 2015}}</ref><ref name="PRBroadly">{{cite news | last=| first=| title =Golub Capital Opens San Francisco Office As Part Of Its Expansion Into Late Stage Lending | newspaper =| location = | pages = | language = | publisher = [[PR Newswire]]| date =2 December 2009 | url =http://www.prnewswire.com/news-releases/christina-jamieson-joins-golub-capital-as-co-head-of-the-firms-broadly-syndicated-loan-group-78352937.html| accessdate =13 September 2015}}</ref><ref name="PRSF">{{cite news | last=| first=| title =Golub Capital Opens San Francisco Office As Part Of Its Expansion Into Late Stage Lending | newspaper =| location = | pages = | language = | publisher = [[PR Newswire]]| date =16 September 2014 | url =http://www.prnewswire.com/news-releases/golub-capital-opens-san-francisco-office-as-part-of-its-expansion-into-late-stage-lending-275263391.html| accessdate =13 September 2015}}</ref> The firm is also the parent company of Golub Capital BDC, a [[Business Development Company|business development company]] that trades on the [[NASDAQ]] under the stock ticker symbol, GBDC.<ref name="FoolSecret"/><ref name="NASDAQ">{{cite web |url=http://www.nasdaq.com/symbol/gbdc |title=Golub Capital BDC, Inc. Stock Quote & Summary Data|author=<!--Staff writer(s); no by-line.--> |website=www.nasdaq.com |publisher=[[NASDAQ]] |accessdate=13 September 2015}}</ref> Golub Capital is one of the largest non-bank middle market lenders and providers of senior debt.<ref name="FoolSecret">{{cite news | last=Wroblewska| first=Anna| title =The Secret to Golub Capital BDC Inc's Success | newspaper =| location = | pages = | language = | publisher = [[The Motley Fool]]| date =26 June 2014 | url =http://www.fool.com/investing/general/2014/06/26/the-secret-to-golub-capitals-success.aspx| accessdate =13 September 2015}}</ref><ref name="Buyouts">{{cite news | last=| first=| title =Golub Moves To Number One On The League Tables | newspaper =| location = | pages = | language = | publisher = ''[[Thomson Reuters|Buyouts]]''| date =2010 | url =http://www.readbag.com/golubcapital-downloads-buyoutsaward2010| accessdate =13 September 2015}}</ref><ref name="WSJBuyouts">{{cite news | last=Lattman| first=Peter| title =Golub Takes Lead in Leveraged Buyouts | newspaper =[[The Wall Street Journal]]| location = | pages = | language = | publisher = | date =24 August 2009 | url =http://www.wsj.com/articles/SB125106570354252185| accessdate =13 September 2015}}</ref> In 2015, the firm was named "Lender of the Year" by ''Private Debt Investor''.<ref name="PRLOY2015">{{cite news | last=| first=| title =Golub Capital Named Lender of the Year and Unitranche Lender of the Year by Private Debt Investor | newspaper =| location = | pages = | language = | publisher = [[PR Newswire]]| date =4 March 2015 | url =http://www.prnewswire.com/news-releases/golub-capital-named-lender-of-the-year-and-unitranche-lender-of-the-year-by-private-debt-investor-300045563.html| accessdate =13 September 2015}}</ref>
'''Golub Capital''' is a nationally recognized $15+ billion credit asset manager for [[institutional investors]], [[Business Development Company|Business Development Companies]] (“BDCs”), high net worth individuals, and [[Family_office|family offices]]. Since 1994, the company has grown to become one of the largest non-bank lenders to [[Middle-market company|middle market companies]] and [[leveraged buyouts]] (“LBOs”).<ref>{{cite journal|title=Reluctant Optimist|journal=Grant's Interest Rate Observer|date=November 2, 2012|volume=30|issue=21b|accessdate=24 May 2015}}</ref> Golub Capital has four primary lines of business:

* Middle Market Lending offers [[senior debt]], one-stop and [[Second_lien_loan|second lien loans]] to U.S. [[Middle-market company|middle market companies]] and [[financial sponsor|financial sponsors]].
* Late Stage Lending provides debt for fast-growing technology companies that want to expand without further equity dilution.
* [[Syndicated Loan|Broadly Syndicated Loans]] invests in liquid senior secure loans to larger enterprises.
* Opportunistic Credit purchases liquid and illiquid credit assets with compelling risk-reward profiles.


