TPVG - Earnings call transcript Q1 2018 | TriplePoint Venture Growth BDC Corp.

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Operator

Good afternoon. And welcome to the TriplePoint Venture Growth First Quarter 2018 Earnings Conference Call. All participants will be in listen-only mode [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded. to Officer. conference like Olson, to now Financial Chief would turn over the Andrew I ahead. go Please

Andrew Olson

Thank you, thank operator, and today. joining us you everyone for

the to our We with first for pleased XXXX. quarter are of share results you

me the and Officer. of with and Chief President Board are Executive Sajal Chief Here Officer Labe, Chairman and Srivastava, Investment Jim

recent call, financial statements. that projections not Securities that I’ll or refer law. We turn the I we statements materially your to our Company’s to relate this to customary the over to the Company’s release attention required disclosures to or press Jim. would any visit results in you Commission I Law. Before our at And tpvg.com. forward-looking and cause that do filing by site make differ Jim, call update certain it you may statements factors to may please forward-looking copies the future We that, And future condition, Exchange regarding forward-looking undertake over with To could statements. of considered Securities with important that Safe during for latest to actual filings, events our the performance be Federal obligation from Web direct these statements like unless turn most or under our SEC obtain remind ask which Harbor to

Jim Labe

and our goals rock out. XXXX earnings the execute Thanks, Andrew previously XXXX and deliver to we’re statements continue right Consistent strategy strategic and and and calls, prior investment afternoon. and our laid course steady good solid with ahead, we’ve on on

the We’re year. off for amazing to an start

quarter and The performance. first earnings of was strong quarter another

several positive companies. portfolio developments have our of We at

the year we’ve last venture highest As only year. dividend and also among landing were we have last the you venture to BDC its lending may cover BDCs the yield portfolio recall,

at portfolios. in dollar the Last term had since We saw quarter, highest signed XX% its growth quarter, sheets. And and all new investment level commitments several previous XXX% of of We stage it were XXXX. our notable the continued leverage the bodes increase back increase -- quarter. debt range. in our we amount well the for last over our reached growth achievements, and target we equity quarters. IPO. venture For which had quarters These financing companies a in were in We new ratio versus had

and continues quarter. All will of to for earnings year. these fuel the and demand are as venture The unabated growth during for serve also lending contribute stage a we experiencing future this growth

the pipeline originations for the new no quarter. growth on of again companies lack is any attractive portfolio debt on finding venture At demand, the deal The the every financing. reduced single same a basis. demand only has our stage fact, we Our nor for in hit beginning all-time diversify end quarter yields flow to portfolio at a time, of our are XXXX. we There high path continue since of increased and generate risk-adjusted

prepayments, the show Our continues quarter the was and portfolio impact you portfolio early high-quality. core When the first average XX%. weighted to exclude for of yield strength yield The XX.X%. was portfolio its

During transaction in the and here acquisition the the announced closed second by Ring quarter, subsequently its quarter. Amazon

U.S. of capital from growth quarter, and oftentimes the and which stage high-growth select or the and among the are of the market, exit our most approach successful This venture to of of importantly, innovative one enterprise our as target. venture always companies, us investors, companies. end backed the have Ring growth definition represented more companies reputation our of differentiated of technology differentiated have that which dollars, Ring, value, very the demonstrates high single top investment we in includes venture Our products, venture equity first cited backing largest leading meaningful and substantial of capital funds in type rates access very this the

deploying the received great well we venture also are cash into We proceeds growth into companies stage more opportunities this quarter. in

continue outcome our such for in and Ring to providing others, our with as of we such at other publicly Runway portfolio continuing received future. and recent as of serve as Bottle we basis happy capabilities. and Revolut of companies. see include this has doesn’t diversification, deal and co-investment aid announce -- a that our And portfolio serve more activity Coffee some the as our Blue relief successes, an progress another MongoDB, we’re that will only take fundraising pleased in to the announced as in some of To a current to well While as portfolio belief look companies, unannounced will one developments with out order, us portfolio quarter, we’re the successful at which which exemptive size round we exits the capability, increased will valuations

