Golub Capital Private Credit Fund 10-Q 14 Aug 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2023	Aug. 14, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	814-01555
Entity Registrant Name	Golub Capital Private Credit Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-2030260
Entity Address, Address Line One	200 Park Avenue
Entity Address, Address Line Two	25th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10166
City Area Code	212
Local Phone Number	750-6060
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Shares Outstanding (in shares)		26,012,927.6
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001930087
Current Fiscal Year End Date	--09-30

Statement of Financial Conditio

Statement of Financial Condition	Jun. 30, 2023 USD ($) $ / shares shares
Assets
Cash and cash equivalents	$ 650,323,000
Deferred offering costs	3,410,000
Total Assets	653,733,000
Liabilities
Due to affiliate	3,410,000
Total Liabilities	3,410,000
Commitments and Contingencies (Note 6)
Net Assets
Class I common shares, par value $0.01 per share, unlimited shares authorized, 26,012,927.600 shares issued and outstanding as of June 30, 2023	260,000
Paid in capital in excess of par	650,063,000
Total Net Assets	650,323,000
Total Liabilities and Total Net Assets	$ 653,733,000
Number of common shares outstanding (Class I) (in shares) | shares	26,012,927.6
Net asset value per common share (Class I) (in dollars per share) | $ / shares	$ 25

Statement of Financial Condit_2

Statement of Financial Condition (Parenthetical)	Jun. 30, 2023 $ / shares shares
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share) | $ / shares	$ 0.01
Common shares issued (in shares)	26,012,927.6
Common shares outstanding (in shares)	26,012,927.6

Statement of Operations (unaudi

Statement of Operations (unaudited)	Jun. 30, 2023 USD ($)
Expenses
Professional fees	$ 148,000
Organization expenses	1,109,000
Total expenses	1,257,000
Expense support (Note 3)	(1,257,000)
Net expenses	0
Net increase (decrease) in net assets resulting from operations	$ 0

Statement of Changes in Net Ass

Statement of Changes in Net Assets (unaudited)	2 Months Ended
	Jun. 30, 2023 USD ($) shares
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 50,000
Issuance of common shares	650,273,000
Total increase common shares, outstanding value	$ 650,273,000
Ending balance (in shares) | shares	26,012,927.6
Ending balance	$ 650,323,000
Common Shares
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares) | shares	2,000
Beginning balance	$ 0
Issuance of common shares (in shares) | shares	26,010,927.6
Issuance of common shares	$ 260,000
Total increase common shares, outstanding (in shares) | shares	26,010,927.6
Total increase common shares, outstanding value	$ 260,000
Ending balance (in shares) | shares	26,012,927.6
Ending balance	$ 260,000
Paid in Capital in Excess of Par
Investment Company, Net Assets [Roll Forward]
Beginning balance	50,000
Issuance of common shares	650,013,000
Total increase common shares, outstanding value	650,013,000
Ending balance	$ 650,063,000

Consolidated Schedule of Invest

Consolidated Schedule of Investments (unaudited)	Jun. 30, 2023 USD ($)
Money Market Funds, at Carrying Value	$ 650,323,000
Money Market Funds, Percent Of Net Assets	100%
Investment, Identifier [Axis]: Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582)
Interest Rate	5%	[1]
Money Market Funds, at Carrying Value	$ 650,323,000
Money Market Funds, Percent Of Net Assets	100%
[1]The rate shown is the annualized seven-day yield as of June 30, 2023 .