== History ==
== History ==

Revision as of 04:35, 9 October 2015

Golub Capital
Company typePrivate
Industry
FoundedNew York City, New York 1994 (1994)
FounderLawrence Golub (CEO)
Headquarters
Key people
David Golub (President)
Andrew Steuerman (Head of Middle Market and Late Stage Lending)
Christina D. Jamieson (Head of Broadly Syndicated Loans)
WebsiteOfficial Website

Golub Capital is an American credit asset manager with over $15 billion of capital under management.[1][2] The firm has primary business lines in middle market lending, late stage lending, broadly syndicated loans, and opportunistic credit.[3][4][5] The firm is also the parent company of Golub Capital BDC, a business development company that trades on the NASDAQ under the stock ticker symbol, GBDC.[6][7] Golub Capital is one of the largest non-bank middle market lenders and providers of senior debt.[6][8][9] In 2015, the firm was named "Lender of the Year" by Private Debt Investor.[10]

History

1994-2000

Golub Capital was founded by Lawrence Golub with $20 million under management.[11] It operated as a private equity and lending business firm up until 2000.[12]

Anchor investors in Golub Capital’s first fund included Dan Lufkin, one of the founders of investment bank Donaldson, Lufkin & Jenrette; Stanley S. Shuman of Allen & Company, LLC; George Hornig of Wasserstein, Perella, Hambrecht & Quist, and Mellon Bank. The first fund finished investing in 1999.[13]

2000-2004

In 2000, Golub Capital began the transition from private equity to a full-fledged lending firm emphasizing loans to private equity-backed companies.[14] As part of this transition, Golub Capital stopped making controlled private equity investments so it would not compete with private equity clients.[15]

Economic conditions in 2001 meant that Golub Capital’s new lending product had an easy start. Simultaneous with the dot-com bust was a sharp contraction in the availability of cash-flow loans, a gap that Golub Capital was able to fill with its new mezzanine loans.[16] Many lenders had exited the loan market, and prospective borrowers turned to mezzanine funding.[17]

2004-2008

Beginning in 2004, Golub Capital switched to providing senior and one-stop loans.[18] The decision to expand its lending product line solidified Golub Capital’s place in the loan market.[19]

Golub Capital made waves in 2005 by launching three advertisements in a handful of trade publications lightheartedly drawing attention to conflicts of interest among some traditional mezzanine lenders.[20][21] The highlighted conflicts occur when lenders buy companies that they have already talked about financing on behalf of buyout funds .[22] In such situations, mezzanine lenders might gain an edge by crafting their buyout bids based on information they gleaned while making their financing pitch to buyout funds.[23] Golub Capital’s advertisements were seen as highlighting the firm’s commitment to maintaining its focus on financing rather than executing buyouts.[24]

In 2005, Golub held a final closing of its $800 million Golub Capital Partners IV fund, surpassing its target of $400 million.[25][26] In 2006, the firm raised $700 million for its fifth fund, Golub Capital Partners V, on its first closing.[27] This fundraising brought Golub Capital’s total capital to $2.5 billion.[28]

In July 2007, Golub Capital started Golub Capital Master Funding LLC, forebear to the business development company.[29]

2008-Present

Golub Capital grew during the 2008 financial crisis even though many of its competitors closed or were bankrupted. By October 9, 2008, Golub Capital was one of the four largest firms remaining in U.S. middle market financing after GE Antares suspended new lending.[30] By the end of 2008, the firm was third by deal volume for lead arrangers of sub-$100 million leveraged buyout loans.[31] Despite the contraction of global markets in 2008, the firm still managed to raise $1.5 billion for new loans that year.[32] Golub Capital’s lending strategies allowed it to go into the financial crisis with a very well-positioned portfolio from a credit standpoint.[33] Mergers & Acquisitions declared Golub Capital to be the “Lender of the Year” for 2008 due to its ability to raise capital and close deals through the difficult financial environment.[34]

Because the recession removed many former middle-market lenders from the market, there has been a supply-demand imbalance between lenders and borrowers.[35] Increased bank regulation took many bank lenders out of the loan market.[36]

Golub Capital grew despite the recession. In 2009, the firm grew its assets under management to $4 billion, continuing the growth rate of approximately $1 billion per year since 2006.[37] Golub Capital put over $1 billion onto the loan market in 2010.[38]