credit into to of four capital for invested Venture equity Capital, more extended and Venture quarter. into and turned into investments. us There our of venture Andrew investing. attract the the for XXXX Capital are significant venture actively on development. markets. $XX record Capital renewed opportunities go in will Venture detail great last themselves this was to year, capital previous years. that a the current The billion state be asset the new class continues and during amounts deploying the also facilities VC million $XXX funds continues capital of given We year

first Venture entire In more for that as that’s simply fact, XXXX XXXX funds Capital sake. in whole, a the than invested quarter, comparisons

forecast quality, our the of once portfolio again dividend, this profile, invested progress our any earnings itself. that quarter. going speaks and strong to year in up, wrap the our activity I’m Venture fourth billion yield To the one that leave in The it with performance, our companies, more leading first quarter also credit our for of achieving Capital size was quarter our marked our $XX pipeline, coupled than with for among of excess consecutive

on way in big a these a that, see XXXX. great We let continue Sajal. and With to over call turn to the growth in opportunities me plan capitalized you,

Sajal Srivastava

and Jim you, morning Thank good everyone.

commitments of added four the we debt new During $XXX the and to with first quarter, portfolio. companies million companies, closed two

a The Toast, Investment, a improve which Generation that better equity first on offers investment Gore’s the has experience. firm point GV, and management with mobile and The is of $XXX Bessemer and others. systems cloud-base increase guest operations, from company create restaurants raised helps of Al Venture was million Partners, venture which capital sale capital a Google, sales over

which Revolution platform. Cisco Partners, $XX XX.X% investments occurred our last of and of increased record others. of investment portfolio for million level a Adventures, the this second intelligence the Founders artificial in result companies, didn’t a QX. and of insights and to driven quarter audience month capital achieved weighted machine as income The from funding Polaris contribute has mentioned, $XX six And leverage to Firm, we raised was yield quarter The QuadCast measurement over QuadCast, learning and Jim as so is meaningfully the of direct the ratio they fundings to our million with majority X.XX. in equity

total our million profile during from mature However, portfolio a and at this portfolio the last roughly its XX%, away the prepayment need level, lease incremental income. XX.X% a was yield quarter, maturity any the XX.X% bringing portfolio yield prepaid quarter, an without Also eight up which portfolio leverage dividend for date, from $X.X ratio, our we scheduled HP of X.X% for from related for tranche contributed months to that core quarter. yield SimpliVity, investment to cover

and was the on investment on quarter, of of watch portfolio were ratings no credit companies quality, Moving our list X.XX. to there internal average changes the debt during credit rating the to weighted the

a generally our As rating rated system, quality, two. loans reminder, credit five one strongest being initially loans are to one rated the new are with all and under from

in million of signed of and closed $XX of we funded far $XX QX, $XX So sheets, investments. debt commitments million term million

investments repayment this for deploy higher all receive and portfolio. expect quarter an Ring investment We level the to to into proceeds

Although, as of fundings of majority of quarter. the the expect occur usual, to end we at the

