TPVG - Earnings call transcript Q1 2019 | TriplePoint Venture Growth BDC Corp.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, and welcome to the TriplePoint Venture Growth First Quarter 2019 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Christopher Gastelu, Interim Chief Financial Officer. Please go ahead.

Christopher Gastelu

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

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

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

performance important we I And ask to your future disclosure remind during financial like in future you under the events Before I you make may press undertake any any during with release latest or projections to statements tpvg.com. SEC and considered undue condition, safe visit call, refer could certain the direct materially the that filing as to statements attention call Jim, relate be obtain will turn regarding would unless customary our place our law. to Commission of to may company's management's harbor which over which company's that required differ to website copies the forward-looking of are forward-looking Securities that federal today. to cause the securities you statements obligation to only this not these or results the forward-looking statements recent forward-looking law. most reliance filings, not opinions Exchange statements. do We that statements. reflect call, by or from To for factors cautioned update our We on at made please actual the Investors

Jim. to I'll turn over it Now,

James Labe

performance investment per net shareholders. to Picking year. to shareholders. to strong investment and and portfolio investment everybody. XXXX us of It's fifth income, XXXX. XXXX as strong records call, year, pleased growth, once earnings the good up we a record less again it afternoon, our earnings day off start IPO continue a did report of setting positioned last These to records results is which carried growth, and only last the since left that that we're I'm outstanding payout and we where quarter finish into this since included here Chris, into Not Thanks, special last well the remainder our a income, period anniversary achievements over two a fundings, great and and all and of been quarter, also last first earnings, growth than months have another had dividend share quarter for time was off our quarter. for the one but several quarter marked notable of originations fundings strong We achievements translated on for portfolio

reached portfolio with the a sheets, new level IPO. our adventure term of the of quarter highest of an quarter stage first XXXX all-time had compared since first high. XXXX, Our during the We XX% dollar companies in growth the sign increase amount

commitments in XX% the and a comparable new also increase We equity period. had over financing debt

to portfolio quarter. during continue and our the We diversify yields portfolio to generate attractive

top our investments was our of five our investments on quarter portfolio debt average portfolio for XX.X%. first Our now weighted XX% the yield represent and

volumes. our see as our So yield, as sacrificing we not we can price from are increase you

rounds positive on raising events. or have with those more will events to in continue portfolio number of specifics companies also provide of We new our a Sajal acquired, being capital

stage just looking ahead for lending by our evidenced the our brisk. at venture and to growth look we market, be As is demand venture continues This at companies pipeline.

reinforced nearly year invested continues billion strong and in in being flow at deal with This another for unabated almost source billion and generate to is capital $XXX VC X,XXX. $XX fundraising with XXXX an raised pace. ability Our

and like and at it on to top seems companies picking larger, up. rise pause are this also the questions VCs also answer select Our which venture M&A investing activity IPO and raised is periodically short come almost and On some up. of billion $XX having alone I'd getting actively XXXX since that, take capital. a backed

how So put, as success? firm? How differentiated venture such this are these a And special lending story? makes we deliver have attractive you your What ingredients a Simply for a returns? what do you model. we are my includes that underlying for like save belief This now. Rs. I and the It's cover But on something remarks. the end prepared emphasis usually those to an unique four I'd of call the what

as capital overemphasize its get The you in investors. select then heart back first particularly of in with the It's references the community importance some returns. our years. relationships, almost one, venture is and venture these important the first we go fourth, at those can't reputation, very and are ecosystem. which cases three XX another you capital reputation In leading venture three if and group our do of right and business. relationships is say I Relationship

