Earnings call transcript Q3 2022

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Operator

Good afternoon, ladies and gentlemen. Welcome to the TriplePoint Venture Growth BDC Corp.

Third Quarter 2022 Earnings Conference Call. At this time, all lines have been placed in a listen-only mode. After the speakers' remarks, there will be an opportunity to ask questions and instructions will follow at that time. record in replay the an Growth being will the TriplePoint is website. available be audio conference and of a call Venture This webcast on

for with is Investment the representing Officer; and Chief the Jim Officer Mathieu, the to Board; management Executive is quarter Financial share and Chief Chairman Company Company's XXXX. Chris pleased Company results Officer. Chief and the Labe, Today Sajal third of President you of Srivastava,

to forward-looking are like your over the during Law. to future remind make Mr. the to or that will Before Safe-Harbor attention you condition, certain management I Federal turn Securities forward-looking customary relate Company's I'd to performance financial the the call Company's considered Labe, under press statements that direct disclosure statements events in future the statements which call release this regarding and or

refer You materially the Commission and Exchange with are Company's actual asked to filings factors cause to most recent Securities these could statements. results important to for the that from differ

The the opinions undertake today. our on law. statements by obtain to projections obligation at not or reflect not which SEC made latest any update of please copies required www.tpvg.com. forward-looking are statements during place Company's forward-looking filings, any undue website unless any cautioned to only reliance as the call, management's Investors of does To Company visit

Please now go point, this I'd to Mr. like ahead. turn over Labe. at And conference the to

James Labe

And everyone. for Good afternoon, earnings TPVGs thank you quarter joining third call.

invested almost pleased on portfolio a fair generate efficiently the our a a average record a investment recent financing achieve portfolio or and of continuing $X.XX the while further per have us portfolio in helped from million we our $XX our income weighted grow capitalize value This of We're offering. to NII billion manner. yield quarter, XX.X%. the equity strong share net to of capital the for demand accretive During disciplined grow to

And per to distribution. increase announce our our our distribution again that decision quarter, For the we're NII Board $X.XX proud made share. exceeded quarterly quarterly third to regular the to the

favorable increasing $X.XX financing both return to a and our portfolio, as share that yields, yield new we've further our dividend. strong time, with believe coupled Given increase remain sizable And to shareholders we fixed in covers position per to generate we rate the NII portfolio done over day. to

exceeded going a now declared per Notably, share Since of ago, share. while And cumulative have regular on total addition, shareholders has sizeable per to eight in during for quarterly income. than distributions public more this maintaining basis special three $XX.XX we our years in dividends time, distributions. distributions NII our $XX.XX spillover also

the XXXX. Turning continue over in to six core we we we opportunities and venture the favorable and to ahead, opportunities believe on a expect be we to are strongest to our capitalize expect investing positive increasing will in months growth stage what companies seeking to on to now throughout yield with market quality. the have focus on especially portfolio We the the trends that most quarters, In there attractive and many conditions grown pass given continue. will opportunities last believe the in yield, focus market, prospects

far, remains exceeded all the markets, investment already in years it's the except investment the Turning decreased And XXXX. Steel above I'll levels. note the quarter, although for COVID that U.S. to activity pre activity previous venture so all

Capital with companies TPVG of a and select Venture invest. Investors which in know, you works primarily group As the they

and They this a And with capital market monthly to their far in use portfolio summer are this companies, being view today's revised plans whom rate, of many development again, burn being we existing more their on dollars. past focus more deployed cautious cash uncertainty, of appropriately growth which mindful environment. and venture less investments, selective positive positive continue to and choppiness these which to and during far as is moderate also they're the more investors we new development. Given pause a believe rates

venture of deploy. this, capital that investors of all select lack capital leading to have we said no Having with work our group

this several of raise fact, In them substantial year. funds

As a quarters capital already this new set Venture whole, year. U.S. the annual through first fundraising high a three is of

of were the to several of XX funds previous in year's the NVCA, the XX% $XXX that capital we than $XXX venture raised. capital months through more accounted According our X%. XXXX venture funds fundraising billion. that taking investors was raised surpassing period, based that total the PitchBook Last and last quarter note last X% for nine of And U.S. month record to have billion, select

Given quarterly at capital venture NVCA there's to has years, called and with sidelines, of an heights ample dry previous the combined sitting supply still more last raises, powder the climbed PitchBook so recent it record now the new $XXX that quarter. estimating billion. on fundraising than

this from TPVGs are continue to a position over portfolio companies in to time. benefit strong

