SCHEDULE: Cliffwater Funds Update Stake in Golub Capital Credit

Cliffwater Corporate Lending Fund and Cliffwater LLC have updated their beneficial ownership in Golub Capital Private Credit Fund, reporting a combined stake of 4.934%.

Summary

• Cliffwater Corporate Lending Fund and Cliffwater LLC (collectively, the "Reporting Persons") filed an Amendment No. 2 to their Schedule 13G.
• The filing reports beneficial ownership in Golub Capital Private Credit Fund's Common Shares, par value $0.01 per share.
• As of December 31, 2025, Cliffwater Corporate Lending Fund beneficially owned 7,977,662.55 shares, representing 4.486% of the class.
• Cliffwater LLC, as the investment adviser to the Fund and other managed accounts, beneficially owned 8,774,101.98 shares, representing 4.934% of the class.
• Both Reporting Persons hold shared voting and shared dispositive power over their respective reported shares.
• The percentage of class is based on 177,824,004.56 common shares outstanding as of December 31, 2025.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It is a standard regulatory disclosure of beneficial ownership and does not contain information that would inherently suggest a positive or negative outlook for the issuer or the reporting entities.

Positives

• The filing indicates continued investment by Cliffwater entities in Golub Capital Private Credit Fund, suggesting confidence in the issuer's prospects.
• The acquisition of shares is stated to be in the ordinary course of business, not for control purposes, which can be viewed as a stable, long-term investment.

Negatives

• NA

Risks

• NA

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future performance.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for institutional investors and investment advisers holding significant, but non-controlling, stakes in public companies. This filing reflects Cliffwater's ongoing investment strategy within the private credit fund sector, a segment that has seen increased interest from institutional investors seeking yield and diversification.

Comparison to Industry Standards

• The reported ownership percentages (4.486% for the Fund, 4.934% for the Adviser) are below the 5% threshold that typically triggers initial Schedule 13G filings, but amendments are filed for changes. These levels are common for institutional investors taking significant, but passive, positions in publicly traded funds or companies.
• Compared to other investment advisers, Cliffwater LLC's aggregation of holdings across managed accounts (including the Fund) is standard practice for reporting beneficial ownership under SEC rules.

Stakeholder Impact

• Shareholders of Golub Capital Private Credit Fund gain transparency into the significant holdings of institutional investors like Cliffwater, which can be a positive signal of institutional confidence.
• For Cliffwater's clients, this filing confirms their investment adviser's holdings in the specified fund.

Key Dates

Keywords

Golub Capital Private Credit Fund, Cliffwater Corporate Lending Fund, Cliffwater LLC, Beneficial Ownership, Schedule 13G, Investment Adviser, Common Shares, SEC Filing