Organization

Organization	9 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Golub Capital Private Credit Fund (“GCRED” or the “Company”), is a Delaware statutory trust formed on May 13, 2022. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, beginning with its tax year ending September 30, 2023, the Company intends to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s investment objective is to generate current income and capital appreciation by investing primarily in privately originated and privately negotiated investments, predominantly through direct lending to U.S. private companies in the middle market and upper middle market in the form of one stop and other senior secured loans. The Company may selectively invest in second lien and subordinated loans (including loans that rank senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) of private companies. The Company may also invest in liquid credit instruments, including secured floating rate syndicated loans, securitized products and corporate bonds, and the Company's portfolio may, but will not necessarily, initially be comprised of a greater percentage of such instruments than it will as the Company's investment program matures, though the exact allocation may vary from time to time depending on market conditions and available investment opportunities. The Company's portfolio may also include equity interests such as preferred equity, debt investments accompanied by equity-related securities (including warrants) and, to a limited extent, common equity investments, which generally would be obtained as part of providing a broader financing solution. The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with GC Advisors, LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator, which is currently Golub Capital LLC (the “Administrator”). The Company intends to offer on a continuous basis up to $5.0 billion of common shares of beneficial interest pursuant to an offering registered with the Securities and Exchange Commission (the “SEC”). The Company has applied for exemptive relief from the SEC that, if granted, will permit the Company to offer to sell any combination of three classes of common shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount (the “Public Offering”). There is no assurance, however, that the relief will be granted. Beginning in April 2023, the Company commenced a separate private offering of Class F shares (the “Private Offering”) to certain accredited investors (the “Private Offering Investors”). On June 14, 2023, the Company completed the Private Offering and entered into subscription agreements with the Private Offering Investors for total commitments of $650.3 million to purchase the Company’s Class F shares. The offer and sale of these Class F Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder. On April 27, 2023, an affiliate of the Investment Adviser purchased 2,000 shares of the Company’s Class F common shares of beneficial interest at $25.00 per share.

Significant Accounting Policies

Significant Accounting Policies and Recent Accounting Updates	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies and Recent Accounting Updates	Note 2. Significant Accounting Policies and Recent Accounting Updates Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”). The accompanying unaudited interim financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for the interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, the financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. Use of estimates: The preparation of the unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Consolidation: As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate any investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. Income taxes: Beginning with its tax year ending September 30, 2023, the Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company will be required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. Beginning with its tax year ending September 30, 2023, the Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its shareholders. Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is e arned. Deferred offering costs: Costs associated with the offering of common shares of the Company will be capitalized as deferred offering expenses and amortized on a straight line basis. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. For the period ended June 30, 2023, there was no amortization of deferred offering costs as the Company had not commenced its investing activities.