$XXX capital quarter, than last of the quality TPVG $X portfolio fact, more to have continue million many our attesting year-to-date raise more companies raised to and of portfolio additional our And companies In than raised capital billion. companies.

aside, raising of to our many companies portfolio continue grow. capital this All

experiencing in have tailwinds of A are profitability. this Some others environment. achieved number

breakthrough in microsatellites very such sectors. other Some sectors are still tech niche software or as and sectors, are high in thriving niche health and technologies some others interest

or equity sustained forward growth The to and layering market previously debt turn well on part alone be venture and the continued as months stage towards who relied companies the as companies drivers in their Many to continues in ahead. favorable will lending in plans. demand have go believe we behind be of

additional their timetable lending, attractive over valuation days increasingly at sensitive that timelines and companies turning so venture stage plans. equity runway companies between the serve given Longer as last the growth their need markets. for capitalization are These debt public for addition, driver. listings, strategies towards are today's and stage another planning and valuations in year financing encompassing out or equity rounds raised In growth

risk augmenting We've seen scenarios increasingly companies expect drawdowns these credit as of a are from lending, has sustained structures provides some our examples, These lower with trend deal create combined and their to other and venture part banks, existing continue base. us and appetite commencing in their play third out for pricing. opportunistic under advantages still and quarter strong financing demand with the each to in XXXX. with the And of commercial trends, lines, helped

attractive billion demonstrated To of wrap posting significant our yield. earnings up, through portfolio and record and power quality we've to the growing NII nearly generating now an high it portfolio sizable a

manner We further NII portfolio to growth. well as invest and into process expect growth compelling us and allowing and in conditions the yield beyond achieving companies, continue continue highly selective XXXX to disciplined stage with to in as

to dividend to are with and pleased quarterly shareholders increase regular time. well our a over strong We’re positioned provide and continue return increasing to

call the Sajal. With over that, to I'll turn now

Sajal Srivastava

to business companies, Jim earnings regards demonstrated you, term where the of was power QX we With commitments companies strong investment of of growth and we during both TPVG. closed sheets at XXX and grew our venture $XXX and Thank XX shareholders. QX, activity portfolio but alignment million quarter not stage we afternoon. TriplePoint with signed Capital million portfolio, debt with the a to diversified also good and only the

third during QX quarter, of the seek demand on reflected the not Signed seasonality in exceptional term commitments only to we and sheets the as continued but capitalize discipline market. closed also our the

throughout expect remain While opportunities XXXX. selecting strong only grow the continue demand to we to highest and given quality

In to and the new portfolio. portfolio seven fact, three XX existing debt other during capital were committed quarter, we were companies companies

We portfolio companies. in investments valued at XX $X.X warrants six made $X.X also in of received million million and companies direct equity

debt investments to in third debt XX.X% yield quarter, million guided funded from carried investments our average with of line XX ‘XX. QX. weighted up $XXX.X These we annualized and the for origination QX a in During In companies. portfolio XX.X% portfolio range

impact prepayments up is XXX the quarterly was XX.X% which yield points without consecutive yield, portfolio during last basis quarter, of quarter increase. core sixth and the Our again from represented the

contribute QX. prepayment small We'd starting in more portfolio XX increase reflect which point our we yield. prepayments, point Regarding not also meaningfully announced to XX, does materially impact on in had the yield quarter basis fully will didn't QX yield that portfolio that to out portfolio September like yet the one

continue so $X million, which For in this of quarter. million income totaling over QX, the quarterly to to in range, $XXX portfolio million gross growth targeted far, $XXX million will generate additional offset $XX prepayments three expect we with fundings by

diversifying QX with We of TPVG the portfolio continued to XX as we the also as progress on XX achieved end funded compared size at made obligors ago. portfolio a record year

obligors XX% In top one of addition, ago. represent compared XX% to our year as our investments XX debt total

as with warrant a warrant XXX as investments to equity compared QX in as Our of XXX equity ‘XX of investments year as well ago. portfolio and grew

net unrealized in in of holdings our private experienced of a of with was the and million. to quarter October related $X.X Approximately unrealized the that million that which to During ending the losses, it announced the a at public in million quarter, taken holdings be $X.X agreed ForgeRock, value billion. deal equity approximately company $X.X values $X.X fair our loss warrant

TPVG the of an is the XXXX, been example and of which of portfolio has ForgeRock, XXXX the since of and public TPVG potential September since and went platform upside portfolio in million a and XXXX, transaction times a total initial will This quality our company the warrant of generating QX closing QX XX in our $X.X equity investments. is $X.X to in our cost. gain equity value, our million close result from or XXXX, anticipated a on

million at to of outstanding generate We income. closing, to expect loan our additional prepay million close $X to $XX which

on credit to Moving quality.

