TPVG - Earnings call transcript Q1 2024 | TriplePoint Venture Growth BDC Corp.

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

Operator

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

First Quarter 2024 Earnings Conference Call. [Operator Instructions] This conference is being recorded, and a replay of the call will be available in an audio webcast on the TriplePoint Venture Growth website. Company management is pleased to share with you the company's results for the first quarter of 2024. Today, representing the company is Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; and Chris Mathieu, Chief Financial Officer.

call Mr. the turn I over to Before during Labe, the condition, are the customary like that federal to relate you company's certain under events considered will attention future to direct your law. performance that remind forward-looking safe and the release to forward-looking statements I call, statements which regarding management make would press statements this or harbor company's future disclosure securities in financial or

filings refer cause any undue which You The any the Securities the obtain at projections filings, differ to made with are statements recent important visit during management's could reliance the not obligation reflect Exchange most copies that statements materially to SEC forward-looking any please actual unless of or company's for by to Commission undertake the on of asked Investors required update forward-looking company today. does statements. call, and company's law. only to are opinions to website from as factors cautioned these latest To our place www.tpvg.com. not results

the would over I turn conference to like to Mr. Now Labe.

James Labe

Good TPVG's and welcome earnings quarter everyone, first afternoon, call. to

continue first venture markets. the through During quarter, capital to current the we navigate

first heading at setting building companies increased activity second pipeline, venture growing deal year. remains markets may in a these in continue venture in of to gradually this begin make initial the While with deal the at signs are stages. Complementing companies improve. there VC Capital overall our demand strong positive us includes initial fundraising across the TriplePoint we we that companies market performance to believe value and our slow have half as foundation the improve, strengthening activity quality for be signs, into market to and progress this from and portfolio yet opportunities and continues unique well what growth This as and to quarter

future be for portfolio. while strong our focus as positioning portfolio through continuing we liquidity on yield the our the maintain progress the managing year, and TPVG will As to as well

results. period, share. on our or Over dividends $X.XX per net our sizable cumulative our going spillover per income in note, this quarter first $XX.XX NII and dividend. dividend, shareholders to our total excess generated continue exceeded the of Since cumulative to is of continue basis, dividend. we our to now quarterly public quarterly dividends XX-year investment including to Turning regular we've to We XXXX share in a overearned objective also quarterly and regular and generate Of $XX.X million income. maintain

X.XXx totaling gross During quarter, we million. liquidity and improved the prepayment ratio leverage our based $XX.X X which activity, included prepayments our to on further primarily enhanced

During in to portfolio. of a manage warrant the by value developments quarter, of and continued company the encouraged portfolio portfolio and and positive an number the increase equity the we are

of developments companies, was which a One signals number portfolio these fundraising believe of of sign growing we strength. our rounds by a

$XXX During as the sizable of a rounds, companies aggregate, representing completed year-over-year portfolio quarter, increase. million raising quarterly well our in as eight

of quarters. gone continue We'll crop raised investment end, the this talking including quarter, more others several diversifying and as venture sector new and respects, through and become crop of In a in and as more path last continuing the selective, many of venture with rotation growth moderate market, venture companies profile. of path are strong. A In more be have companies The cash growth challenges. of long-term the companies. companies it the burn of portfolio, resets the NVCA year we're traction levels. from as investors. are believe remainder well been sectors rounds, cautious dealt companies objectives a as think the to adjusted the the on lending They post environment, profitability. on active. To geographic reasonable we've quarter. we that it is have emerging valuation about venture expect They're this have the prioritize and models. projecting to deal interest Additionally, and number and have this are have of several TPVG's far and market business a labels already great being to different company gaining raising investors and position camp new of we growth These we They're

attractive our in have companies select models continue Our metrics. We're capital, and also focus raised continue structures key have excited to have prudent backing high and in cash investors, increase have be economics have will from venture these that business management ones whose sectors operating investing sheets. the unit fresh on in ample and to recently sizes, evaluate debt-to-equity hold and other term by We'll attractive teams deal signed retention rates. runway, ratios,

