CVC Capital Partners, the Amsterdam-listed European private equity major, has reportedly explored a potential acquisition of Golub Capital, one of the largest independent private credit lenders in the US, according to a report by the Financial Times.
The report cites unnamed sources familiar with the matter as highlighting that the proposed deal is part of CVC’s strategy to deepen exposure to the American private credit market.
While it’s unclear whether the talks will progress, one source noted that Golub Capital is not currently entertaining a formal sale process.
Founded in 1994 by Lawrence Golub, the New York-based firm manages over $75bn in assets and is widely regarded as a leader in direct lending, providing loans directly to mid-market and larger corporate borrowers, bypassing traditional banks. Since 2004, Golub has originated more than $150bn in loans.
The firm has been a key beneficiary of post-financial crisis regulatory reforms that curtailed bank lending, helping private credit managers — including Golub, Ares, Blue Owl and HPS Investment Partners — capture market share as alternative lenders, or so-called “shadow banks.”
CVC, which manages approximately €200bn in assets globally, including €45bn in credit strategies, has been actively pursuing a US-based credit platform to bolster its presence in North America following a string of lacklustre private equity exits. Its credit arm, established in 2006, primarily lends to sub-investment grade companies across Europe and the US.
CVC has previously held merger talks with both HPS and Fortress Investment Group, although those negotiations ultimately stalled. HPS has since agreed to a sale to BlackRock, while Fortress remains under the ownership of Mubadala and SoftBank.
Golub itself sold a minority stake to Japan’s Mizuho in October. The bank now holds under 5% of the firm and has agreed to distribute Golub’s investment products to high-net-worth and retail clients in Japan.
Both CVC and Golub Capital declined to comment on the potential deal.