Another major selectivity. call I differentiator is what

by select other buyout. believe We IPO life only this planning an are stage such of and other a which selectivity stage and acquisition, event high growth sciences or work often three venture TPVG companies terms target liquidity are sectors, and focus of We the capital in growth highly industries industry that to are in makes already all the We to loans. as our public company we stages or leading a lend between middle We advanced select companies provide we difference the technology, with companies timeframe. backed the growth to and of one selective venture only investors. oftentimes which group lenders. We an market in year are only don't on

capital don't club business or are select way or partner syndication loan agents. purchases saying our no participations, loans. brokers investors, Another There from as is no or and with When with always zone all XXX% are no I am is loan direct. we work our machine originations we referrals differentiated venture many

develop stages of portion TriplePoint companies sponsor team almost publicly one of largest one to their lenders term the can team, development. The was made the the management capital TriplePoint The are senior XX as all our are XX financing We of have our We of the TriplePoint $X.X the in Last The do backed a the believe only word the platform. venture fact, is Triplepoint in, information, brand. senior that up the business members class and years anyone lending. and company back venture control. not more year than of track record, relationships growth segment investment on founded in this going a overall provider venture of and experience, relationships venture our nonbank to known replicate globally. in decades team Capital. and of leading billion this as to ago say which years experience based won't TriplePoint that signed sheet our I first the ones available have by among across target global

dividend again performance, among in the itself. quality our I'll companies achieving While for we of with progress forecasts to credit continuing the XXXX profile, our for of this excess technologies underwriting once particular deal market our not pipeline, call companies yield important our also demand year and growth maintain demand, and emphasize careful to activity In pricing in services. that industry leading our on And flow Sajal. the innovative the our speaks time earnings in and now selectively our continues stage this investment standards, or is our capitalize portfolio of strategy. closing, while compromising our tested approach. to and are it's strong our venture and turn We in to investment to quality, strong the in companies plan over increase, invest

Sajal Srivastava

you, Thank good and everyone. Jim afternoon

five and During term commitments added of million quarter with signed the a at Capital, first companies debt TriplePoint we million closed nine the $XXX portfolio TPVG. to new and to sheet a $XXX companies

personal seamless Capital, ClassPass is mobile make a measurement than surface book, to lets experience. find over worldwide, marketing Adjust mobile fitness app The leverages Adjust from company. other technology a for that first of provides provides With is space booking million solution fitness Ventures decisions. raised Temasek. and Knight Knotel makes and office loans XX a women's Thrive faster Google modern and experiences business leading subscription can $XX credit their General a was investors. The Ventures cities of based men's Knotel million clothing capital million over headquarters fitness company users Union solutions and ClassPass monitoring fraud and to that $XXX variety raised that merchandise others. has and proprietary better as million Catalyst, a Catalyst, Square to help them athletic and others. is XXXX Frank has a dynamically a classes prevention marketers partners scalable access enabling and and fraud has service, members million Partners, in raised giving has is unique capital a analytics, of smarter over and to on lines a connects or Europe $XXX more that understand marketplace Adjust, Newmark adaptable offers from over education classes. of Highland medium measurement high-quality apparel. capital companies has affordable platform demand capital tools worldwide, credit raised $XXX over $XX which prevention for sized and ClassPass of credit consumers Norwest that from Outdoor company and of consumer Upgrade shrink their Venture Ventures. grow a of with needs. Google company capital from million from and Voices raised credit. over on The based General

and FirstMark, others. Credit Ease

growing with pipeline result I quarter is have our $XX.X As built our record Jim of underwriting no to investment level Jim of investment that million and investments change we quite approach average companies. as mentioned, worked for a is XX% be our clear, there together. weighted which a large we To achieved portfolio a XX have to yield annualized while and nine over this debt funding years the been our has portfolio

directly make with a allows market Our best Triplepoint only customer. way the opportunities the credit the their process highly source investment be continues to to they team in and to our selective become

which XX.X our prepays, without had During we yield XX.X%. million of portfolio was XX.X% prepayments yield, QX portfolio our to contributed

back, that amortization million natural we're to we month. As our portfolio are had a principal capital a prepays but way glad million pleased currently quarter, last also always we amount get generates per and one our are meaningful lender, to $X of $X

the to X.XX portfolio investment the compared weighted prior as average at quarter. of investment on our of credit to end was ranking Moving quality, the debt X.XX