term in cybersecurity, and are digital Many to the health. increased with same consistent quarter into. signed an $XX sectors the Following signed million. we term in by of sectors additional second that of sheets investment XX% are continuing term to we've growth climate sheets shift the at total the XX% first quarter, in term This that venture investors increase signed sheets includes in signed TriplePoint a $XXX.X and select that million almost Capital. And experienced new here have fourth already, Capital the TriplePoint quarter in our these of AI, sheets venture are

interest vertical examples. and applied In and environmental addition, as technologies software, and aerospace semiconductors, tech, in there's sustainability increased robotics, hardware and renewed

Corelight, recently ongoing to infrastructure activity well we're and towards, evaluate transactions HOVER, progress others. Through pivoted others as As in companies Kalderos, discussions an Overtime market already of our with Flash, Loft we've and such with investment includes in categories Power, this reflecting operating are number both a has the signed applications as that VCs making select this these category. stronger-performing particular intelligence Arcadia on in that no new been our citing, continuing Orbital, artificial as portfolio some up surprise, and we've on considerable basis,

which clinicians mind, the which an data-driven provide around Some K wellness with and equipment care emotional that no first introduced built and for another Uniphore, that needed. AI AI individual come full with the platform AI, specifically and of multimedia to our digital leading knowledge coach is a gym companies and for generative, FitOn, data advanced serves pairs platform clock; one. always-on personalized Health, example, using enterprise as the wellness

debt remains that to venture funds an Although emerging conversations undeployed investors particularly capital for promise. the positions capabilities for markets word hearing its in we business outstanding Dry stage it market. be portfolio position return opportunities and venture as outlook the also management our a overall $XXX come continue significant VC market of Capital, change growth a new in in investment this for than increased with the VC overall a stage usually IPO we'll portfolio stand hearing powder, portfolio the capital additional the more M&A growth will and investments market. to We're TriplePoint investors It remain we connection believe invest to optimistic and and to way teams, outperforming at pickup way platform, within are XX few to also continue and support companies. across is when returns back and attract venture improve. but continue meantime, future positioned companies there activity the make returns companies, positions our we increasing billion the XX within markets conditions it to our sluggish, this warrant activity. We capture for market building with better stages, to the sea those believe basis, landscape. In the people and in are are future the improve. for benefit more equity IPO M&A IPO landscape. On in our companies will staff. TriplePoint TPVG firms, will With into M&A signs more originations companies, and well our returns levels, on when to to conditions once growth sponsor, venture that than especially our market overall historical to its the portfolio in including more our in

venture critical term a we pipeline position create that, stage strength call I'll shareholder positioned consisting for NAV value. With the the to market turn of are long to For us we'll elements market plan and that and remain over under active companies believe continue sustainable These now, build in growth Sajal. to all conditions. the building current for

Sajal Srivastava

consecutive our commitments X companies made QX Thank $X compared more investment and companies health existing and to companies you, commitments Capital importantly, direct and quarter allocation new $XX quarter, the to team, commitments as investment an Jim, The in care TriplePoint of funds term capital and third portfolio the signed good in million million one in with $X platform. and quarter new allocated the what company our new referrals commitment new stage select high-quality Capital sheets million $XXX in in in for million TPVG an for $XX million of debt with and during companies afternoon. regards all-in-one million increase reflecting QX. an looking to Investment compared activity to first financing. With new an in pipeline wellness with QX, growth to was increased X FitOn, venture to TriplePoint are portfolio first during with we believe activity QX increase preventative TPVG $XXX origination in venture in by increase from

one company million $XX.X AI one in QX, portfolio software and financial of industry. in and closed with portfolio existing technology company we've During commitments new the industry the new

