Show notes
Welcome back to the Alt Goes Mainstream podcast.We went to Golub Capital’s New York office to sit down with Co-CEO David Golub.David Golub and his brother Lawrence both started their careers in private equity. It was their experiences in private equity in the 1990s that turned them into private credit pioneers.Lawrence and David have built Golub Capital into a $95B private credit behemoth, largely due to their pioneering decision to create the “one-stop” unitranche loan solution for sponsor-backed companies after spotting a gap in the sponsor finance market. Fast forward over 30 years, and Golub Capital is one of the leaders in private credit. David discussed how Golub has spent the balance of its life as a scaled specialist credit manager “honing the competitive advantages” that make the firm so unique. Golub has built a cadre of 200 high-quality sponsor relationships with many of the industry’s top private equity firms, which call on them when they are seeking sponsor financing for their companies.David and I had a fascinating conversation that covered everything from the early days of private credit to the story of pioneering unitranche loans to what LPs should look for in GPs to the psychology of relationships and partnerships. We discussed:What David and Lawrence saw in the early days of private equity informed how they decided to build Golub.Why the unitranche loan became popular with private equity sponsors.What Golub looks for in relationships with private equity sponsors.Why focus has been a key driver of scaling Golub’s business.What LPs should ask GPs when evaluating their fund and firm.Why LPs should evaluate GPs based on how GPs think about their own business.The psychology of relationships and partnerships.How David’s experience being surrounded by a family of psychologists and psychiatrists has given him an edge in investing, negotiating, and building win-win relationships.BioDavid Golub is Co-Chief Executive Officer of Golub Capital, a market-leading, award-winning direct lender and experienced private credit manager. As of April 1, 2026, Golub Capital had over $90 billion of capital under management, a gross measure of invested capital including leverage. Golub Capital partners with institutional investors and family offices, offering tailored solutions for investors’ credit asset strategies. The Firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub Capital has been a top 3 U.S. Middle Market Bookrunner each year from 2008 through Q1 2026 for senior secured loans of up to $500 million for leveraged buyouts. Golub Capital has been consistently recognized with industry awards, including Lender of the Year, Americas (Private Debt Investor, 2014, 2015, 2016, 2018, 2021, 2022, 2023, 2024) Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Decade, Americas (Private Debt Investor, 2023), Senior Lender of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2019, 2020, 2023, 2025) and BDC Manager of the Year, Americas (Private Debt Investor, 2015, 2016, 2017, 2023).Mr. Golub is active in charitable and civic organizations. Mr. Golub is a member of the Founder’s Council of the Michael J. Fox Foundation for Parkinson’s Research, where he was the first board Chairman and a long-time director. Mr. Golub is Co-Founder and Chair of the Golub Capital Nonprofit Board Fellows Network, which operates at 20 leading business schools; its mission is to make nonprofit boards more effective by training hundreds of MBA students each year to become highly skilled nonprofit directors. Mr. Golub is a member of the Association of Marshall Scholars’ Director’s Circle and previously was a member of the Stanford Graduate School of Business Advisory Council. He has served on the boards of the Loan Syndications and Trading Association, the Hudson Guild and the World Policy Institute. Mr. Golub is on the board of directors of Burton Snowboards and has served on the boards of numerous public and private companies.Prior to joining Golub Capital in 2003, Mr. Golub was a Managing Director of Centre Partners, a leading middle market private equity firm, and of Corporate Partners, a Lazard-sponsored $1.5 billion private equity fund formed to acquire significant minority stakes in established companies.Mr. Golub earned his AB degree magna cum laude in Government from Harvard College. He received an MPhil in International Relations from Oxford University, where he was a Marshall Scholar, and an MBA from Stanford Graduate School of Business, where he was an Arjay Miller Scholar.Thanks, David, for sharing your wisdom, expertise, and passion about private credit, the business of asset management, and the psychology of relationships.Show Notes00:00 Introduction01:23 A Message from Ultimus Fund Solutions, Our Sponsor02:26 David’s Career Shift to Credit06:07 Sponsor Finance Market Gap10:56 Unitranche Origins12:47 Crisis As Catalyst14:25 Distressed Value Lens16:21 What Makes A Good Business19:39 Relationships And Game Theory21:26 Capital Isn’t Proprietary25:39 Being First Call26:21 Managing Growth Carefully27:29 Fundraising Versus Opportunity28:08 Only The Paranoid Survive29:17 Staying A Specialist29:45 Capacity And Performance32:47 Scale As Advantage36:23 Raising Capital Follows Winners37:12 Future PE Picks Few Lenders37:52 Credit Partner as A Signal38:37 Doing Homework on Sponsors39:02 Big “n” Investing Mindset39:16 Risk Real vs Perceived41:30 Press Noise and Redemptions42:22 Darwinian Moment Ahead42:54 Why Terms Improve Next44:42 Portfolio Stress Reality Check47:51 Junior Debt Trouble Spot48:10 Underwriting the Manager51:06 Ask the Why52:00 What Keeps You Up at Night54:13 Culture of Constructive Doubt54:57 Testing Analytical Thinking55:53 Building the Wealth Channel56:45 Early Days Wealth Fundraising58:11 Diversifying the Investor Base01:00:45 Decades Mindset and Focus01:01:35 Specialization and Infrastructure01:02:39 More of the Same 01:03:21 Adjacencies Like GP Secondaries01:03:42 Continuation Vehicles Rationale01:05:22 Psychology and Relationships01:06:48 Problem Solving Builds Trust01:07:51 Authenticity Over Tactics01:09:23 Closing ReflectionsA Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their busin...