Golub Capital
Private credit and middle-market lending insights from Golub Capital.
United States2 articlesLast published 21 Apr 2026
Private MarketsFixed Income
Research
Golub CapitalPrivate Markets
The Secular Case for Private Equity - Where Operational Edge Drives Investor Alpha
Golub Capital's white paper argues that the long-term investment case for private equity remains intact, with operational improvement - not leverage or multiple expansion - as the dominant and most consistent driver of buyout returns, accounting for ~42% of value creation from 1984 - 2018. The paper presents empirical evidence that PE-backed companies outpace public peers on revenue growth (12.4% vs. 5.9% annualized) and EBITDA margins, and that sector-specialist buyout managers deliver superior IRRs and MOICs, making the current environment a potentially attractive re-entry point.
21 Apr 2026
Golub CapitalPrivate Markets
U.S. Middle Market Remained Resilient in Q1 2026
The Golub Capital Altman Index reports that U.S. middle market private companies grew revenue by 1.4% year-over-year in the first two months of 2026, with EBITDA broadly flat but enterprise software earnings up 4%. The release notes that the data predates the Iran conflict and associated oil price rise in March, flagging energy cost sensitivity and consumer sector exposure as key variables for full Q1 results.
13 Apr 2026