Mizuho takes minority stake in Golub Capital
Japanese investment bank Mizuho has acquired a minority stake in Golub Capital.
This is the first time Mizuho has taken a direct stake in a US-based private credit asset manager. Golub Capital has more than $70bn (£52.5bn) of capital under management.
Golub Capital’s strategy, management team and day-to-day operations will not change as a result of the investment, which represents a holding of less than five per cent.
As part of the agreement, Mizuho will serve as a strategic distribution partner for Golub Capital in Japan, including being the exclusive distributor of its investment products to retail and high-net-worth investors in the country. Additional terms of the investment were not disclosed.
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Golub Capital said it plans to use the proceeds from Mizuho’s investment to enhance its delivery of financing solutions to private equity sponsors. All proceeds from the transaction will remain invested in Golub Capital.
“This strategic partnership represents a strong endorsement of our franchise by a global financial institution with a home office in Japan,” said Golub Capital president David Golub.
“We remain focused on deepening our commitment to investors in Japan and delivering more opportunities to investors seeking access to our proven private credit strategies.”
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“We are delighted to partner with Golub Capital, a leading alternative asset manager, to meet the increasingly diversified needs of investors in Japan,” said Mizuho president Masahiro Kihara.
“Mizuho will continue to enhance its investment capabilities and expand its product lineup, contributing to both individual wealth growth in Japan and the continued success of our asset management business.”
Mizuho and its affiliate Greenhill & Co acted as financial advisor and Fried, Frank, Harris, Shriver & Jacobson and Davis Polk & Wardwell acted as legal advisors to Mizuho.
Evercore served as financial adviser and Kirkland & Ellis served as legal counsel to Golub Capital on the transaction.
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