Agreements and Related Party Tr

Agreements and Related Party Transactions	9 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Agreements and Related Party Transactions	Note 3. Agreements and Related Party Transactions Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser will manage the day-to-day operations of, and provide investment advisory services to the Company. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. No base management or incentive fees will be paid to the Investment Adviser until the commencement of investment activities. Base Management Fee The management fee will be payable quarterly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable quarter adjusted for share issuances and repurchases. For purposes of the Investment Advisory Agreement, net assets means the Company’s assets less liabilities determined in accordance with GAAP. For the first calendar quarter in which the Company has operations, net assets will be measured as the beginning total assets less liabilities as of the date on which the Company breaks escrow for the Private Offering. Incentive Fees The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s capital gains, each as described below. (i) Income based incentive fee (the “Income Incentive Fee”) The Income Incentive Fee is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter, adjusted for share issuances and repurchases, from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Company will pay the Investment Adviser an Income Incentive Fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); • 100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”; and • 12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Investment Adviser. (ii) Capital gains based incentive fee (the “Capital Gain Incentive Fee”) The second component of the incentive fee, the Capital Gain Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gain Incentive Fee. Realized capital gains and losses include gains and losses on investments, foreign currencies, including gains and losses on borrowings in foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. In accordance with GAAP, the Company will accrue, but will not pay a capital gains incentive fee calculated to include the aggregate unrealized capital appreciation on investments in the calculation as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. There can be no assurance that any such unrealized capital appreciation will be realized in the future. Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”) and net offering price, preparing reports to shareholders and reports filed with the SEC, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to shareholders, managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include rent, fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board of Trustees (“the Board”) will review such expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, to determine that those expenses are reasonable and comparable to administrative services charged to unaffiliated third-party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies. Each of the Investment Advisory Agreement and the Administration Agreement were approved by the Board, and both became effective on April 28, 2023 and will continue in effect for an initial term of two years. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. Managing Dealer Agreement: The Company has entered into a Managing Dealer Agreement (the “Managing Dealer Agreement”) with Arete Wealth Management, LLC (the “Managing Dealer”). Under the terms of the Managing Dealer Agreement, the Managing Dealer will manage relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of the Company’s Class I Shares, Class D Shares and Class S shares (referred to as “participating brokers”), and financial advisors. The Managing Dealer will be entitled to receive shareholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% and 0.25% of the aggregate NAV attributable to Class S shares and Class D shares, respectively. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution fees will be payable to the Managing Dealer, but the Managing Dealer anticipates that all or a portion of the shareholder servicing fees and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers. In addition, pursuant to the Managing Dealer Agreement, the Company will pay the Managing Dealer certain fees for its services as Managing Dealer, which will be borne indirectly by all shareholders of the Company. The Managing Dealer is a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority (“FINRA”). The Managing Dealer Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution and servicing plan or the Managing Dealer Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Managing Dealer or the Investment Adviser. The Managing Dealer Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act. Expense Support and Conditional Reimbursement Agreement: The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. The Investment Adviser may elect to pay certain expenses (each, an “Expense Support Payment”), provided that no portion of the payment will be used to pay any interest or distribution and/or shareholder servicing fees of the Company. Any Expense Support Payment that the Investment Adviser has committed to pay must be paid by the Investment Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Investment Adviser or its affiliates. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Investment Adviser until such time as all Expense Support Payments made by the Investment Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) the Company’s net investment income calculated in accordance with GAAP, (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Investment Adviser has waived its right to receive such payment for the applicable month. Expense Support Payments will only be borne by the Company if the Company commences the Public Offering. Refer to “Note 6, Commitments and Contingencies” for additional details. As of June 30, 2023, the Company had not commenced the Public Offering. As of June 30, 2023, the Investment Adviser made Expense Support Payments totaling $1,257. There were no Reimbursement Payments made to the Investment Adviser as of June 30, 2023. Other Related Party Transactions: On April 27, 2023, an affiliate of the Investment Adviser purchased 2,000 shares of the Company’s Class F common shares at $25.00 per share. Following the completion of the Private Offering and prior to the commencement of the Public Offering, the Company's Class F shares were reclassified as Class I shares. The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. There were no expenses reimbursed to the Administrator for the period ended June 30, 2023. As of June 30, 2023, $3,410, net of $1,257 of Expense Support Payment offsets, of reimbursable expenses that were paid by the Administrator on behalf of the Company were included in Due to affiliate on the Statement of Financial Condition.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation. In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2023: As of June 30, 2023 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Money market funds (1) $ 650,323 $ — $ — $ 650,323 Total assets, at fair value: $ 650,323 $ — $ — $ 650,323 (1) Refer to the Schedule of Investments for further details.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share Repurchase Program	Note 5. Share Repurchase Program Beginning no later than the first full calendar quarter from the date on which the Company breaks escrow for the Public Offering, and at the discretion of the Board, the Company intends to commence a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company’s common shares outstanding as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Note 7. Net Assets On June 14, 2023, the Company completed the Private Offering and entered into subscription agreements with the Private Offering Investors for total commitments of $650.3 million to purchase the Company’s Class F common shares. Following the completion of the Private Offering and prior to the commencement of the Public Offering, the Company’s Class F shares were reclassified as Class I shares. On June 30, 2023, the Company received the Private Offering subscription proceeds and issued 26,010,927.600 Class F common shares (reclassified as Class I shares) at a purchase price of $25.00 per share. In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value. On April 27, 2023, an affiliate of the Investment Adviser purchased 2,000 shares of the Company’s Class F common shares at a purchase price of $25.00 per share.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and ContingenciesThe Investment Adviser has agreed to advance certain expenses along with any other expenses through the date on which the Company commences the Public Offering in accordance with the Expense Support Agreement. The Company will be obligated to reimburse the Investment Adviser for such advanced expenses upon commencement of the Public Offering. The total Expense Support Payments incurred through June 30, 2023 were $1,257.