In 2010, Buyouts declared Golub Capital to be the No. 1 lead arranger of leveraged buyout-backed senior loans of $100 million or less, closing more transactions than the 2nd and 3rd ranked senior lenders combined.[39] Golub Capital started the Golub Capital BDC (business development company) in 2010.[40]

The firm’s funds grew to $5 billion in 2011.[41]

In 2012, with decreased M&A volume, lenders competed for a limited number of deals.[42] In response, Golub Capital launched a targeted effort to serve lower middle market sponsors.[43] This effort focused on financing companies with annual EBITDA from $6 million to $8 million with the firm’s one-stop debt facilities.[44]

In 2014, Golub Capital expanded its footprint to serve the upper middle market by hiring Hyun Chang and Michael Meagher as Managing Directors.[45] With their experience covering upper middle market private equity firms nationally at J.P. Morgan Chase & Co and Deutsche Bank Securities Inc., adding Chang and Meagher increased Golub Capital’s ability to serve upper middle market clients who seek value-added capital from growing non-bank lenders.[46] Golub Capital’s recruitment of two deal makers from big Wall Street banks increased their ability to provide upper middle-market senior loans up to $500 million while big banks continued to focus on larger deals of $400 million or more.[47]

Also in 2014, Golub Capital held final closings for two major funds, Golub Capital Partners VIII on $1.7 billion and Golub Capital Partners International VIII on $1.2 billion, bringing the firm’s assets up to $10 billion.[48] That year, the firm closed an eclectic mix of deals, including boot retailer Boot Barn with a $100 million facility and fiber optic infrastructure company Wilcon Holdings with a $59 million facility.[49] In 2014, Golub Capital also opened its San Francisco office for late stage lending investments.[50]


Middle Market Lending

Andrew Steuerman heads Golub Capital’s Middle Market Lending team located in Chicago and New York.[51] The business line focuses on senior, one-stop and second lien debt in U.S. middle market companies, typically controlled by private equity firms.

Golub Capital has achieved several awards for its performance in middle market lending. In 2015, Golub Capital was named “2014 Lender of the Year” and “2014 Unitranche Lender of the Year” by Private Debt Investor.[52]

Golub Capital can invest over $250 million in each middle market lending deal, while the team can also underwrite and syndicate senior credit facilities and a proprietary suite of one-loan debt facilities of $500 million+.[53] The typical borrower generates between $5 million to $50 million a year in EBITDA and is backed by one of over 200 private equity companies with which Golub Capital has a working relationship.[54] 85% of financings done with private equity companies come from pre-existing relationships.[55]

Late Stage Lending

Golub Capital’s Late Stage Lending business offers debt to fast-growing technology companies backed by venture capital, growth equity, private equity, or other private companies without further equity dilution. In 2014, Golub Capital opened a San Francisco office where Peter Fair, Managing Director, and Robert Sverbilov, Director, make late stage lending investments.[56]

Broadly Syndicated Loans

Golub Capital’s Broadly Syndicated Loans business is managed by Christina Jamieson out of Golub Capital’s Chicago office.[57] This unit focuses on investing in larger loans that are generally liquid in the secondary market. The Broadly Syndicated Loans team also manages a series of collateralized loan obligations.

Opportunistic Credit

Golub Capital’s Opportunistic Credit business offers secondary purchases of credit-related assets where the firm has proprietary access and/or informational advantages.

Business Development Company

In 2010, Golub Capital started a business development company (“BDC”), Golub Capital BDC, Inc. (NASDAQ: GBDC), in response to client demand for a more liquid product following the financial crisis.[58] BDCs invest, largely with borrowed money, in the debt and equity of small to midsize firms that are being taken over or restructured or are starved for capital.[59] They are lightly leveraged, as the Investment Company Act of 1940 requires.[60] BDCs must have $2 in assets for every $1 borrowed.[61]

Golub Capital BDC, Inc. has $2.20 in assets for every $1 in liabilities, and has some of the lowest fees in the industry, at about a 1.375 percent management fee.[62] Most other BDCs charge 1.75 to 2 percent.[63]

Recognition

2015

• “Best Business Development Company” Creditflux[64]

• “Lender of the Year” Private Debt Investor[65]

• “Unitranche Lender of the Year” Private Debt Investor[66]

2014

• 10th Largest Private Debt Fund Manager – Private Debt Investor[67]

2012

• “Senior Lender Firm of the Year” ACG New York[68]

• “Lender Firm of the Year” M&A Advisor[69]

2010

• “Middle Market Lender of the Year” Buyouts[70]

• “Debt Financing Agent of the Year” M&A Advisor[71]

2009

• “Middle Market Lender of the Year” Buyouts[72]

• “M&A Lender of the Year” ACG’s Mergers & Acquisitions[73]

• “Mezzanine Financing Agent of the Year” M&A Advisor[74]

2008

• “Financing Firm of the Year” M&A Advisor[75]

People

Lawrence Golub [76]

Lawrence Golub is the Chief Executive Officer of Golub Capital. He serves on the investment committee for each of the firm’s credit strategies and, with David Golub, is responsible for the overall management of the firm.