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

not roughly debt. a portfolio, which a we category of the principal to months will from unfunded consisted in was three commitments next ended end million them. the outlook XXXX, investment companies access portfolio principal portfolio is which our amounts during The capital quality. reaching few deeper White to that continues balance provides cushion million XX, expire our expire $XX.X be very to to $XXX One IPO XXXX, with portfolio prior repayments a fundings outlook cases companies positive quarters. visibility and to if equity of XX provides company in over upon portfolio With $XXX portfolio totaled White. were results XXXX improving and expire downgraded is with strong, credit March companies environment of of million fundraising the provides also of two and the backlog will dependent potential million the supports balance unfunded Alongside on our near credit indicator to in credit expiration. equity the service into million growth company environment commitments $XXX.X XXXX $XX following. a for million excluding combined capital upgraded existing certain credit, our QX the from becomes to the position and to our prepayments milestones to regards their changes on Clear million debt meaningful during our great During M&A $XXX have will and drawn available and large before our Clear $XX.X of that companies term particularly of a of At

on lever our were then We billion lines layers typically companies we'll overfunded have months, of through meet not draw expiration generates at our us. we to portfolio have look to unfunded the commitments of Generally raised have and upsizing draw intent times our with sufficient the funding natural With but some capacity growth, experience game prepay XXXX. debt the with fact, their that expect amortization a draw likely equity more then of we up equity unless and $XXX as long-term their basis don't our our obligations and before prepays to in under others In four quarter Interestingly, point facility, warehouse issuing net end investors on debt articulated say prior and free companies a to of And case the leverage their to of our of to a not are arises a on the than up our our total specific only regards ability companies business. I'm portfolio principal that and basis we use capacity our also capital will sooner. closing, informed well. are cash they shortly In have expire. an us continue on million we expected hand, $X.X on warehouse commitment the past facility in repeat. speaking however, us of and XX to and to overnight first of XX with unfunded pleased and plan any further for on track with to

of term million million debt with prepayments no million XX signed far as sheet of $XX investments with of and QX, So TPC, closed yet. $XX commitments we've funded in of

While portfolio potential very quality also our particularly strong, gains our our growth and near-term the proud excited warrant portfolio. are by credit and are we from of for pipeline and equity

call We to are and achieved financial down of Chris year during some working to quarter. hard turn I'll the the an over metrics even the make than key better XXXX to XXXX. now highlight heads

Christopher Gastelu

Thank Sajal. you,

was As $XX.X other compared for investment million Sajal by $X.XX of an for quarter $X.XX per start or and same mentioned income share to or $XX.X another QX per XXXX. share Jim strong the was the QX TPVG. to year total quarter million and and exceptional

XXXX. administrative including quarter, higher other income $X.X and and and activity compared $X.XX of or related million and first consisting primarily of net total $X.XX million, had both per XX% income interest realized quarter share and generated the compared portfolio unrealized or of This fee incentive and The first $X.XX the The prior activity per to had in expense Limited $X.XX had QX investment investment in of mark-to-market to due quarter of $X.X million portfolio and appreciation year. to prior losses per in acquisitions reversals year increase prepayment effects the was the of for base portfolio management to compared and and due the and gains in prepayments. to offset of exchange traded XX.X% the the assets by XX.X% $X.X during to weighted publicly quarter $X.X or We $X.XX portfolio. recurring portfolio in income during and fee portfolio investment was increase yield to million quarter XX.X% due associated general fee and million increase due share primarily favorable growth per loans million increase XX% rise relative first Net Expenses is $XX.X portfolio price nominal was was share our turnover. net pending the without. Net other up share million. holdings benchmark XXXX. share equity quarter in or income were expenses Farfetch prepayments to rates. in that per was to million of Our $X.X, in is The impact of quarter in with yield $X.X in marked gains in the for interest $X.X or average the million due to to mark-to-market up anticipated income $X.X during somewhat unrealized net of the consisting on growth been a the investment foreign $X.X or

