Korea Investment Corporation Takes a Direct Stake in Golub Capital

Posted on 12/09/2022

The Korea Investment Corporation (KIC) acquired less than a 5% passive, non-voting equity stake in the New York-based, direct lending firm, Golub Capital LLC. Golub Capital is also one of KIC’s external fund managers. This marks KIC’s first direct equity investment in an asset manager. KIC’s stake represents an economic interest of less than 5% in Golub Capital’s management companies.

KIC is undertaking a large push towards private equity and private credit. The wealth fund is seeking to expand opportunities for direct investments and co-investments.

“We are pleased to expand our relationship with Golub Capital,” said Seoungho Jin, CEO of KIC, during a press release. He continued: “This investment reflects our confidence in Golub Capital as a preeminent private credit asset manager. As a long-term investor, we believe our strategic partnership with Golub Capital will help us continue to diversify KIC’s alternative asset portfolio and to deliver strong long-term investment performance.”

“We are honored by KIC’s confidence in our direct lending franchise,” said David Golub, President of Golub Capital. “KIC is a world-class institutional investor with a distinguished long-term track record. Our strategic partnership with KIC provides Golub Capital with more resources to advance our mission to be the best in sponsor finance. We look forward to a long future of shared success.”

During this transaction, Evercore served as the financial advisor and Kirkland & Ellis LLP, served as legal counsel for Golub Capital. KPMG acted as financial advisor and Greenberg Traurig LLP stepped in as legal advisor to KIC.

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