# GC Opal Advisors LLC

> GC Opal Advisors LLC is an SEC-registered investment advisory firm in Chicago, IL, registered since 2017, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 28, 2026.

- CRD: 289425
- Filed as: GC OPAL ADVISORS LLC
- Also doing business as: GC INVESTMENT MANAGEMENT LLC, RELYING ADVISER, GOLUB CAPITAL LIQUID CREDIT ADVISORS, LLC (MANAGEMENT SERIES), RELYING ADVISOR, OPAL BSL LLC (MANAGEMENT SERIES), RELYING ADVISER
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: August 28, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/289425
- AdvisorCensus page: https://advisorcensus.com/firm/gc-opal-advisors-llc-chicago-il-289425

## Quick answers

**How is GC Opal Advisors LLC compensated?**
On its Form ADV (Item 5.E, October 2026), GC Opal Advisors LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is GC Opal Advisors LLC located?**
GC Opal Advisors LLC's principal office is in Chicago, IL, according to its Form ADV; the September 2026 filing also lists 10 other offices (Schedule D, Section 1.F).

**Is GC Opal Advisors LLC registered with the SEC or a state?**
GC Opal Advisors LLC is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 289425.

**How much does GC Opal Advisors LLC manage?**
GC Opal Advisors LLC reports $124,304,284,578 in regulatory assets under management in its Form ADV filing dated August 28, 2026 (100% discretionary).

**How have GC Opal Advisors LLC's assets and staff changed since 2021?**
In the Form ADV data for GC Opal Advisors LLC: Regulatory assets under management: $46,028,809,009 in the October 2021 data and $124,304,284,578 in the October 2026 data, up 170%. Total employees: 522 in October 2021 and 1,087 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does GC Opal Advisors LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (85); state or municipal government entities (including government pension plans) (1); other investment advisers (1).

**Which custodians does GC Opal Advisors LLC use?**
GC Opal Advisors LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Northern Trust Company and Wells Fargo Bank, National Association as custodians holding 10% or more of its separately managed account assets.

**Does GC Opal Advisors LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/289425

**What changed in GC Opal Advisors LLC's recent Form ADV filings?**
In the July 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees
- Other

### Custodians (Schedule D, Section 5.K(3))
- Northern Trust Company
- Wells Fargo Bank, National Association

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $124,304,284,578
- Discretionary: $124,304,284,578
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 85 | $123,531,567,099 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 1 | $272,717,479 |
| Other investment advisers | 1 | $500,000,000 |
| Insurance companies | 0 | Not reported |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 1,087 total, 306 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CO, CT, FL, IL, NC, NY, TX, VI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Chicago, IL
- Dallas, TX
- Greenwich, CT
- Huntersville, NC
- London
- Miami, FL
- New York, NY
- San Francisco, CA
- St. Thomas, VI
- Toronto

### Websites listed on Form ADV (Item 1.I)
- education.golubcapital.com
- gcimanagement.com
- glassdoor.com/OVERVIEW/WORKING-AT-GOLUB-CAPITAL-EI_IE42611.11,24.HTM
- golubcapital.com
- golubgrowth.com
- indeed.com/CMP/GOLUB-CAPITAL/ABOUT
- jopwell.com/PARTNERS/118872
- vimeo.com/GOLUBCAPITAL
- LinkedIn @GOLUB-CAPITAL
- LinkedIn @GOLUB-GROWTH
- LinkedIn @gc-investment-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $46,028,809,009 | 522 | August 27, 2021 |
| October 2022 | $74,994,412,974 | 598 | August 29, 2022 |
| October 2023 | $93,642,259,592 | 771 | March 31, 2023 |
| October 2024 | $104,127,115,218 | 884 | March 30, 2024 |
| October 2025 | $118,273,982,404 | 988 | March 31, 2025 |
| October 2026 | $124,304,284,578 | 1,087 | August 28, 2026 |

Regulatory assets under management: $46,028,809,009 in the October 2021 data and $124,304,284,578 in the October 2026 data, up 170%.
Total employees: 522 in October 2021 and 1,087 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Updated its list of owners and control persons (Schedule A).

### June 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 290 to 306.
- Changed its office addresses in London.
- Changed its office addresses in St. Thomas, VI.
- Added an office in Dallas, TX.
- Registered or notice-filed in CT, FL, TX.
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. GC Opal Advisors LLC (CRD 289425): Form ADV filing data as of October 2026.