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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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Why Private Credit

Private credit is a growing asset class, with a history of consistent income and attractive risk-adjusted returns.

Private Credit: A Growing Asset Class

Private Credit Market Size vs. High Yield and Leveraged Loans ($billion)1

2000 vs. 2022. As of December 31, 2022

12%

Bank Participation in U.S. Loans, Down from 54% in 20002

$2.3 Trillion

Projected Size of Private Credit Market in 20273

$2.0 Trillion

Private Equity Dry Powder4

Private Credit: A History of Consistent Income

Private Credit Quarterly Income Returns (Annualized)5

Source: Cliffwater Direct Lending Index (“CDLI”)

Private Credit: A History of Attractive Risk-Adjusted Returns Compared to Fixed Income Alternatives

Annualized Returns and Volatility*: Private Credit and Traditional Fixed Income6

Q4 2015 – Q3 2023

Past performance does not guarantee future results. You cannot invest directly in an index, which also does not take into account trading commissions and costs. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

*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.

GCRED Literature & Resources

Overview Presentation

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Fact Card

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Brochure

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Private Credit: A Growing Asset Class
Past performance does not guarantee future results.
1. Sources: J.P. Morgan 2022 Leveraged Loan Annual Review, J.P. Morgan 2022 High-Yield Annual Review and Preqin. Data as of December 31, 2022.
2. PitchBook LCD, “High-End Middle Market Lending Review 3Q 2023.” Data as of December 31, 2021.
3. 2027 Projection source: Based on projections from Preqin Global Report 2023: Private Debt (https://www.preqin.com/insights/global-reports/2023-private-debt). As of December 14, 2022.
4. Source: Preqin, as of October 17, 2023. Dry powder refers to uncalled capital commitments held by existing private equity funds that are available to be invested or deployed.

Private Credit: A History of Consistent Income
5. Represented by the annualized quarterly income returns of the Cliffwater Direct Lending Index (the “CDLI”). As of September 30, 2023. The CDLI seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans, as represented by the underlying assets of Business Development Companies (“BDCs”), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements.

Note: Past performance does not guarantee future results. You cannot invest directly in an index, which also does not take into account trading commissions and costs. The volatility of indices may be materially different from the performance of Golub Capital Funds. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

Private Credit: A History of Attractive Risk-Adjusted Returns Compared to Fixed Income Alternatives
6. Past performance does not guarantee future results. You cannot invest directly in an index, which also does not take into account trading commissions and costs. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. 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, 2015 (the CDLI launch date) through September 30, 2023. The indices used in this analysis are: Private Credit is represented by the CDLI; High Yield is represented by 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 issues in the US 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 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.

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.