Net Assets

Net Assets	9 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Net Assets	Note 5. Share Repurchase Program Beginning no later than the first full calendar quarter from the date on which the Company breaks escrow for the Public Offering, and at the discretion of the Board, the Company intends to commence a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company’s common shares outstanding as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Note 7. Net Assets On June 14, 2023, the Company completed the Private Offering and entered into subscription agreements with the Private Offering Investors for total commitments of $650.3 million to purchase the Company’s Class F common shares. Following the completion of the Private Offering and prior to the commencement of the Public Offering, the Company’s Class F shares were reclassified as Class I shares. On June 30, 2023, the Company received the Private Offering subscription proceeds and issued 26,010,927.600 Class F common shares (reclassified as Class I shares) at a purchase price of $25.00 per share. In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value. On April 27, 2023, an affiliate of the Investment Adviser purchased 2,000 shares of the Company’s Class F common shares at a purchase price of $25.00 per share.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 8. Subsequent Events In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following: CLO Vehicle Purchase On July 1, 2023, the Company entered into a Share Purchase and Sale Agreement (the “Purchase and Sale Agreement”), by and among the Company, GCP HS Fund, a Delaware statutory trust, GCP CLO Holdings Sub LP, an exempted limited partnership registered in the Cayman Islands (each, a “Seller” and, collectively, “Sellers”), and the Investment Adviser. Pursuant to the Purchase and Sale Agreement, the Company acquired all of the assets and liabilities (the “Seed Assets”) of GCP SG Warehouse 2022-1 (the “CLO Vehicle”) through the purchase from the Sellers of 100% of the beneficial interests in, and 100% of the subordinated notes issued by the CLO Vehicle, for an estimated aggregate purchase price of $442 million (the “Estimated Purchase Price”), which was adjusted following the Board’s approval of the final net asset value (the “Final NAV”) of the CLO Vehicle (such adjusted amount, the “Purchase Price”) on July 31, 2023. The Company paid 90% of the Estimated Purchase Price in cash on July 3, 2023 and the remaining amount of the Purchase Price with an unsecured promissory note, the amount due under which was paid by the Company in cash on July 31, 2023. The Seed Assets consist of loans to 80 borrowers, cash and other assets. The Sellers are private funds advised by an affiliate of the Investment Adviser and whose general partners are controlled by the Investment Adviser or its affiliates. Certain related persons of the Investment Adviser have indirect customary interests in the Sellers through general partner and/or similar interests. The acquisition of the CLO Vehicle was funded with cash on hand, which primarily consists of proceeds from the Private Offering. CLO Vehicle Collateral Management Agreement On July 1, 2023, the CLO Vehicle entered into an Amended and Restated Collateral Management Agreement (the “Collateral Management Agreement”) by and among the CLO Vehicle, as borrower, and the Investment Adviser, as collateral manager (in such capacity, the “Collateral Manager”). Pursuant to the Collateral Management Agreement, the Collateral Manager has agreed to assume and perform certain duties with respect to the purchase and management of the assets securing the CLO Vehicle Credit Facility (as defined below). The Collateral Manager will receive customary collateral management fees in connection with its services. The CLO Vehicle will reimburse the expenses incurred by the Collateral Manager in connection with its performance of its obligations under the Collateral Management Agreement. The total fees paid to the Investment Adviser for rendering collateral management services, which will be less than the management fee payable under the Investment Advisory Agreement between the Company and the Investment Adviser, will be offset against such management fee. Credit Facilities On July 1, 2023, the CLO Vehicle amended its credit facility (the “CLO Vehicle Credit Facility”) and entered into an Amended and Restated Credit Agreement by and among the CLO Vehicle, as borrower, Société Générale, as administrative agent, the lenders and the subordinated noteholders party thereto, and Wilmington Trust, National Association as collateral agent, collateral administrator, custodian and collateral custodian. Total lender commitments under the CLO Vehicle Credit Facility are $500 million, with an “accordion” feature that allows the CLO Vehicle to increase total commitments under the facility to $1 billion. The stated maturity of the CLO Vehicle Credit Facility is June 7, 2030. Loans in US dollars will accrue at term SOFR, loans in Canadian dollars will accrue at the CDOR rate and loans in Euros will accrue at EURIBOR, in each case, plus (i) during the period ending March 8, 2024, 2.75% per annum, (ii) from March 8, 2024 until the end of the reinvestment period, 2.85% per annum and (iii) after the reinvestment period, (x) if the rating effective date has occurred, 3.00% per annum and (y) if the rating effective date has not occurred, 3.50% per annum. The CLO Vehicle Credit Facility includes usual and customary covenants, representations and warranties and events of default for credit facilities of this type. On July 3, 2023, the Company entered into an unsecured revolving loan credit facility with the Investment Adviser (the “Adviser Revolver”), with a maximum credit limit of $50 million and a maturity date of July 3, 2026. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate. Dividend Declarations On July 31, 2023 and August 3, 2023, the Board declared distributions to Class I shareholders of record as set forth in the table below: Declaration Date Record Date Payment Date Amount Per Share July 31, 2023 July 31, 2023 August 29, 2023 $0.21 August 3, 2023 August 31, 2023 September 29, 2023 $0.21 August 3, 2023 September 30, 2023 October 30, 2023 $0.21 August 3, 2023 October 31, 2023 November 29, 2023 $0.21

