Golub Capital Launches $1B GP-Led Secondaries Strategy to Extend Direct Lending Platform 

Golub Capital, a direct lender and credit asset manager, has launched a GP-led secondaries strategy focused on investing in high-quality U.S. and European middle-market businesses—primarily through GP-led continuation vehicles. The firm is committing over $1 billion to the initiative and plans to raise special-purpose funds to further scale the strategy. 

The new platform complements Golub Capital’s core direct lending franchise, leveraging its long-standing private equity relationships and a borrower network of more than 650 companies. The goal is to provide liquidity and partnership solutions to sponsors while maintaining exposure to performing assets in proven portfolio companies. 

The GP-led secondaries effort builds on Golub Capital’s equity co-investment program, which has been an integral part of the firm’s model for over two decades. To date, Golub has completed more than 400 equity co-investments, deploying over $1.7 billion alongside private equity sponsors across industries and capital structures. 

The initiative will be led by Greg Cashman, co-head of direct lending, and will operate as a seamless extension of the firm’s existing platform. 

“We see our GP-Led Secondaries business as a natural extension of our direct lending franchise,” said David Golub, President of Golub Capital. “We have conviction we will be successful here due to the power of the Golub Capital platform—including our strong relationships with private equity sponsors, rigorous underwriting process, and deep industry expertise.” 

As of July 1, 2025, Golub Capital oversaw more than $80 billion in capital under management and employed over 1,000 professionals across offices in North America, Europe, Asia, and the Middle East.