UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 22, 2024
GOLUB CAPITAL PRIVATE CREDIT FUND
(Exact name of Registrant as Specified in Its Charter)
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| Delaware | | 814-01555 | | 92-2030260 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
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__ 200 Park Avenue, 25th Floor, New York, NY 10166_ _
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 750-6060
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(Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol | Name of each exchange on which registered |
| None | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b- 2 of the Securities Exchange Act of 1934.
Emerging growth company þ
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Portfolio and Business Commentary
As of February 29, 2024, Golub Capital Private Credit Fund (the “Fund”) had investments in 201 portfolio companies with total fair value of approximately $1,718 million. As of February 29, 2024, approximately 100% of the Fund’s portfolio investments, based on fair value, were in first lien senior secured loans. In addition, the Fund held subordinated debt loans and equity and other securities that combined to represent an amount less than 1% of the Fund's portfolio investments based on fair value as of February 29, 2024. As of February 29, 2024, approximately 100% of the debt investments in the Fund’s portfolio based on fair value were floating rates and two debt investments representing an amount less than 1% had a fixed interest rate. As of February 29, 2024, the ten largest industries in which the Fund was invested, represented as a percentage of fair value, were as follows:
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| Industry | As of February 29, 2024 |
| Software | 22% |
| Insurance | 7% |
| Healthcare Providers and Services | 6% |
| Specialty Retail | 6% |
| Diversified Consumer Services | 5% |
| Automobiles | 5% |
| Hotels, Restaurants and Leisure | 5% |
| Healthcare Technology | 4% |
| Commercial Services and Supplies | 4% |
| Healthcare Equipment and Supplies | 3% |
As of February 29, 2024, the Fund’s aggregate net asset value was approximately $984 million, the fair value of its portfolio investments was approximately $1,718 million, and it had approximately $741 million of debt outstanding. The Fund’s debt-to-equity leverage ratio as of February 29, 2024 was 0.76x.
Net Offering Price
The offering price per share (exclusive of any upfront placement or other fees) (“net offering price”) of each class of shares of the Fund as of February 29, 2024, as determined in accordance with the Fund’s share pricing policy, is set forth below.
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| Net Offering Price as of February 29, 2024 |
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| Class I Common Shares | $ | 25.06 | |
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As of February 29, 2024, no Class S Shares or Class D Shares of the Fund were outstanding.
Status of Public Offering
The Fund is currently publicly offering on a continuous basis up to $5.0 billion of common shares of beneficial interest (the “Public Offering”). The following table lists the shares and total consideration for the Public Offering as of the date of this filing (through the March 1, 2024 subscription date). The Fund intends to continue selling shares in the Public Offering on a monthly basis.
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| Common Shares Issued | | Total Consideration |
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| Class I Common Shares | 15,290,663.758 | | $383,220,244 |
Pursuant to the requirements of the Securities Exchange Act of 1934, Golub Capital Private Credit Fund has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | GOLUB CAPITAL PRIVATE CREDIT FUND |
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| Date: March 22, 2024 | | By: /s/ Christopher C. Ericson |
| | Name: Christopher C. Ericson |
| | Title: Chief Financial Officer and Treasurer |