to our to Company's larger the have change optimal are the both XX, on coverage sponsor of our XXth exemptive and We earlier last of investments investment coverage we ratio and XXXX XXX% having obtained stage that order a funds from the to meet do BDC by the using to thoughts submit other expect in to strategy, our of Company based we recently Board’s to will and the additional I discussed quarter’s approved manages co-invest is asset product of from to is like profile requirement BDC. plan strong opportunities, We operating business some XXX%, the to until capital, this and and for we regarding privately. this growing the strategic as requirements, the would to mix, our make enabling more believe the achieve to modified share our plan portfolio, availability the coverage benefits raise balancing our continue diversified Andrew, or Board with to regard to to Before over call publicly see raising highest We call, approve to capital an prudently serving for the may April shareholders history asset the additional readily strategic we incur or application change to grow while leverage the requirements, April to when particular, investment or make an profile reduced we equity small-cap coverage as a asset targeted and not requirements and when of delay to enabling to leverage it fund today, to on especially conditions intent anticipated our growth In other leverage. priority security XXXX one. assist asset available, another the venture I to a portfolio, effective objectives, may as and articulated continue the approval capital more our XXXX. these We strong demand exceptional the but lending objectives, objectives of modified with to than be With by proposal hand source using considerations. yield utilization believe capitalize demand see. flexibility not holders, pipeline equity risks and stock capital sense result us and on leverage, the

utilization traded the facility below to to to and in our X.X. regards raised asset leverage credit not notes expanding focused range our allows July ratio publicly facility reduce leverage Our asset and any our way. to quarter in leverage our to to actual With a balanced five due limit. match coverage use And three XXX% include us target on to And ratio ratio. ratio revolving XXXX, warehouse do coverage XXXX, of as our coverage our credit X.X our reduce we in which are supportive reducing restrictions guidelines, additional statutory we intend ability particular, are the lenders

X.X. So to again X.X

commitments unfunded often maybe as once structured initially this funded, target prepay, are believe or have investments we and debt maybe our with below durations term be ratio. when leverage and typically amortization that Given short above there periods

to XXXX, investment fundings. with the us brand, as income. in however, from prepayments and call changing investors in raises and this to our believe pleased the financial we’re turn some employment and our We record, now differentiate but of use, during shareholders, increasing highlight relationships that portfolio anticipation reputation, plan with profile repayments, for I the to risk to our the leverage higher new investment achieved proceeds and on In commitments proceeds companies. we Andrew potential with for quarter. expect am drive are We the as to market may we to game on from continue articulated net the to over key equity to say through unfunded the prospective higher reduce closing, also not approach, returns metrics liquidity maintain well track outstanding, equity of that capital I'll track and capacity while

Andrew Olson

And am quarter results. report Sajal. our to pleased Thanks first I

fundings, prior quarter quarter investment nearly As end, Sajal, the with debt Company’s XX%, We quarter. investments approximately income growth. with companies a generated $XX coupled ended in ended average continued of had XXX quarter the million including discussed and held of million, yield quarter X% million with with Jim a $XXX $XXX value $XXX from At another by and we investments and of the million. up long-term prepayments. a we cost of cost portfolio or portfolio The XX measured weighted fair of

and quarter. point and or basis prior end, was impact carried yield, core debt slightly of to up increase Our $X.XX prime activity, the excluding XX% prepayments that other our the project investment relative in rates, XX.X% floating additional every income share investments of At quarter will per approximately generate portfolio annually. of we XX

and demand have we near-term of strong pipeline As a continue previously robust mentioned opportunities.

which well-positioned of companies, milestones. meet XX Overall, the to million is the companies million $XXX $XX to totaled is commitments unfunded Our demand. balance upon reaching our dependent sheet

increase credit and which we quarter, total included renewed in the amended the During our maturity an the facility, economics. commitment, and improved the extended revolving

$XX million of consisted as us revolving as million quarter X.XX, the within of $XXX availability cash of credit our total of liquidity borrowings of end at and our approximately undrawn notes Our million $XXX quarter facility. Total under fixed of $XXX put outstanding of million of million $XX outstanding and million, range. is consisting rate under This which our credit facility. leverage $XX target a long-term were

our in projected Given $XX.XX quarter. transaction dividend we redeploying return. to-date, Ring XX% $XXX were prior $XX.XX per share, the the annualized nearly we ended the proceeds the in closing anticipate NAV, quarter during the equity quarter. $X.XX up per generates At million fundings share or capital of from QX the and yield here Overall, of

