Golub Capital invested $5 million in F2 while deploying its AI agents across private credit screening, diligence, underwriting, and portfolio monitoring, and jointly launching the Global Credit AI Council.
F2, the agentic operating system for global credit, secured a $5 million strategic equity investment from Golub Capital, as part of a broader partnership. Golub Capital, a leading private credit manager with more than $90 billion in capital under management (as of July 1, 2026) and over 1,100 employees, is both investing in and deploying F2’s AI platform. The firms did not disclose the valuation.
The investment is framed as a strategic partnership rather than a pure venture round. Golub will integrate F2’s suite of AI agents into its investment processes, using the firm’s own proprietary data for:
- Screening private credit investments
- Performing due diligence
- Underwriting deals
- Monitoring portfolios
F2’s model agnostic (LLM agnostic), finance grade architecture is designed for auditability, data sovereignty, token efficiency, and full lineage. Institutions retain control of their proprietary knowledge and data; there is zero data retention by LLMs and no training on client data. The platform connects financial models, data rooms, investment memos, credit files, and third party data into a unified intelligence layer, then deploys specialized AI agents across workflows.
As part of the collaboration, the parties are establishing the Global Credit AI Council, an invitation only forum for senior executives from a small number of private markets institutions. David Golub (Co-CEO of Golub Capital) will serve as inaugural Chair. The council will discuss AI applications, industry adoption, and responsible integration into investment and operating processes; founding members are expected to be announced in the coming months.
This follows F2’s June 2026 announcement of $24 million in total equity funding, which included a $14 million seed round led by HighlandX with participation from Y Combinator, Left Lane Capital, NFX, and Torch Capital. Earlier, in September 2025, F2 spun out of Arc (a debt capital and startup banking platform) with a $10 million equity round backed by NFX, Left Lane Capital, Y Combinator, and nearly 50 of Arc’s prior investors. Total equity capital raised now stands at approximately $29 million.
F2 was founded in 2025 and is headquartered in New York City, with operations expanding in San Francisco and London. Co-founder and CEO Don Muir previously built Arc (raising significant capital for private credit and venture deployment) after a background as a private equity investor. Co-founder and CTO Emre Kazdagli previously served as CTO/Founding Principal Engineer at Arc and held senior machine learning roles at LinkedIn (following the acquisition of ScoreBeyond, which he co-founded).
What is F2’s main focus?
F2 positions itself as the agentic operating system for the global credit markets (described as a ~$100 trillion opportunity in corporate loans). It targets credit asset managers, private credit funds, commercial banks, and related private markets investors. Core value proposition: turn a firm’s scattered deal history, memos, models, and institutional knowledge into a compounding, queryable intelligence layer so that every new underwrite becomes faster and more defensible rather than starting from scratch.
Key capabilities include:
- End to end agentic workflow automation customized per enterprise
- “Adam,” an autonomous deal team agent that breaks deals into tasks, delegates to sub agents, and maintains full context from the firm’s history
- Institutional Knowledge features that structure and make prior deals searchable and reusable
- Deterministic Excel native financial analysis with full formula level audit trails and lineage
- Multi model support (frontier and open weight models) without locking clients into a single provider
- Portfolio monitoring (covenant performance, exposure testing, reporting) and enterprise grade security (SOC 2 Type II, GDPR)
Reported early traction (as of the June 2026 raise) included 100+ private credit funds and commercial banks as customers (monthly active users up 650% year to date), $400B+ in assets managed by F2 customers, more than 15,000 deals analyzed (10x growth), and roughly 5x throughput gains across screening, underwriting, and monitoring. Named early users include Bain Capital and Live Oak Bank.
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For Golub Capital, the deal embeds the firm’s proprietary knowledge, experience, and investment judgment into AI systems while preserving data control, an explicit priority articulated by David Golub. The goal is greater agility, rigor, and scalability without diluting risk management discipline. The equity stake aligns incentives so that Golub benefits from F2’s broader success while using the platform as a production tool across a large private credit operation.
For F2, the partnership provides:
- Validation and a high profile reference customer among the largest private credit managers
- Real world scale deployment that refines the product for institutional workflows
- A strategic investor with deep domain expertise and industry relationships
- Visibility through the Global Credit AI Council, which can accelerate adoption and thought leadership among peer institutions
The structure, equity plus large scale deployment, functions as both capital and a de facto enterprise contract, common in enterprise software where strategic investors double as design partners or anchor customers. It occurs against a backdrop of accelerating private credit growth (projected toward ~$4 trillion in assets by 2030) and rising competitive pressure for faster, higher quality underwriting amid elevated financing costs and compressed leverage.
This investment exemplifies a pattern in which financial institutions take direct equity stakes in specialized AI platforms that can be tightly integrated with proprietary data and processes, rather than relying solely on generic tools or pure vendor relationships. F2’s emphasis on data sovereignty, auditability, and model agnostic architecture addresses key institutional concerns around control, compliance, and vendor lock-in. The creation of the Global Credit AI Council further positions both parties as conveners of industry dialogue on responsible AI adoption in private markets.
The $5 million investment and partnership strengthen F2’s position as a specialized infrastructure layer for credit workflows while giving Golub Capital a practical path to scale AI across screening, diligence, underwriting, and monitoring without ceding control of its core intellectual property.
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