XX.X% compares for ROE returns equity of average we return During the to XX.X% assets ago on year and average X.X% basis. and ROA respectively on an an quarter. XX.X% the average an This generated of quarter, and of annualized on

of facility. availability liquidity $XXX and borrowings credit credit ample is of our which outstanding from cash for notes restrictions. We leverage total consisting Total million put us our but a this the at sheet. and in to the prior the At of with million the in We term investments four target share, adjusting during a its XX and XX.XX We $XXX.X company remaining subject end excess undrawn $X.XX base quarter end, on without obligations or fair XX.XX of $XX $XX million. ended XXX debt year funded with The headroom cost million of assets of value. told, borrowing This companies investments were investments of of $XX drawn of $XX.X with quarter consisting had equity amortization $XXX.X and us of approximately cost million capital. amount quarter below companies ended nine we and fair turning our of debt with and portfolio or million ended quarter million $XXX.X quarter up million. facility, we portfolio additional rates. $XXX $XXX had million million. the XX investments approximately debt value the of to range, end approximately $XXX term per of in $XXX.X $X.XX million $XX million debt at maturity balance portfolio and quarter XXX.X Now floating to ago. revolving ratio fixed All is our obligations million. cash, normal companies $X.XX amount had end repay to company's the $X the million expand outstanding $X to at of million the a the fair of One as long under under outstanding to quarter at principal of net maturity XX% of million other held quarter gives of long value At and repay approximately rate

or distribution of dividend. spillover that quarter, am I December second pleased XXXX of Directors the of At back had first income of million that, as $X.XX quarter regular XXXX consecutive announce our XX, per quarter XXth of we share. for XX. Board the I'll to share stockholders estimated quarterly now to we approximately distribution rate. a per With $X.X the turn During our per over of May $X.XX distributed consisting This June our record declared we on payable call $X.XX maintained increased to or the quarterly XXst have of share Jim. marks

James Labe

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

Operator

from Our question Finian Please go Wells Fargo comes first Instructions] O'Shea [Operator Securities. with ahead.

Finian O'Shea

my an ultimate give color fallback term think taking mentioned I on question. more what would didn't perhaps come Thanks the you specific of portfolio on the debt advance you afternoon. company debt know, form that Good the buckets and you type plan. Can be A guys. us for of issue, kind Sajal, you you your question of of would [ph]. appreciate of I unfunded meant Hi, a on through? if all color liquidity other with term

Sajal Srivastava

Yeah, Finian. Good question.

not that a debt term it's at So substitute. long looked we've as

view it unfunded to we then the on I up of in. is think to debt warehouse higher and take we our And if out revolver issue our as commitments we when utilization use then to get we the way meet warehouse long-term needs and the it. come warehouse they replenish

So as then of fundings to we up come back in. use the then kind that scale

Finian O'Shea

grow. million mentioned, say I far, raised you think usually Sure, very if are guys $XX just correct one out seems the me underwriting wrong like thing just little these bit I'm talked Jim million raised numbers question both about least of and you and far, about out as had a that throw well. it, bit companies $XX a lower, XXX. little stood to so some you you talked Sajal And a just you know, me one is at one I standards so

you it's give contacts a in a earlier are that, any But one there? little these you some self-funding stage they maybe So you - know know color could quarter. are just or little way, us understanding

Sajal Srivastava

Yeah. Great.

Another really good question Fin.

say. So I would

great it's example. I'll a they testament at how are. I our of efficiency the capital think to use companies portfolio and one work

domain, $XX this raised domain, Adjust, called it's it's capital. in and - company of the public It's So actually the the equity disclosed company is in million profitable. company one public

profitable EBITDA XX we loan of yields So positive think I north million to company XX%. provided

capital efficient specific And their getting that So we're really have, testament say, a efficiency very the quality proud capital again referrals I again relationships there's high think to companies. I'd trend. no strong it's VC where we're to and we of these

think equity any setting going way quality to or the less capital early higher I we're ones think we're if industry metric it's companies downstream the may it's and in the it's - I anything venture we sticking more and the even stage, growth has work just us and raised cherry capital with. but that of of efficient, have not specific bar picking for generally been

Finian O'Shea

Thanks Guys, much. guys. so

Operator

Our next ahead. Casey question go with Compass comes from Alexander Please Please. Point.