income or $X.XX $X.XX to $XX.X $XX.X fourth income share in the per at continued was XXXX driven Total The share quarter and Looking investment for of by of million portfolio the XXXX. was increase million growth. the per first statement. other compared or quarter

our during is net activity. activity compared or of to recognition net return mark-to-market of $X.X The depreciation in XXXX on portfolio. Amazon, to a gains we share million to our compared $X.XX share resulted annualized XXth the is net sale that, in Net in borrowing transaction weighted during the Our based of $X.X increase on million announce and net expense expenses in of $X.X and Board basis, the interest on acquisition gains the which quarter gain by offset base or high net the in March XXXX the net generated fee its a was payable X.X rate. distribution $X currency fourth $X realized and due income May slightly realized $X.X of fourth XXXX. activity $X.XX now, million. an to equity million primarily to recognized as $X.XX of record and million used of of of of from were XXXX. credit per incentive the million to of XXXX. net above per or in by fee $X.X on of declared from in $X.XX our increased per quarter unrealized to to And of stockholders XX.X% portfolio to assets We XX.X% depreciation the on $X.X share quarter realized share, million have had to $X.XX $X.X investment distribution XXst. compared of million QX for income ended based of management or investment investment fund back of million, XXXX. consecutive remaining our million, income turn million quarter to fourth quarter total our in $X.X million mark-to-market This quarter Directors or share we $X.XX net due investments the unrealized Ring This facility Overall, million, the of investment the fourth over maintained or it consisting XX, of per With and $X.X Jim. On Inc, during administrative income per growth. X.XX per of quarter the return XXth quarterly from share June $X,XXX am $X.X fee expenses this We and expenses related foreign general of quarter increased quarter on quarter share, compared of change a first I'll pleased in of I marks average the appreciation per announced

Jim Labe

this Operator, Andrew. your line? point, to questions. again, can please be At you we'll happy the take open Thanks

Operator

ahead. We now Instructions]. the begin Jonathan with first go Wells Fargo. [Operator question-and-answer will session Bock our comes from And question Please

Joe Mazzoli

Mazzoli Joe Jonathan. for filling in

So path platform concentration so provides across the of co-exemptive the is private -- allocating TPVG. funds, a hold question and you than with your within first great sizes And relief smaller less which news. course for received

similar So the actually private how TPVG? invest flows is funds, deal much in mandated then are how that to the is question and big of

Sajal Srivastava

I asset. venture our funds beauty the appetite have of So is significant for stage growth they guess private

into a it's and we large for TPVG. potentially of several in or So larger for available enter transactions, comment don’t million the funding capacity diversify investments us funds. even think size venture actually of over stage and the strength order publicly snooze assets. to We But have we on hundred growth for

Joe Mazzoli

was be you'd and and leverage. X:X that you to of leverage, there then mentioned that with that assets some But color you the high investing And not now provided would change in helpful. type you

look you not curious more as because lot the maybe bond mean, am allow now, financing the credit facility. the under what used revolving of would diversification I the is for a for I reason higher there. well revolver like more, the as Is asset baby the revolving part the So have drawn credit. leverage this? would Not of concentration,

If there you some broadly? provide could just thoughts

Jim Labe

I ample ratio. balance continue and overall, maintain facility be us we’ll room leverage to yes. between think, the gives mean, our the to able currently, target utilize to sheet to co-investment rate. max its increased leverage, I within But

Sajal Srivastava

at I of lever where we this way as short-term think long-term think Joe, and some time, to our see combination filings. debt the said as a in of think the I we business We up. Yes,

to going and be about tenure. we’re cost optimizing think and and I so And opportunistic thoughtful term

that well. allowing we get warehouse some existing not so are to plus to other long-term capacity lower, our have the as obviously there debt coverage facility, us of facility good to with the can also to are they only news And funding supportive ideas our creative forms excess us lenders is modify but explore asset allow