Previously, Mr. Golub was a Managing Director of Bankers Trust Company. Prior to that, he was a Managing Director of Wasserstein Perella where he established the firm’s capital markets group and debt restructuring practice. Mr. Golub started his career at Allen & Company Incorporated where he engaged in private equity, leveraged finance, and mergers and acquisitions. Mr. Golub is active in charitable and civic organizations. He is one of three private members of the Financial Control Board of the State of New York, President of the Harvard University JD-MBA Alumni Association, a member of the Harvard University Committee on University Resources and a member of the Harvard NeuroDiscovery Advisory Council.

Mr. Golub and his family actively support medical research to advance treatments for Parkinson’s disease at several leading institutions. Mr. Golub was a White House Fellow and served for fifteen years as Treasurer of the White House Fellows Foundation. He was Chairman of Mosholu Preservation Corporation, a non-profit developer and manager of low-income housing in the Bronx. He served for fifteen years as a trustee of Montefiore Medical Center, the university hospital of the Albert Einstein Medical School. He also served for six years as a trustee of Horace Mann School and for five years on the Harvard University Committee for Science and Engineering. Mr. Golub earned his AB degree magna cum laude in economics from Harvard College. He received an MBA from Harvard Business School where he was selected as a Baker Scholar and a Juris Doctor from Harvard Law School where he served as an editor of the Harvard Law Review.

Lawrence Golub graduated from Harvard’s JD-MBA joint degree program in 1984 and is the founder of its alumni society.[77] Lawrence Golub is married to Karen Finerman, president and chief executive of New York-based hedge fund Metropolitan Capital Advisors.[78]

Lawrence Golub is also known for his philanthropic contributions towards Parkinson’s research through the New York Stem Cell Foundation, where he recently gave $500,000 to establish the Golub Stem Cell Initiative for Parkinson’s. Lawrence also funded a Parkinson’s research effort within the Harvard Stem Cell Institute, which currently focuses on Parkinson’s, juvenile diabetes, and ALS.[79]

David Golub

David Golub is President of Golub Capital. He serves on the investment committee for each of the firm’s credit strategies and, with Lawrence Golub, is responsible for the overall management of the firm. Mr. Golub also serves as CEO of Golub Capital BDC (NASDAQ: GBDC).[80]

Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies. Mr. Golub was the first Chairman of the Board and is a long-standing Director of the Michael J. Fox Foundation for Parkinson’s Research.[81][82] He has served previously on the boards of the Hudson Guild and the World Policy Institute. Mr. Golub is also on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies. Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was named an Arjay Miller Scholar.

Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies, including Tyco Toys (NYSE) and Dollar Financial (NASDAQ).[83] He has previously served on the boards of the Hudson Guild and the World Policy Institute.[84] He was the first chairman of MJFF’s Board of Directors and has also served as vice chairman.[85]

Mr. Golub earned his AB degree magna cum laude in Government from Harvard College.[86] He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was named an Arjay Miller Scholar.[87]

Andrew Steuerman

Mr. Steuerman heads the firm’s Middle Market Lending and Late Stage Lending groups, overseeing origination, deal execution and capital markets. He is a member of the firm’s investment and watch list committees. Prior to joining Golub Capital, Mr. Steuerman was a Managing Director at Albion Alliance, where he originated, executed and supervised subordinated debt and equity investments for two private partnerships. Prior to Albion, Mr. Steuerman was a Vice President at Bankers Trust Alex Brown and an investment manager with New York Life Insurance Company specializing in private security investing. At New York Life, Mr. Steuerman was a senior member of the Private Equity Group managing leveraged senior loans, mezzanine investments, private equity securities and limited partnership assets. Mr. Steuerman graduated from Pace University with a BBA in Finance and holds an MBA in Finance from St. John's University.

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