Pay vs Performance Disclosure

Pay vs Performance Disclosure	Jun. 30, 2023 USD ($)
Pay vs Performance Disclosure
Net Income (Loss)	$ 0

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies and Recent Accounting Updates (Policies)	9 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”).
Use of estimates	Use of estimates: The preparation of the unaudited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Consolidation	Consolidation: As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate any investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.
Cash and cash equivalents	Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits.
Income taxes	Income taxes: Beginning with its tax year ending September 30, 2023, the Company intends to elect to be treated, and intends to qualify annually thereafter, as a RIC under Subchapter M of the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company will be required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. Beginning with its tax year ending September 30, 2023, the Company intends to make the requisite distributions to its shareholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its shareholders. Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is e arned.
Deferred offering costs, Organization and Offering Expenses	Deferred offering costs: Costs associated with the offering of common shares of the Company will be capitalized as deferred offering expenses and amortized on a straight line basis. Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings.
Fair value measurements	The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation. In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of June 30, 2023: As of June 30, 2023 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Money market funds (1) $ 650,323 $ — $ — $ 650,323 Total assets, at fair value: $ 650,323 $ — $ — $ 650,323 (1) Refer to the Schedule of Investments for further details.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Schedule of Declared Distributions to Holders	On July 31, 2023 and August 3, 2023, the Board declared distributions to Class I shareholders of record as set forth in the table below: Declaration Date Record Date Payment Date Amount Per Share July 31, 2023 July 31, 2023 August 29, 2023 $0.21 August 3, 2023 August 31, 2023 September 29, 2023 $0.21 August 3, 2023 September 30, 2023 October 30, 2023 $0.21 August 3, 2023 October 31, 2023 November 29, 2023 $0.21

Organization (Details)

Organization (Details) - USD ($)	Jun. 30, 2023	Jun. 14, 2023	Apr. 27, 2023
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares)	26,012,927.6
Public Stock Offering
Subsidiary, Sale of Stock [Line Items]
Maximum public offering amount on a continuous basis	$ 5,000,000,000
Affiliated Entity | Private Stock Offering | Common Class F
Subsidiary, Sale of Stock [Line Items]
Proceeds from private offering	$ 650,300,000	$ 650,300,000
Sale of stock, number of shares issued in transaction (in shares)	26,010,927.6		2,000
Price per share sold (in dollars per share)	$ 25		$ 25
Affiliated Entity | Private Stock Offering | Common Class I
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares)	26,010,927.6

Significant Accounting Polici_3

Significant Accounting Policies and Recent Accounting Updates (Details)	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Amortization of deferred offering costs	$ 0

