SCHEDULE: Cliffwater Entities Update Golub Capital Fund Stake
Beneficial Ownership Disclosure
Cliffwater LLC and Stephen Nesbitt report a 5.1% beneficial ownership in Golub Capital Private Credit Fund, with Cliffwater Corporate Lending Fund holding 4.7%.
Summary
- Cliffwater LLC and Stephen Nesbitt collectively beneficially own 8,575,294.80 common shares of Golub Capital Private Credit Fund, representing 5.1% of the class.
- Cliffwater Corporate Lending Fund beneficially owns 7,977,662.50 common shares, representing 4.7% of the class.
- The reported percentages are based on 168,363,769.3 common shares outstanding as of June 30, 2025.
- This filing is an Amendment No. 1 to Schedule 13G, updating previous beneficial ownership disclosures.
- Cliffwater Corporate Lending Fund has waived voting rights in excess of 4.99% of the common shares.
Sentiment
Score: 5
Explanation: Neutral. A Schedule 13G is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance or prospects. It simply reports a significant stake held by institutional investors.
Future Outlook
NA
Industry Context
This filing indicates a significant institutional investment in Golub Capital Private Credit Fund by Cliffwater, an investment adviser specializing in alternative investments. Such disclosures are standard for institutional investors crossing ownership thresholds and reflect ongoing portfolio management activities within the private credit and alternative asset management sectors.
Stakeholder Impact
- Shareholders of Golub Capital Private Credit Fund will note the continued significant institutional ownership by Cliffwater entities, which can be viewed as a vote of confidence or a stable long-term holding.
- The waiver of voting rights above 4.99% by the Fund indicates a passive investment intent, avoiding control-related implications.
Key Dates
| Date | Description |
|---|---|
| 2025-06-30 | Date used for calculating the total shares outstanding (168,363,769.3 shares). |
| 2025-09-30 | Date of the event which required the filing of this statement. |
| 2025-11-14 | Filing date of the Schedule 13G Amendment No. 1. |
Keywords
Golub Capital Private Credit Fund, Cliffwater LLC, Stephen Nesbitt, Beneficial Ownership, Schedule 13G, Investment Adviser, Common Shares, Institutional Ownership
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