As billion that quarter, which only companies best ranked quarter, scores, new at also not extend operating of or start Jim $X our performing raised Consistent but credit XX% with above almost the our to are capital last have million since in last expectations. our portfolio the runway. is and spend mentioned, means they year, at portfolio two $XXX of reduced

upgraded with the was improve category portfolio company of should category to note expect two ForgeRocks upgrade principal loan balance with after During the we in QX. and end, category quarter company category to quarter here upgraded three so of that from category to two, balance due one, announcement performance. X from one one to million was principal $XX $XX was million to I

an their outstanding X, two plan, preliminary its of negative one with aware category its future to downgraded principal three, which from downgrade online liquidity and and Medly senior we loans QX. We total here team balance reductions a pharmacy million position. portfolio of in operating of category the in result in $XX.X due company recent November made may Health, digital to a we in believe were developments On Medly, overall changes

demonstrated companies, X all stable category third performance quarter. the other during Regarding

Luminary it Roli Our company basis. category our on value fair of total portfolio capital a portfolio in QX, only raised X additional X% investment represents

selling the valuation. During company X, result Pixel also and of category its our a assets Pencil as QX quarter with portfolio from we remove consistent

alignment topic the of to our now with Turning shareholders.

to work rate NII. premium we no to quarter the and During drag put stock proceeds on with common a at successfully the NAV quickly raised

Given value. unrealized million our our from in a $X.XX best-in-class incentive fee of by XXXX, IPO fee for back due look with our changes This measured NII were our to our portfolio incentive feature fees shareholders. benefit of $X.X structure, in of the resulted an additional in reduced

to quarter, net our raising smooth activity. we in potentially program, out as place in our we of put cost note Of asset supplement operate when capital, as million ATM $XX the only can a trade equity During ATM capital and bring blended and above the down order well value. program balance equity

increase on to dividend annualized X.XX since additional monitor quarters over increased This yield $X.XX, closing based increases. to next also XXXX. price. represents and of Board couple Our as the We XX.X% consider a continue outlook dividend our based and our XX.X% and we bringing performance QX on dividend potential $X.XX from will our to regular board our first NAV

use as detail, that work spillover cover of $X.XX to Board will our we to end. the we year of in approach more Chris And of have as end income proceeds determine and fact continue thoughtfully efficiently we're to of QX. how also the Finally, we'll as with mindful those

companies while capital we Nevertheless, our and focused a NAV venture down the be and leverage of some in by increasing to backed our NII on managing all most funds. with working exciting industry's best disciplined estate target continue patient the real some in and heads venture of manner, portfolio growing our maintaining

now over to I'll turn that With the Chris. call

Christopher Mathieu

Great. Thank you, And Sajal. hello everybody.

credit once attractive third During efficient core of We of resulting experience investment in notes, debt deployed and new we continue utilization stable revolving capital consisted from quarter, our using the and interest to long-term growing saw our portfolio. portfolio, commitments. grade And within rates diversification loan increased sources leverage, rate, income and again an which fixed our the a on facility.

detailed our I'd common you purchase We program. and completed equity put like successfully results at through market equity our the overnight an third in stock quarter. financial offering take to the place first for

on third $XX.X was income and debt investment average investment yield as debt a as increased million Total income portfolio higher period. for for year XX.X% to Total XX.X%, yields. prior investments $XX.X well a quarter, as balance, the compared million reflects the total of with investment

this So rate And end. increase X.XX% today floating loan quarter portfolio. see higher we expect September existing year, Reserve, the have far prime from news rate of yields from from the to Federal seen further as X.XX% our expansion we revenue on given to

assets, offset fees. in overall primarily compared the Operating were million The expenses of increase fees, the management to operating of $X.X we of Operating an total while $XXX,XXX of increase as portfolio of use expense, of G&A expenses expenses. leverage third lower million, in by fees, $XX.X by $X.X the interest and $X quarter incentive attractive expenses million XXXX. million as $XX.X driven increase for quarter for million of consisted incentive

