CVC Capital Partners is reportedly evaluating a potential acquisition of Golub Capital, one of the largest independent private credit managers in the US, in a strategic move to deepen its exposure to North America’s fast-growing direct lending market, according to the Financial Times.

While discussions remain exploratory and Golub is not engaged in a formal sale process, the move reflects CVC’s ongoing push to expand its US credit footprint after a series of muted private equity exits. Golub Capital manages more than $75bn in assets and has originated over $150bn in loans since 2004, positioning itself as a key player in private credit and a prominent alternative to traditional bank lending.

Founded by Lawrence Golub in 1994, the firm specialises in direct loans to mid-market and larger corporate borrowers. It has been a major beneficiary of regulatory changes following the global financial crisis, which opened the door for non-bank lenders such as Golub, Ares, Blue Owl, and HPS Investment Partners to gain significant market share.

CVC, which oversees €200bn globally and €45bn across credit strategies, has previously held discussions with both HPS and Fortress Investment Group, though neither led to a transaction. HPS has since been acquired by BlackRock, while Fortress remains under the joint ownership of Mubadala and SoftBank.

Golub Capital recently sold a minority stake of less than 5% to Mizuho in October, with the Japanese bank agreeing to distribute Golub’s investment products to its high-net-worth and retail clients.

Source: Financial Times