Golub Capital Backs F2 With $5M — and a Seat Inside Its Own Deal Flow

Golub Capital is putting $5M into F2, and it is not writing a passive check. Under a joint announcement dated Sept. 28, 2026, the private-credit manager will also deploy F2's technology to augment its established investment processes, applying AI across investment workflows and making Golub's proprietary knowledge, historical experience and investment judgment available inside the systems that support how the firm invests and operates. Golub reports more than $90B of capital under management and more than 1,100 employees as of July 1, 2026.

F2 describes itself as an agentic operating system for global credit. The platform connects financial models, data rooms, investment memos, credit files and third-party data inside a shared intelligence layer, then applies agents across screening, diligence, underwriting and portfolio monitoring. Its Institutional Knowledge product is built to turn a firm's history into a structured, queryable record, so teams can compare a new opportunity with prior transactions, retrieve the risks and mitigants considered in earlier deals, and build investment materials with source lineage back to the underlying files.

The structure of the deal is as notable as the size. F2 and Golub did not disclose F2's valuation, the ownership stake, board rights or other transaction terms, which supports classifying the transaction as a strategic investment rather than a newly named priced round. The $5M follows F2's June 2026 disclosure of $24M in total equity funding, including a $14M seed round led by HighlandX with participation from Left Lane Capital, NFX, Y Combinator and Torch Capital. F2 launched as a separate company in September 2025 with an oversubscribed $10M round backed by nearly 50 investors from Don Muir's earlier company, Arc, with named backers including NFX, Left Lane Capital and Y Combinator. The parties did not say whether the new $5M legally extends the prior seed round.

The partnership also establishes the Global Credit AI Council, described as an invitation-only forum for senior executives from a small number of private-markets institutions to discuss AI applications, adoption and responsible integration. Golub Capital Co-CEO David B. Golub will serve as inaugural chair. The founding member list remains pending, and the announcement does not define the Council's governance, output or schedule.

F2 argues that its model-agnostic architecture matters because foundation models keep changing: a lender that builds its workflow around a single provider faces migration cost, governance work and fresh validation each time the model layer moves. The company says its design lets an institution preserve proprietary data, workflow and audit trail while adopting different frontier or open-weight models underneath. F2 reports a native Excel engine that tracks formulas and source cells, an audit trail from claims back to documents, SOC 2 Type I and Type II certification, GDPR compliance, zero model-provider data retention and no training on customer data.