Joe Mazzoli

question. And final just one

of about curious about you I targets. And and you what targets type the am different It be more you for debt-to-equity. it how you would that really just headroom. for asset? that the leverage just the within X.X As sounds this appropriate is we gave than leverage times you’ve the cap private was is higher still initial is the outlined like leverage that BDC, of maximum aren't funds? But even capital leverage think that using privately the What the managed think

Sajal Srivastava

the is for the themselves. point Well, returns think maybe guess we I first speak

on of So XX% XX.X% investments standalone yield yield, the just basis. portfolio core a

returns don't make look So compelling basis standalone we any leverage a of shareholders. need leverage it, at we those on aggressive as or amounts to our to

as because so of we we brand relationships that our great demand, our think our see much the recognition. conveyed I quality name as message with sponsors,

there And with to so older for we are that TPVG the approach leverage end out ratio miss essentially our of private of capital TPVG then out have funds is the and potential at capacity, and missing allocate to the on. to would the extent higher

think yielding quality, But higher other with describe using leverage, the more to on take guess, at yes the we a year prudently how on just leverage leverage not of the have Deutsche is it. relationship again I history here, -- run beauty lower XX we on assets, segments we historically to the platform, of these and capital. So the of leverage Revolut’s, more additional more is using TPVG and grow question, part with help maybe to have And Ring’s we different or your answer Bank. it’s again our private focus a as intended high

to we to so. how do continue know and we it so plan thoughtfully And use to

Joe Mazzoli

level. you that. for my much Thank appreciate questions. returns for the at very the you taking And Thank asset completely healthy

Operator

Our Landenburg go with ahead. next Thalmann. from comes Christopher Please Nolan

Christopher Nolan

And that indication that an prepared increases equity some have you think you to equity you backing higher us leverage you obviously, Can improve have returns. where data as returns your to? will with you in up. that mentioned expect the You comments give

Jim Labe

of a obviously, just I overall overall, returns. the function increases think, leverage,

we’re I changing not performance. the given So current think our fundamentally overall business targets,

of just it the to the extent at or periods current our in to where would able in meet that, we’ll ratio, we’re dividend those We’re our see the at end, of higher leverage end excess any opportunities higher to And the in looking the portfolio. be higher we’re to exceed assets we add where we continue end above dividend. be rate. to would And or period the we

Christopher Nolan

to change, follow-up that, your your equity doesn’t higher leverage returns really a really cost higher As debt return assuming brings or change of either? assuming don’t Is that on returns. assets that

Jim Labe

mean, even and assets targeting same I returns sufficient based They or that’s generate investments current be the return the on without with were said, profile to increased accretive Yes, shareholders right. fundamentally the with we've to with leverage. of we immediately.

Christopher Nolan

say that a to of leverage? higher debt your to you the it's or So expect debt don’t function as increase cost of fair cost

Jim Labe

No, we've balance we credit facility leverage ample based headroom to our outlined on have today, that room, mean our sheet within target today. our I ratios meet

in incremental no cost at is time. point there that looking this we’re So

So sheet what we would balance we our cost on ratio. the under of with expect is have capital leverage that our today consistent

Sajal Srivastava

to we’ll cost debt comes And absolutely expect I it opportunistic financing, movement in any the others. of capital. or forms see to it when point, the be material or other to long-term your we debt Chris of be the But think capital don't

Christopher Nolan

a on we or is increase idea interest assumption sensitivity -- Then rate that should up… see the you're leverage the -- correct. the So

Jim Labe

guess to investments. add to I is The be drawing floating credit continue mean was as floating about those two we which rate. debt is floating also primarily that Sure. thirds right and the fund our are our going rate rate. investments investments, I facility, portfolio from those extent to of be to mentioned we’d And now I

would be the part. it So match funding for most

Operator

Point. question next Casey Compass from our is Alexander with And

Casey Alexander

bit for you little looking clarification am a a something that of I of said.