million income the $XX.X share, to $X.X have in investment or $X.XX period in We or compared million $X.XX per per share XXXX. net same of just

third company the the losses During recognized investments of quarter, primarily of from sale Pixel. million, the $XX.X and on Pencil resulting realized net

loss written was this already fully QX, so the in current impact realized to recall quarter. NAV in no down had that Now disinvestment and

investment for Net gains which by market warrant mark million on resulting adjustments, on in fair the of million million Pencil $XX well the portfolio, and our of of as quarter related to $X unrealized as our Change unrealized and was from net currency and gains of Sajal to from portfolio, losses previous of favorably unrealized investments debt value $X unrealized $X on of equity reversal the $X.X unrealized net that was million, losses adjustments, consisting loss foreign loss net offset on million mentioned. Pixel, third

a loans nature, that this that portfolio, under the and those amount maturities. that some believe end since rate the pull unrealized adjustment, expect in have seen loans a as the they to be have repay Further, for of rate temporary will prepay non-U.S. the to and see as already in a We portion par currencies recovery fixed the we in we their market of contractual market quarter. such dollar

Board or the the as company's quarterly compared which XX. over share quarter and per of euro ordinary distribution share June million, have ended The quarter to prior the record sterling $XXX seen as per pound share. declared the was up $X.XX up be Directors XX. and asset On net $XX.XX This regular We as XX, per $XXX December or X% increase end, October is total is over the to value the XX, paid X%. on of distribution million, $XX.XX of from December will stockholders income of to of

future. and end per spillover the quarter, the increasing million, earned over this in the totals additional We income, which quarter, $X.XX or distribution now $XX.X share at of again the supplemental regular distributions supporting special

let Now to move commitments. me investment our

We during continue our quarter. commitments on to experience utilization new the strong

with reaching quarter commitments, milestones. which was dependent of certain million upon company $XXX million ended the we of pipeline, robust the portfolio our $XXX investment Given unfunded

the of Of unfunded prior which this rates XXXX. higher. least portfolio these quarter contractual to up contractual which interest XX% commitments outstanding a was rate these in had This prime loan the favorably at will all again million XX% amounts, expire interest X.XX% compares floating total which from at floating have set $XX XX%. of have or in rates, of quarter,

our just term quick our a notes, and overall on facility Now update liquidity. credit

$XXX outstanding XX, investment and fixed of debt aggregate rate, on $XXX was September facility. outstanding grade credit notes, outstanding our an of million under $XXX As million there of revolving million our

lenders facility, I'm May we sorry, date and this maturity to line ‘XX, May scheduled included which of $XXX revolving all revolving of July, with the under -- credit the and extending of to syndicate relationship. standing commitments million In long ‘XX, Total period our ‘XX. November amended successfully are the continued the

ended a which prepayments allows The when leverage expense our at target interest loan efficiently outstandings right facility X.XX quarter times ratio, by occur. is manage revolving credit us We our within leverage to range. reducing our the

our and the availability of facility. $XXX As of liquidity consisting million under of quarter company cash credit end, total had

offering and the per from to was public million offering financing shareholders. with common offering, draw receive $XX price benefit of that of sale We proceeds needed share, those to grow which $XX.XX we of added shares. per as will The stock the completed portfolio This NAV an $X.XX accretive when at net X.X million of QX. of a our the NAV expect debt under of share shares underwritten a accretive facility company to

by deployed we to were The a able equity we high investments. high our net the Despite a to NII result our common into shares XX.X%, the excess portfolio increased of Thanks and yielding rest to during proceeds credit of quarter pay revolving of yielding outstanding were efficient during and additional quarter having as facility, the proceeds initially those of distributions. the declared used debt deployment raised. generate the in raise, the we down

also market issued ATM to But XX, program. The of our shares the look stock been XX% the we of September NAV. year. at announced shares current first issuance over our have next issue or total today. just is size we do On No as

and current liquidity addition well cash portfolio, and throughout existing flows, beyond. for XXXX provide liquidity, diversified sustained this which In season to bodes portfolio stable the

to take So remarks this questions time. operator be and completes our prepared at we'd happy this

if open could So you please the line.