Agreements and Related Party _2

Agreements and Related Party Transactions - Narrative (Details)	Jun. 30, 2023 USD ($) $ / shares shares	Apr. 28, 2023	Apr. 27, 2023 $ / shares shares
Related Party Transaction [Line Items]
Expenses paid	$ 1,257,000
Due to affiliate	3,410,000
Investment, Advisor
Related Party Transaction [Line Items]
Due to affiliate	$ 3,410,000
Affiliated Entity | Common Class F | Private Stock Offering
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares	26,010,927.6		2,000
Price per share sold (in dollars per share) | $ / shares	$ 25		$ 25
Investment Advisory Agreement
Related Party Transaction [Line Items]
Initial term		2 years
Written notice for termination		60 days
Investment Advisory Agreement | Related Party
Related Party Transaction [Line Items]
Management and service fees, base rate		1.25%
Investment Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		1.25%
Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		5%
Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		100%
Investment Advisory Agreement - Incentive Rate, Quarterly Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		1.43%
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		5.72%
Investment Advisory Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		12.50%
Investment Advisory Agreement - Incentive Rate, Post Hurdle Rate and Catch-Up | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		12.50%
Investment Advisory Agreement - Incentive Rate, Realized Capital Gains | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate		12.50%
Administration Agreement
Related Party Transaction [Line Items]
Initial term		2 years
Written notice for termination		60 days
Managing Dealer Agreement
Related Party Transaction [Line Items]
Written notice for termination	60 days
Managing Dealer Agreement | Class S
Related Party Transaction [Line Items]
Shareholder servicing and distribution fees, percentage	0.0085
Managing Dealer Agreement | Class D
Related Party Transaction [Line Items]
Shareholder servicing and distribution fees, percentage	0.0025
Expense Support and Conditional Reimbursement Agreement
Related Party Transaction [Line Items]
Expense payment period	45 days
Excess operating funds payment period	3 years
Expense Support and Conditional Reimbursement Agreement | Investment, Advisor
Related Party Transaction [Line Items]
Expenses paid	$ 1,257,000
Reimbursement payments	1,257,000
Reimbursement Payment | Investment, Advisor
Related Party Transaction [Line Items]
Reimbursement payments	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Jun. 30, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	$ 650,323,000
Total assets, at fair value	650,323,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	650,323,000
Total assets, at fair value	650,323,000
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	0
Total assets, at fair value	0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market funds	0
Total assets, at fair value	$ 0

Share Repurchase Program (Detai

Share Repurchase Program (Details)	Jun. 30, 2023
Equity [Abstract]
Maximum percentage of NAV of common stock outstanding intended to be repurchased	0.05
Early repurchase deduction percentage	0.98

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Expense Support and Conditional Reimbursement Agreement | Investment, Advisor
Related Party Transaction [Line Items]
Expenses paid	$ 1,257

Net Assets (Details)

Net Assets (Details)	Jun. 30, 2023 USD ($) investor $ / shares shares	Jun. 14, 2023 USD ($)	Apr. 27, 2023 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares)	26,012,927.6
Common shares, par value (in dollars per share) | $ / shares	$ 0.01
Public Stock Offering
Subsidiary, Sale of Stock [Line Items]
Maximum public offering amount on a continuous basis | $	$ 5,000,000,000
Affiliated Entity | Common Class F | Private Stock Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from private offering | $	$ 650,300,000	$ 650,300,000
Price per share sold (in dollars per share) | $ / shares	$ 25		$ 25
Sale of stock, number of shares issued in transaction (in shares)	26,010,927.6		2,000
Affiliated Entity | Common Class I | Private Stock Offering
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares)	26,010,927.6
Related Party | Escrow Agreement
Subsidiary, Sale of Stock [Line Items]
Minimum number of investors | investor	100

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ in Millions	Jul. 01, 2023 USD ($) borrower	Jul. 03, 2023 USD ($)
CLO Vehicle Purchase
Subsequent Event [Line Items]
Percentage of beneficial interests acquired	1
Percentage of subordinated notes acquired	1
Estimated purchase price	$ 442
Percentage of estimated purchase price paid in cash		90%
Number of borrowers acquired | borrower	80
Line of Credit | CLO Vehicle Credit Facility
Subsequent Event [Line Items]
Current borrowing capacity	$ 500
Total commitments under the facility	$ 1,000
Line of Credit | CLO Vehicle Credit Facility | Variable Rate Period 1
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Line of Credit | CLO Vehicle Credit Facility | Variable Rate Period 2
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.85%
Line of Credit | CLO Vehicle Credit Facility | Variable Rate Period 3
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	3%
Line of Credit | CLO Vehicle Credit Facility | Variable Rate Period 4
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Revolving Credit Facility | Line of Credit | Adviser Revolver | Investment, Advisor
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 50

Subsequent Events - Dividend De

Subsequent Events - Dividend Declarations (Details) - Subsequent Event - $ / shares	Oct. 31, 2023	Sep. 30, 2023	Aug. 31, 2023	Jul. 31, 2023
Subsequent Event [Line Items]
Distribution declared (in dollars per share)				$ 0.21
Forecast
Subsequent Event [Line Items]
Distribution declared (in dollars per share)	$ 0.21	$ 0.21	$ 0.21