on do of credit Regarding facility ratio to that additional year the mean statutory X.X to that shareholder support time? By the assuming when through the good that then that the would facility at credit your leverage vote up a is that your you goes or up leverage being your credit anticipate covenants the of limit. facility

Jim Labe

it an The answer on the or ultimate on remain unchanged. yes. covenants, rate facility, underlying borrowing To the advanced could

Andrew Olson

to coverage restricting or the matches coverage, Just to requiring clarify, covenant the asset financial it requirement we statutory asset a our the have covenant, don’t limit. XXX%

Casey Alexander

once to expect time. target you the additional more X.X times you to access raise X.X the X.X? that, that bottom maintain have ratio shoot to like X.X the of you Why and of to side leverage, understand wouldn't something I

Jim Labe

as these prepay. short-term assets Well, you know, are and

And at so periods we folks lower the prepayments the end we have and end mindful the make to wanted lower of want for to that of end time, again fact or short of and may be so below continue a that I sure be we -- we’ll up the guess aware that. to

Casey Alexander

I the exists leverage mean, attach target the below Well, additional platform you've some sense lower ratio would as the leverage make it for to on that leverage of period target to now that been strategy time. It end. is seem even would your your be to if higher ratio

Let different me you ask a question.

vote goes? no X.X the access have vote there and ratio year. you Would whichever you’re leverage Assuming times, top that knowing to going shareholder existing press of the regardless to eventually target leverage up end you the above higher to way of or the X.XX wait is to

Jim Labe

we’re run Well, be as we I business the thoughtful. guess to

a the And shareholder If so don't ignore it for sense have leverage to to the we not ratio. extent at -- run make vote. would us that higher let's it,

be our up unfunded commitments. the we we of that of wouldn’t we have would leverage I if portfolio had, wave period prepayments, actually the think Andrew prudent. virtue beforehand. of fundings fact leverage the wouldn’t But some of to our that didn’t given, ratio the mentioned take we fund thoughtful drawn the up target lines take We by in not actual and or a dynamics more

Operator

with Ryan is KBW. question ahead. Please next Lynch go from Your

Ryan Lynch

First on one leverage. is the

strategy but maybe strategy, at guys returns. balance loan. thought here, well Can like look I So had chose yielding higher-quality portfolio which into can as behind maybe the through process a little the guys the outlined as definitely strategy more of sheet more you just I and you good flexibility seems That the bit much you other you not the guys think some least outlined discussed drive de-risking a more that me higher process some a as like strategy, maybe had thought appreciate walk pursuing on pursuing little too leverage, why that not it changed pursuing strategy as you your lower the well. one is BDCs upside, didn’t pursue

Andrew Olson

I’ll and the answer of second first part the and answer question. Sajal let part I’ll the Jim

of said, overall the our always it’s low end our prospective. we typically meet at the dividend end the dividend from an low So NII with absent end designed the our range, The coverage range in our range part to leverage first range, the any of of would is, or prepayments. portfolio. target the will level prepayments we cover meet exceed high The dividend we’ve

the ensure to prudent generating itself right a mechanism shareholders. that is being as really So in designed range of we’re the our for amount return

Now top demand. A, range, of see of to we that but flexibility end we increased also the lot us a give

a portfolio scale I’ll from And and perspective also benefit from help the think or is opportunity so a we perspective. And the question. part there to -- a return perspective, just second Jim there of is to answer shareholders diversification from

Jim Labe

targeted articulated articulating. the our I is the I strategy is think the big. shareholders. pipeline demand the guess to been what that yield so That’s was we’ve we profile. so strong That’s

see just benefit we lower any think that lend don't risk, to as we assets to that and given say would don’t we the don’t we there are we not I’d growth attractive lend So of we view that -- plenty the again strategies, And the have changing companies stage necessarily demand. in. believe find that portfolios I guess yielding -- or to we lower of that we

are that do need assets I’d group like that. we which at we of again, to VC investors. assets, see think I more some the to But to portfolio, I which may assuming, argue for as tier desperate not stick don’t see knitting, of our why XX% yielding We’re the shareholders top select want wouldn’t

