I think there is a big opportunity for smart investors as venture debt markets develop over the next decade. I think venture debt in a full capital stack, as a complement to other financing tools and solutions, is going to be part of the landscape. Post-Great Financial Crisis, private credit became mainstream and the non-bank lenders in that space have had a tremendous tailwind and tremendous growth. They’re very, very important now in the ecosystem for middle market companies and even large size companies that are doing private credit. The same is going to be true, I believe, for venture debt for the earlier stage and early growth stage companies.
Opportunity for smart investors