Casey Alexander

of the Hi. repayments the Good Have any or far second afternoon. in didn't mention quarter? mention whether quarter. had you subsequent events, your you second so repayments any had In you in had not thus

Andrew Olson

is repayments. was yes, That it in earnings prepaying, ER [ph] the - a or been with it No sorry. in the have no should as repayments or case of

Casey Alexander

Okay. anything I sure, have I'm else. not

I think that'll now. you. do it Thank for

Andrew Olson

Casey. Thanks, Okay.

Operator

ahead. Our comes Lynch Please KBW. next go Ryan question with from

Ryan Lynch

Hey, back good to regarding question afternoon. unfunded the up I wanted on follow commitments.

is look if a that's grow base. about thing XXX% as to XX% be of balance But the about quite of wondering, of larger guys I'm million, your a we your it's at lot quarter, equity deploy. a which that have from of just bit to your number, you good portfolio are $XXX a looking it's large about and last So can that capital portfolio,

about a as how that think you are commitments. when very new I'm wondering taking you unfunded it's So do large guys guys number on and you just -

You sort equity guys some of your Just level, basis? would thoughts sort that on percentage any be some try of to helpful. of manage portfolio that absolute at

Andrew Olson

our No, Yeah. absolutely we're capacity. managing funding

get short regards principal operate these Ryan we amortizing can and we are because you our term we get as debt, have think term We to we kind long-term with referenced plus prepay. how benefit that the loans. debt, short back I of amortization, natural appreciate plus

managing that. of absolutely So top we're on

the coverage advantage think lever want up we also I asset to business. the of lower and take ability to

I at so managing And we're work active them. say would

the as been in funding we talked XX we billion in by remarks raised earlier over companies $X.X portfolio I past think have I I of slightly our about prepared has million our raises those things equity, of the good the months the hope have challenge mentioned of that debt. challenge go think for would to us. unutilized. We The would the unfunded happen, acquisitions commitment of is equity companies those or goes - large really under - $XXX XX with we utilize when those

So we're actually on thoughtful, them. vary and of top mindful

Ryan Lynch

Okay.

which thing grow no As fees high you prepared has driver mentioned your portfolio. you in good nice been your in as prepayments of effective is a this prepayment comments But quarter, the guys to past are trying in really the a obviously portfolio. yield

As visibility of ramp come to this as down at QX, XX.X% maybe prepayments the the look potentially like have down up the further XX expect we effective yield that, quarter so your of I closer may line? guys that you on slowed does XX.X% deck that as at should or page to that look look yield and into core slide far

Andrew Olson

two a let's to predict. this, general, say it's know, and XX You But our prepay… all but things guidance one hard per have to be given are so quarter these to activity expect part always of always But to of not and part say going days we of prepayments XX, know you in of general in if a our always I be there'd can we ball vision crystal there's would get lot specific and yields, next decrease down necessarily.

James Labe

Yes.

and more there's which XX% think no of OID are that function or impact prepay be say and how really we've season the XX% to XX% will to and between benefit terms would end extent and impact coupon of prepay lower the a the obviously the no of will then portfolio they're seasoned the to from portfolio the a impact core Ryan from that the focus that there yields at yield prepay we to is then and there's XX%. extent talked I than loans to about So the in And stay on it's there's bucket. before, those as I prepay portfolio that

Andrew Olson

are. Jim as a our believe to one is quarter continue to But expectations said, we what two

Ryan Lynch

is two have like Okay. do And profile I'm they at - continue those pipeline XXXX, to then know affect how high the all? did your just one for been looks did it business wondering year. those There profile last you in how - the high IPOs one. strong tech several pretty tech throughout IPOs, guys