Operator

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

Finian O'Shea

everyone. Good afternoon. Hi,

you holding up face think alternative very a sustainable? so the the environment earlier private do I be on in markets in well? you a of it your is question. in comments how is asset to environment. First, sort some challenged interested seemingly markets of Jim. robust do fundraising venture was continues high And level broadly, think of or that the market capital How

James Labe

the attractiveness are of it term. exact over XX an and returns of attractive certainly been hard attribute in future But to with been are in it's sustainability. the the the funds typically, it's of years. well, to of raising asset And hasn't that and I the class predict function venture a number year long been terms Look it investors pretty These cycles. select group macro-economic have of something

able outlook next and and targets least track that as mentioned not X% that better three years Kind and long to I of at seven VCs the its valuations the term and we're raise record for and five quarter. the in So the the thing.

Finian O'Shea

further. thank Helpful, my just I up a $X.XX, up words because calibrate wanted if have the to I But dividend. on Are go dot with rates to Fed what a the just earning NAV seems it's here XX.X% may you. down? to you ask, plot back bit And looks the know have I like the follow it ROE? of pushed if XX% like the base comfortable

Sajal Srivastava

is it. I'll Yes, Sajal. Fin. This take

the So very I I mindful you great think not we're dividend, think longer bring up of, point it short always when to term market conditions, listen, outlook. of comes just but current a term

so core factors current would to we floors, And is cover transactions on us rate. more asset look to and say floors prepayment regards being of And activity with the particularly our that that then, ability fact strong. our yields at primary or prime I the the confidence the the potentially new at is, setting benefit give without

an rates, base in environment ourselves where come rates would down. protecting So

us was the say to I confidence running leverage. rate in give also another second at then is, terms maintaining cost, to think third it I'd piece locking fixed in us and And of benefit debt element of low target coverage. is, the

perspective, over. And the most that's we but our that of from so important have least I control think something

mentioned, those QX, they business. we they but QX, three they as prepay to a pleased in occur, But small I we're also think nice had although in the the have generate gains, deliver quarter, we obviously, in already only

for sight fundings coverage. line we us, is look And continuing of so to long-term on important as to have distribution dividend

Finian O'Shea

so much. thanks Great,

Operator

ahead. [Operator Instructions] will Paul from KBW. come question Our next Please go Johnson, of

Paul Johnson

Yes, good my questions. evening, guys. Thanks for taking

any of summer equity, guess, I mean, companies guess, just I'm the those where the the sort as gone. noticed have source year? any this As from, coming sponsors. your more conversations recently have far in middle of are change, commentary, raises have or on I companies of where curious those for raised how you support from, through I

kind where, again, raised the equity, of been curious, nature what events? -- just I'm companies where those have has of the fundraising where

James Labe

large lot the take call resetting There given out paid some, most or part uncertainties more of return Yes, they of and would who with and is, given probably valuations I stab, at some continue it, demonstrate being say and of to there attention market. first is I'll to -- investors our a supportive support. remain to in it has bit a the happening is, our their in as part reasonableness deals, and some of least little select what been a

to support around be sizes convertibles, more tend bit dead. to Some a little capital the

a but little smaller, those Some a of on basis. the round forward go definitely investors sizes support

Sajal Srivastava

Yes, of from I that would such seeing is with I would one think Sajal here. existing only up strong them partnering add and benefits I continued of other -- VCs we're, the tier support top investors.

I so portfolio shows And companies. the commitment to that existing think

of fair amount I new of sitting there mentioned, like Jim for lot next a really next in which year, a kind money existing waiting comes right consistent to now is is investors sort sidelines on are new early year, would market feels companies year of existing demand is next the we're portfolio continued of back leaning dry kind while the early with growing As money ‘XX. powder, supporting their of what expecting as here into

Paul Johnson

your -- bit. the just talking your leverage about Great, answer just thanks. helpful curious. capacity for leverage BEC I little Appreciate that. there. I'm on guess, your are and Those the target a

end of So or guess your range less towards X.X the X.X I of, your so. that? more it you or times are kind How comfortable up running upper I guess,

active a all lot this level kind at deals the Obviously, of would you market, a prefer in would at far be of there your stop where I mind guess growth out hard guess, I of would market? limit, be into taking account within you to a seeing hard stop there as as your BDC? a where fundraising have fairly more guess what the probably kind you Do in any where well. as, comments I were, I'm attractive to leverage