Ryan Lynch

not the of Sure, sense. and leverage you definitely because just guys strategy the changed. it when And went guys that can that appreciate you outlined changing public, taking made you I now,

just your You talked through investment a debt come and in seen pipeline, having you talk venture last pretty originations marketplace. quarters? strong have really about really the robust for months. an debt really the I why in then in guess commitments, over about really increase demand several venture demand We've that although for and over a seen we’ve strong the XX Can investor last

Jim Labe

about activity. as that And our we've Well, about is three Rs. the of been think venture recall off group activity the what the of fundraising. phone you deal time at it, to But deals of the high I with I to to had the that’s go leading as investors, we But we we robust got great consider all is the I funds. heard terms work in what's the in want very There talked back we and successes capital in be are reputation, references, honest, large happening I don’t an markets said, just our they ringing the growth have we've select guess very, again when raising those have capital and venture you hook. say relationships, for our pipeline. are done, to and couple the I the

speak pipeline So the is, it growing. unique And least But TriplePoint I experiencing. we this again, can't story. plan it's and we’re have determine that unique as the to on others. expanding the all reputation, us, to based is we I is can for what like this to think at that that relationships to been continue I

Ryan Lynch

said on second quarter. guys in kind or you investment calculations, one it. And I'm that sure of our Ring, $X.X far looks on last I exiting one should then about guys bad guys But fees. one-time me, you missed realizing To as in as the that of it realize not you Is the and just debt like million and if ballpark? this

Andrew Olson

took and then the marked warrant on we the about and of value the during just a position think million, position asset was the we $XXX,XXX also mark-up QX, what debt quarter, was during I $X.X we there quarter quarter. the mean the to on I Yes, mark-up position during thought the during

Operator

[Operator Instructions] go next follow-up with Our -- Christopher Please there's Thalmann. is Nolan ahead. a question from from Landenburg

Christopher Nolan

even for with limiting that consideration discussions you this leverage you’re have to X.X. Given that Is rating discussions at agencies? any point your long-term the might

Andrew Olson

clarify, we’re end. limiting high not to Just our necessarily

agencies. recently had again conversations leverage target our saying is ratings I'd have just not to say We’re X.X. ratio we any X.X with

too to there. little out stage that agencies. the the and ratings we’re of plays out this how see with over impacts a agencies probably other of some some at we’re how small for larger think ratings time, it interested BDCs But I

Christopher Nolan

Well, into or Does terms really grade name? whether just currently understanding strategy these rated not that above investment going conversation what forward your years, the that to play agencies in take their current for with thinking of not. want rating tend guys the

Jim Labe

mean, I we have with I think rating agencies. the dialog

our the as our portfolio I they out rating business of getting size think advantage on we -- a what sit and don’t today, today. our based given agency we needs see going and

Andrew Olson

a I maybe it, wasn’t it. that, benefit how it would -- is because of it’s of answer guess, guess, more but I I

Operator

showing further this At I questions. time, am no

Jim conference to any like turn So to the over back I would Labe remarks. closing for

Jim Labe

Thanks. great. Okay,

of here love quality we’re our really on questions to outlook back knitting and this in go some which within, has I right leverage, these for legislation. stick new want companies been excited for think to But growth the there we terms we we the here said is the we good from see market consistently continue deal what XXXX. certainly flexibility the call, to the we I that and pipeline and the of plan to in

your to to venture by to interest, everyone also support in growth. for So my again Thanks expressing soon. your close and we and appreciation I’ll speak TriplePoint continued hope you

Operator

now attending presentation. has today’s The for concluded. you Thank conference

disconnect. now may You

TriplePoint Venture Growth BDC (TPVG) 2 May 182018 Q1 Earnings call transcript