James Labe

and three yeah, the No, investments actually altered know, the XX event longer, you years to we're exit make remember six I mean, VCs happens. XX their it's to years dealing VCs or an with before

because building so that the the growth IPO particular would dollar market I they stage or And stage M&A - the early venture look flip over and impact to does IPO or them say in not and VCs, don't they're multibillion businesses quickly. time

tourist that in more I late or that of debt. stage, capital think that's times equity private momentum, what equity impacts comes that at competes our with

Sajal Srivastava

aspect. yield add earlier even the to, saying as on only we've And I been would

our the can model. about their activity of what's on and backed eyes markets doubt as our they our kind But recent as liquidity always happening on it. come in helpful some portfolio think is events. companies business timing a great. And we've there's overall venture core the as some warrants And that is they that's business said an gravy, have that's overall the public be those when the set of for add to with that's and and business about in positive So their seen they sure be but public been venture their whatever growth think here a about without there, and our number pipeline the could business not and and markets companies is in in based happening a but

James Labe

accelerate so to and raise And more accelerate capital. they've of opening is more companies to spend - don't we which extent the they that beauty debt to other to Yeah, it valuations. see IPO growth a need causes causes them the causes growth window them set the money, causing to

see to going for capital. continued expecting wanting capital with think some their about demand definitely incremental we're debt companies so as And and public bases top off to

Ryan Lynch

time I Okay. my all Those are color. I appreciate appreciate questions. the today. that

James Labe

Thanks, Ryan.

Operator

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

Christopher Nolan

in Are guys. million for you to million in to Hey, XXXX? guide portfolio $XXX $XX still growth quarterly continuing

Sajal Srivastava

quarterly yes. is a portfolio correct, For funding

Christopher Nolan

Okay…

Sajal Srivastava

Sorry, go Chris. ahead,

Christopher Nolan

by offset prepayments? the then And

Sajal Srivastava

Prepayments, correct.

Christopher Nolan

prepayments. Okay. then topic the And on

at quarter this prepayments was quarter Looking your disclosures, percent, portfolio quarter yield the all-in XX% but actually was on XX.X%. up. the Last went

And drive so fees I'm go debt - prepayment would missing? higher, up up I think unless will it the portfolio because would think I

Sajal Srivastava

function season well. how of loans a It's as are the the

more payment the a the more the of already the that term you've you'll to the from incomes, left season of So prepay. boost accrued have lower so end of that

Christopher Nolan

Sajal. Got it. question And final

market which does be venture to being is yourselves the put the that conditions for lender more in conditions… you the to ask equity, terms does in venture seems I defensive mean, that terms able pretty of Given demand. affect of raising robust robust position and so it guys debt guys like terms are pace, and can these of how

Sajal Srivastava

Chris. great Yeah, question,

So prepays every I except XXs, we're the XX% one, year of you every been if since low think our high were XXs. portfolio I and proud has I without above of think look the last the in fact, mean, quarter benefit IPO we quarter

again without prepay. So

and the probably we so really we we think feel about good I I know would the less venture balance experienced between line, lenders appropriate risk unlike return. know, hold - So say you

of mean, on And to north credit so structures, the quarter them company a I we lend and mentioned we hold charge quality, profitable this as line I XX%.

We're yeah, same to I change have. So pricing no to we no and profitable it think a or change sponsor was are the pretty our either. companies. great standards lend keeping relationship in mind we're we high. think again, Keep But keeping that structure I to standards that looking not

Christopher Nolan

it you. That's guys. from me, Okay. Thank

Operator

Deutsche Our comes Bahamondes next from question Please go ahead. Bank. George with

George Bahamondes

for taking Hey, my guys. Good Thanks afternoon. question.

solid a improve. like capital be source raising VC at qualities You pace to difficult, going continue seems things from still know, continue it credit is perspective, are relatively assumed well, That right? to deals. really You know, to

If TPVG. you like perspective. to I your biggest - think it I your maybe get you challenge How converting about thoughts the would seems to to my challenge? you that's to about biggest wanted challenge, be think your growing think seems about portfolio your there? and How me biggest think the would the on end? that funded maybe unfunded for

