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| Korea Investment Corporation (KIC) headquarters in central Seoul / Courtesy of KIC |
The Korea Investment Corporation (KIC) has strengthened a strategic partnership with U.S.-headquartered Golub Capital, in a move to bolster its alternative investment portfolio.
The Korean sovereign wealth fund announced on Friday morning that it had acquired a passive and non-voting minority stake in Golub Capital's management companies. KIC said its stake represents an economic interest in Golub Capital's management companies of less than 5 percent. The additional terms of the investment were not disclosed to the public.
Golub Capital, which has over $55 billion of capital under management as of October this year, plans to use the proceeds from KIC's investment to further enhance its ability to deliver reliable financing solutions, as all proceeds from the transaction will be reinvested in the U.S. credit company.
"We are pleased to expand our relationship with Golub Capital," KIC CEO Jin Seoung-ho said. "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 deliver strong long-term investment performance."
"We are honored by KIC's confidence in our direct lending franchise," Golub Capital President David Golub said. "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."
Golub Capital said the firm's strategies and day-to-day management operations will not change as a result of KIC's investment. Evercore, a global investment banking advisory firm, served as the financial adviser of the stake investment, while Kirkland & Ellis LLP served as legal counsel to Golub Capital on the deal. On the part of KIC, KPMG acted as a financial adviser and Greenberg Traurig LLP acted as the legal adviser of the investment transaction.
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