--- title: "Golub International 16: co-investment terms, separate portfolios | Altss Blog" description: "Golub’s International 16 disclosures distinguish its fund structure from co-investment conditions and investor exposure." canonical: "https://altss.com/blog/golub-international-16-co-investment-portfolio-exposure" --- [Altss Research](https://www.linkedin.com/company/altss) 3 min read Updated Nov 14, 2026 Share # Golub International 16: co-investment terms, separate portfolios Golub’s International 16 disclosures distinguish its fund structure from co-investment conditions and investor exposure. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=Golub%20International%2016%3A%20co-investment%20terms%2C%20separate%20portfolios) Copy link The [April 2025 co-investment application](https://www.sec.gov/Archives/edgar/data/1695427/000110465925041215/tm2512092d1_40app.htm) names Golub Capital Partners International 16, L.P. in Schedule A. The SEC’s [June 17 order](https://www.sec.gov/Archives/edgar/data/1476765/999999999725002714/filename1.pdf) granted relief subject to its conditions. Relief establishes no actual allocation. The fund appears in GC OPAL’s [August 2026 ADV](https://reports.adviserinfo.sec.gov/reports/ADV/289425/PDF/289425.pdf) as neither a master nor a feeder fund. Its [September 29 amendment](https://www.sec.gov/Archives/edgar/data/2059215/000205921526000003/xslFormDX01/primary_doc.xml) reports $82,835,700 of fund-interest sales, with an October 1, 2025 first sale. The disclosed offering belongs to that named partnership. ## Where common terms stop The application specifies matching security classes, prices and certain rights; settlement may differ by at most ten business days. Allocation size requires a participant-specific assessment. Shared transaction expenses follow relative security amounts, excluding participant-only costs. Advisory compensation remains under separate agreements. ## One loan, different contributions Consider two entirely fictional, unlevered funds, A and B. Each starts with $100 million in cash. Both purchase the same newly issued loan at par, on the same day, earning an 8% annual cash coupon. A invests $20 million; B invests $5 million. All remaining cash earns nothing. Hold the investments for exactly one year, with no principal repayment, subscriptions, redemptions or taxes. In the initial scenario, the loan’s value remains at par and every coupon is paid. Assume these are the only two participants and a $250,000 closing expense is shared according to their purchase amounts. A takes 80% of the loan allocation and pays $200,000; B takes 20% and pays $50,000. Each pays its share from starting cash. Their idle balances are consequently $79.8 million and $94.95 million. Annual coupon receipts are $1.6 million for A and $400,000 for B. Relative to each fund’s starting assets, the loan contributes 1.6 and 0.4 percentage points before costs. After the closing expense, the respective gains are $1.4 million and $350,000. End-year assets are $101.4 million and $100.35 million. The identical coupon produces a fourfold difference in portfolio contribution because the holdings differ fourfold. Now stipulate additional annual fund-level charges of $600,000 for A and $100,000 for B, paid from cash. These invented fixed charges are not Golub fee terms. Ending assets become $100.8 million and $100.25 million: gains of 0.8% and 0.25% on the starting capital. A earns more in this example, but the larger position explains its higher gross contribution; the coupon alone cannot identify either net result. Altss’s [APERS fee-base analysis](https://altss.com/blog/apers-private-credit-fund-vehicle-tranches-fee-bases) examines a separate disclosed case of investor-specific economics. Change one assumption for an alternative ending: coupons are still paid, but the loan is marked at 60% of its original value. Keep both sets of expenses unchanged. A loses $8 million of asset value; B loses $2 million. Ending assets are now $92.8 million and $98.25 million, representing losses of 7.2% and 1.75%. These are valuation losses in a stipulated scenario, not default recoveries. The larger allocation magnifies the adverse outcome as well as the income contribution. The loss cushion differs too. With all coupons paid and costs unchanged, A’s $800,000 gain absorbs a 4% loan-price decline; B’s $250,000 absorbs 5%. Their break-even marks are therefore 96% and 95% of par. The higher fund return at par comes with less impairment cushion per dollar of loan exposure in this example. 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