Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Golub Capital Private Credit Fund ("GCRED") is authorized for distribution.

Complete information about investing in shares of GCRED is available in the prospectus. An investment in GCRED involves risks.

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GCRED Overview

Golub Capital Private Credit Fund (GCRED) seeks to deliver attractive risk-adjusted returns in the form of current income and capital appreciation.

Fund Features

Accessible Investment Structure

Investors must have a net worth of ≥$250k or gross annual income of ≥$70k and a net worth of ≥$70k1

Anticipated Quarterly Liquidity

Intends to offer to repurchase up to 5% of fund shares each quarter2

Targeted Monthly Distributions

Distributes 90% of annual net income; expected distributions on a monthly basis*

Attractive Fees

Competitive fee structure relative to publicly-traded BDCs3

Tax Efficiency

Generally no corporate level taxes on distributed income4; blocks Effectively Connected Income5 and Unrelated Business Tax Income6

Form 1099 Tax Reporting

Not via a K-17

* There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our board of trustees. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Investment Adviser or its affiliates, that may be subject to reimbursement to the Investment Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.

Target Portfolio Characteristics*

Target Borrower Profile

  • Primarily issuers in the middle market and upper middle market
  • Intends to focus on resilient companies in growing, non-cyclical sectors we believe can perform in various market environments
  • Seek to lend to companies that are market leaders with diversified revenue sources and loyal customer bases

Portfolio Composition

  • Target average position size of <1%
  • Nearly all senior secured floating rate loans
  • Predominantly U.S. focused

Note: Terms are indicative and subject to change. Some of the statements in this presentation constitute forward looking statements, which may be predictions about future events, future performance or financial condition. Past performance does not guarantee future results. Investments are subject to the risk of loss.

* The hypothetical portfolio above is presented for illustrative purposes only, as a general example of types of investments that GCRED may pursue and is not intended to represent GCRED’s investment strategies, performance or how GCRED’s portfolio will be invested or allocated at any particular time. There can be no assurance that GCRED will achieve its investment objectives or able to structure its investment portfolio as anticipated.

GCRED Select Key Terms

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Share Class Summary

Share Class Summary

Note: Terms are indicative and subject to change.

GCRED Literature & Resources

Overview Presentation

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Fact Card

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Brochure

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*The Fund has applied for exemptive relief from the SEC that, if granted, will permit the Fund to issue multiple classes of Common Shares with, among others, different ongoing shareholder servicing and/or distribution fees; there is no assurance, however, that the relief will be granted. Until such relief has been granted, the Fund expects to offer only Class I Common Shares. There is no guarantee that the SEC will grant the Fund such an exemptive order.

Fund Features
1. Certain states have additional suitability standards. See the Prospectus for additional information.
2. Quarterly tender offers to repurchase shares are expected, but not guaranteed. The board of trustees may amend, suspend or terminate share repurchases at its discretion.
3. GCRED charges a 1.25% management fee on net assets and an incentive fee of 12.5% of net investment income (subject to a 5.0% hurdle with a catch up on the income portion, paid quarterly) and 12.5% of realized gains net of realized and unrealized losses (paid annually). The median management fee charged by publicly traded BDCs is 1.5% on gross assets and the median incentive fee is 17.5% as a percentage of pre-incentive fee net investment income (source: SEC filings). The BDC peer group utilized by Golub Capital is the 15 largest publicly traded, externally managed BDCs by total balance sheet assets, excluding GBDC, Golub Capital’s public BDC, as of June 30, 2023. Golub Capital has selected this group of BDCs for comparison because the Firm believes that the group represents companies that have a similar structure and size as GBDC. You will bear substantial fees and expenses in connection with your investment.
4. GCRED intends to be treated as a regulated investment company for U.S. federal income tax purposes.
5. Effectively Connected Income generally refers to all income from sources within the United States connected with the conduct of a foreign person engaging in a trade or business in the United States.
6. Unrelated Business Taxable Income refers to income from a trade or business, regularly carried on, that is not substantially related to the charitable, educational, or other purpose that is the basis of the organization’s exemption.
7. Golub Capital does not provide tax advice. Investors should consult with their own advisors when considering an investment in any investment strategy.

