2 min readA Growing Market, A Narrower Gate If it feels like venture lenders are becoming less ad-“venture”-ous, you may be onto something. Venture growth credit – large facilities extended to late-stage and pre-IPO companies – continue to account for an outsized share of venture debt dollar volume. These facilities are concentrated primarily in AI infrastructure, AI-adjacent…
2 min readHeadline Growth Masks Continued Selectivity At first glance, Q2 2026 looks like a dramatic reacceleration in lending activity, with total venture debt volume reaching $44.2 billion, up 129% from Q1. Unfortunately, this headline may be misleading. A single transaction – SpaceX’s $20 billion senior notes offering, priced in June to refinance debt assumed in its…
2 min readSelectivity Defines the Market With 2026 under way, the venture debt market continues a now familiar trend: rising deal value alongside declining transaction volume. This divergence appears to be reflective of a continued concentration of capital into fewer, larger deals—a trend toward selectivity that emerged in the second half of 2025. In the technology sector,…
1 min readAs we review Q4 2025, the venture debt market found its footing after a strong mid-year surge. Activity cooled across both technology and healthcare, but the broader 2025 story remained intact: disciplined capital deployment, fewer transactions, and a continued shift toward larger, later-stage financings. In the technology sector, activity cooled as the year closed. Deal…
2 min readAs we review Q3 2025 the venture debt market continues to show positive momentum, with both the technology and healthcare sectors showing meaningful signs of growth. While each sector exhibited distinct patterns, both recorded increases in deal count and volume, supported by larger transaction sizes and deepening deal pipelines as the year draws to a…
1 min readAs we review the overall numbers for Q2 ’25, we see the continuation of a growing trend in both the technology and healthcare venture debt markets – stable deal value represented across fewer deals. Naturally this means average deal size is increasing, with some large outliers skewing the numbers even higher. Tech market deal value…
1 min readAs we review the overall numbers for Q1 ’25, we see a tale of two markets – technology and healthcare. Tech market deal value of $11.5 billion remains very healthy relative to historical quarterly value numbers. Healthcare, on the other hand, hit a new quarterly low in deal value of just $400 million. Notably, despite…
1 min readWelcome to our Q4 and full year 2024 review of the venture debt market. The numbers are in and by “most” accounts, venture debt had a booming fourth quarter in 2024 and a record full year in terms of deal volume. While some of these record numbers were skewed higher by a handful of mega…
3 min readAfter two years of a relatively lackluster funding environment in the life sciences and biotech sectors, we were eager to kick off the new year with our annual visit to San Francisco for the 43rd Annual J.P. Morgan Healthcare Conference (#JPM2025). As a registered investment advisor and an advisor on venture debt financing for life…
1 min readAs we review the numbers for the venture debt market in Q3 2024, we see a bit of a mixed bag of data. On a positive note, the healthcare market reached heights in deal volume (capital deployed) that we haven’t seen in more than three years. However, the total deal count to reach these numbers…