CVC eyes acquisition of US private credit giant Golub Capital – reports

CVC Capital Partners, the European private equity firm, is reportedly exploring making a bid for US private credit giant Golub Capital.

The potential strategic move, first reported in the Financial Times on Friday (11 April), would see CVC expand its footprint into the growing US direct-lending market.

However it is understood Golub currently has no plans to sell, and discussions at this stage are just exploratory.

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Founded in 1991, Golub manages over $75bn (£56.9bn) in assets and employs more than 1,000 professionals, according to its website.

It specialises in providing loans to US mid market companies.

The middle market represents a significant cross-section of the US economy, accounting for one-third of private sector GDP, $13tn in revenue and 50 million workers employed, according to analysis by J.P. Morgan.

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Despite this, banks have largely withdrawn from the middle market as they have grown larger via consolidation and more constrained with their lending due to the flood of regulations post the Great Financial Crisis.

Direct lending is by far the single largest strategy within private credit today, having grown from 9 per cent to 36 per cent of total assets under management over the last 15 years, according to Pitchbook.

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