Sajal Srivastava

start Chris, Yes, in. and I'll jump then

Paul, our clarify, just is target to are, X.X. I again, range one So

And portfolio companies quarters, prepay so, is we I it on of I and with you then based and think in we're a then us would the say already already back comfortable again, we portfolio here up ForgeRock, QX little on $XX this, news another our visibility mean, is have amortizing have sustainability good in bit our that I going $XX visibility higher, prior repay closes, we us. have and million when million -- could it's private. take the

the of one part -- aspects us. that's prepay, do do that of is of of our think So I repay they balance the great they portfolio

end have where on but peak So that ready at higher the yet to a our public us we're end end, pull not to higher ski allows be or we trigger exceed Because the may I tips periods offering. it. the over maintaining on complementing, on our also that leverage the higher visibility not liquidity. of and think ATM also helps getting that of again

just the we healthy deals debt quarter. and getting are have point our to the have, ensuring So is But at takeaway better, at prepays base with every leverage, the repays. the thesis rate level right to fixed maintain of our I lots I the higher then level think, think and yes, is other both with of we now levers

much year, too because strategy of off necessarily our disciplined, listen, the lean we're benefit just patient capital as being our no and sidelines in. that's of competitors So, to revealing deploy of QX, to when here equity without our thesis we the really next there's that coming capital in to we want our is, some see rush in core

in say, so firepower we preserving important that and see of us. that growth, next for as year so And is that, I'd for anticipation

Paul Johnson

performance XQ. it. and just haven't Appreciate Health, quarter if of it post for if marked could provide obviously, on down Got the where nature negative it you size wondering exogenous be if that, you with was during events any because company that. was I of dimension in was marked Any, seen helpful. Last I of something other decline company, internally question change, -- if was information for or this the that details reflected potentially Sajal. it quarter, been management if of the any of or the more it the it's just Thank But potentially on Medly would to the company, you mentioned? it

James Labe

Yes, I'll start.

downgrade mentioned pivot we I'd criteria of I in terms business that of in was for So and this say QX that the the focus, changing a did kind and company, team liquidity, XX of loan the something have is so mentioned that today, and that kind we recently learned. million just position roughly here we developments XX, QX, in this down we marked

monitoring actively is team situation. our So, this

development. given only aware it so in would And further it's that that, just I any developments, monitoring we're information, we're for recently actively made of still say this but

Paul Johnson

it. Got for my are Those Appreciate. all Thanks questions. having me.

Operator

ahead. Our from next question go please comes Christopher Nolan Thalmann, of Ladenburg

Christopher Nolan

thinking leverage a side, when it target to the keep to on It's economy. the just keep because one low leverage X.X. -- Sajal unpredictability of the you of guys. the Hey, mentioned directions

Sajal Srivastava

think kind keeping continued it of the anticipated really lower the on for end the demand. I is in growth

I powder. of -- that a would say I'd it's So focus dry of having say more

is too, maturity the given repays amortization, bit prepayment portfolio activity other naturally and again, already I quarter. each locked in are and element think from were both the again, delevering practical a prepays the dates,

So and make a equity conditions, market meaningful back I'd timed it's but conviction. want say we of Chris kind with of more go of we timing when advantage into it's take disciplined, sure strong appropriately way the being in to

Christopher Nolan

go area reservation. estate out a it's real not if be would follow work. you that investment major I [indiscernible] And outside a real real an me. mean question. entrepreneurs of like turns to a sort of be and with commercial you. estate I up Would general such guess only did estate Great, consider it That's my for or sort think for you in, it's we place a I the Thank that would your guy

James Labe

just with I again, is model some funds. capital work Yes, brightest would to say, the our of best venture and

sanity check And be and sectors, capital and deploying as so in mindful own well. obviously they're thoughtful want we our that promising the and extent to to excited do

se, And on think capital comment from so sustainable our fundamentally that I would real we sponsors per equity to, are go venture necessarily is I that in premier say, estate directly those model investment capital long sectors can't the term. are to but attracting for

Operator

There I'll to question are back at Mr. and closing further go Please, answer over the turn time. remarks. This any conference concludes now session. James Labe, questions ahead. for this no our

James Labe

Thanks.

for day. again. thanks everyone next thank to all nice And forward to like Have Goodbye. and always with participating you We call. today's a again in As look talking listening quarter.

Operator

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

You may disconnect. now

TriplePoint Venture Growth BDC (TPVG) 2 Nov 222022 Q3 Earnings call transcript