Overview of Key Terms & Share Class Summary:

Note: Terms are indicative and subject to change.
8. GCRED is a Delaware statutory trust organized as a non-diversified closed-end management investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940.
9. Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) directly or indirectly in private credit investments (loans, bonds and other credit and related instruments that are issued in private offerings or issued by private companies).
10. Investors may only purchase our shares pursuant to accepted subscription orders as of the first day of each month (based on the price per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price of our Shares being subscribed at least 5 business days prior to the first day of the month. If a purchase order is received less than 5 business days prior to the first day of the month, unless waived by the Managing Dealer, the purchase order will be executed in the next month’s closing at the transaction price applicable to that month.
11. An investment in our shares has limited or no liquidity outside of our share repurchase program and our share repurchase program may be modified or suspended by the board of trustees at its discretion. An investment in our Shares is only intended for investors who do not need the ability to sell their shares in the near future since we are not obligated to offer to repurchase any of our Shares in any particular quarter. Quarterly repurchases are limited to 5.0% of aggregate shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Shares not held for one year will be repurchased at 98% of NAV. See “Key Risk Factors” and “Important Disclosure Information” and the Prospectus.
12. Shares may be purchased by any investor who meets the minimum suitability requirements. While the standard varies by state, it generally requires that a potential investor has either (i) both net worth and annual net income of $70,000, or (ii) net worth of at least $250,000 (for this purpose, net worth does not include an investor’s home, home furnishings and personal automobiles). Certain states have additional suitability standards. See the Prospectus for more information.
13. The Dealer Manager may elect to accept smaller investments in its discretion.

Important Disclosure Information
Certain countries have been susceptible to epidemics or pandemics, most recently Covid-19. The outbreak of such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will likely continue to have a negative impact on the economy and business activity globally (including in the countries in which GCRED invests), and thereby is expected to adversely affect the performance of GCRED’s investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to GCRED and the performance of its investments or operations.

Summary of Risks

  • We have no prior operating history and there is no assurance that we will achieve our investment objective.
  • This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them.
  • The majority of our portfolio investments will be recorded at fair value as determined in good faith by our board of trustees and, as a result, there could be uncertainty as to the value of our portfolio investments.
  • You should not expect to be able to sell your common shares of beneficial interest (“Common Shares”) regardless of how we perform.
  • You should consider that you should not expect to have access to the money you invest for an extended period of time.
  • We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop prior to any listing.
  • Because you should not expect to be able to sell your shares, you should not expect to be able to reduce your exposure in any market downturn.
  • At the discretion of the board of trustees, we intend to implement a quarterly share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity, among other significant restrictions. As a result, we cannot guarantee that share repurchases will be available each quarter.
  • An investment in our Common Shares is not suitable for you if you need access to the money you invest.
  • You will bear substantial fees and expenses in connection with your investment.
  • Because the incentive fee is based on the performance of our portfolio, the Investment Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement.
  • We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Any capital returned through distributions will be returned after the payment of fees and expenses.
  • Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Investment Adviser or its affiliates, that may be subject to reimbursement to the Investment Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
  • We expect to use leverage, which will magnify the potential for loss on amounts invested in us.
  • We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.
  • We intend to invest in securities that are rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
  • Neither the U.S. Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
  • This website must be read in conjunction with the Prospectus in order to fully understand all the implications and risks of an investment in GCRED. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the Prospectus. Prior to making an investment, investors should read the Prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business’ operating results.

Forward-Looking Statement Disclosure
Certain information contained in this website constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words, or the negatives thereof. These may include financial predictions estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Golub Capital believes these factors include but are not limited to those described under the section entitled “Risk Factors”, which are further described in the Prospectus, and any such updated factors included in GCRED’s periodic filings with the U.S. Securities and Exchange Commission, which will be accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this website and in the filings. Golub Capital undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.

Securities offered through Arete Wealth Management, LLC Member: FINRA/SIPC. Only available in states where Arete Wealth Management, LLC is registered. Arete Wealth Management, LLC is not affiliated with any other entities identified in this communication.

Index Comparison
The volatility and risk profile of the indices presented in this document is likely to be materially different from that of the Fund. In addition, the indices employ different investment guidelines and criteria than the Fund and do not employ leverage; as a result, the holdings in the Fund and the liquidity of such holdings may differ significantly from the securities that comprise the indices. The indices are not subject to fees or expenses and it may not be possible to invest in the indices. A summary of the investment guidelines for the indices presented are available upon request.