James Labe

unfunded say necessarily wouldn't commitments. I Yeah. challenges George, the

you with have so to rapidly meaningfully, have balance scale and yes, that have getting managing prepayments, I sight and we're principal we're grow natural also I loan advertising going fact we're line and the a visibility of back. we short know, but fact say, we term think would there's the that, portfolio that know to this we

and And be to in of so to capital dividend raise want nature. mindful we our how terms we and things that the of impact

the things the and last have they with years track I [ph] a say we I'd challenges to is being TPVG, shareholders. would thoughtful the recall our what to fantastic I'd great our record are aligned five say say, managing mean, those naturally coming that investors are doing challenges those yeah, So are things But deal is our that job great do source we're news over when passed rather us. the are or that flow. I for platform that's to to it's a credit than trying fantastic

Andrew Olson

say and we our I it's add lots to entire thing want that, of and and through intelligently. record intelligently is only we heads to look and and our subtle strong a knitting have stick I necessarily the here, growing but there's pipeline wouldn't we And our pipeline keep down [ph] would a challenge, lots opportunities

James Labe

was And always credit again, our focus.

you one. always quality proactive number So priority being strong, is credit keeping know,

George Bahamondes

for question. for thanks answering today. Well, Great That's I had all my

James Labe

Thank you, George.

Operator

with ahead. next Casey follow Point. [Operator is question Instructions] up a Please Our from Alexander Compass go

Casey Alexander

two competitive change any noticed follow One, up environment. the I have had hi. you in questions. Yeah,

and bit. know, lifted things banks that. change things Have more you been I have any of You a things have competitive there? teams or have opened some know become up like little out noticed

James Labe

broken sound but I that up seems question too every to it's Casey, know, a a or question. record to You done haven't month. good this very a like come jaded long, or don't It's want

change two with think least heard success that not In day, we business end our and know understand our it's group takes investors, nor thoughts. have at Sometimes a long and justice the competitive selectivity or in and of be among see they that that But you every focus the strategy of pricing category see a kind we But formula about know, this call card proven always track good narrowly includes the any or change. technology, that ask. again one reputation not a do who have and record capital is it's money folks sleep. the the has than credit don't it's business lending newbie's to There our track and for our we're record obviously we kind folks the not losing you seen more our record a us, our to business at and any focus lot with no been [indiscernible] there of or and of venture It focus of that relationships investors. the a - working which business. developments and competitive a need is sorry, select our The quarter venture that and defined our and on just to

Casey Alexander

Okay. you. Thank

know IPO are the come we think Secondly, should can you beginning that to guys of you growth you companies than XXXX portfolio would to the more only public very that the and seen public. have - more to a your arguably couple know you seem public would you market. it for be in at ever Have going increase me investing that of companies enter in potential have - It maybe markets? open an a them door far the noticed may had robust of now since But are be I of venture been? door have companies guys the

James Labe

Great, question Casey.

such rather class near traded, portfolio I sell publicly about investors made go to turned But large that of in increase entrepreneurs portfolio or with. is the see expect traded to to opted good too offers traded the term. so incumbents a down of of that form the within say think do and - entrepreneurs think aspects than they go and and within their have there are as to are no liquidity. thinking doubt refuse of entrepreneurs fun more is there The being the companies, public. definitely another that I some to exit I'd goals an by that the whose our publicly So IPO we is comfortable run publicly viable portfolio of the are to Fed particular companies in

Casey Alexander

All taking right, questions. for my Thanks thanks.

Operator

question-and-answer any there would over conclude closing time, no like our are back to session. this I conference This to James remarks. turn will for questions. And the Labe further

James Labe

all appreciation your look forward you to XXXX I'll close participation continued continues support and with my all here interest your again to in by Triplepoint for and of to speaking expressing your Venture unfold. you Thanks, as again and we Growth.

Operator

now you and now concluded. presentation today's has you for disconnect. may attending conference Thank The

TriplePoint Venture Growth BDC (TPVG) 1 May 192019 Q1 Earnings call transcript