during QX During new $XX.X which in X in came portfolio companies to in of to in in from funded the companies XX.X% yield $XX.X weighted X investments higher quarter, investments origination million funded from than average and X fundings $XX.X QX. portfolio XX% quarter. the to quarter is companies, debt the TPVG investment slightly this investments down of million debt we a These million annualized origination. Approximately the carried portfolio funded

we course at over Our higher million in continues $XX TPVG we the of new as gross to of the year. of end allocation to the million target and expect investments be be range, to increase quarterly the the to range the funding $XX

weighted had prepayments, of past line and an with XX.X%, prepayment-related of portfolio. the $XX million we in loan portfolio prepayment QX, yield quarters' contributing activity with X levels to During income overall of average

last million X million quarter a during approximately valuation represented core portfolio $XXX financings. Jim mentioned, to raising prepayment, X as from companies at activity, share Excluding in This debt $XXX portfolio the $XXX $X quarter. companies regards announced Metropolis X fundraising outstanding raised QX. raised quarter, in data and XX.X% and not from Cohesity's the up of $XX was in include activity, up raising the lion's the having QX. With fundraising or million companies XX.X% Monzo QX billion with during million portfolio XX.X%, does

fundraising by capital well discussions new within April we of our call, seeing as $XXX and should companies either was in equity raising We for fundraising our we our potential of capital long-term process million up expecting raised our quality alone. earnings companies are active launch or the bode As believe have picking during last portfolio portfolio portfolio value portfolio. of Approximately and discussed portfolio as activity shortly. credit the to for in several warrant fundraising well activity this a companies our

XX, value held fair total As in million. of equity in investments a March and XX we companies XX warrants of $XX held companies with

portfolio. for new Our public companies warrant well continued driven our value valuations, as of quarter, prices gain million portfolio financial performance held improving net fair improving stock equity and and per multiples trading a experienced share equity $X.XX publicly as for by or portfolio $X the in our unrealized primarily round

During we the of Dia Enterprises an recognized Co. removed Brands, $X.X $X.X completed credit quarter, from realized Orchard and Aligned events, and these asset million its was from previously acquired was basis of Underground Underground sale in on unrealized & and Technologies, prior Company by the process. The acquired and were losses FULLBEAUTY watch list, was by quarters. liquidation million Dia which

to is X X primarily quarter, X in and companies A will QX. Holding, was QX watch mark Category approximately completion. be TFG with was short Category fair loan Category strategic with X, note X portfolio from for million, completed we list events our Outdoor to During from QX X upgraded are and already upon underway to conjunction company, One due off removed the runway to to with and or in watch Voices, either were value in process line seller acquired strategic QX. downgraded in company, from upcoming portfolio which from removed financing or our expect was here of the Category to from been process has Category downgraded X, be downgraded a during expected the be and QX. One $XX Category in in paid the cash in list a and

as X-rated While of to completing over expect I are slightly well out already result our that a rose XXXX activity to as the our as events QX our performance Category X in the total a percentage of fundraising, equity few a profitability a increased and point companies. X sustained to like of Category of achieving its we've upgrades for of TFG, portfolio a Category removed operational acquisition. Managing quarter, we here investments underway as acquisition result priority existing portfolio our fact X, that that by would course increased continues this and as result loan, X-rated financing be a us and/or improving of investments high

unfolds. We mentioned, the starting regards that vintage capital believe higher increased renewal position the and from new past to companies a Jim our new with and are certain liquidity be put of under into the by diversification. of markets, we the of of improving We and over industry these sizes over XXXX boost deals cases, to well of the new more unfunded as believe venture that XXXX lending expect as raised leverage from of and repayments, stabilize with we have on reduce to in and commitments, our upgrading credit growth to take of equity will program of credit and quality venture investments by TPVG to goals prepayments come upcoming potential we the the over and for year ratings. With focus the credit very course proceeds and a equity extending along continue continued in facility and companies pipeline new the course of opportunities. We rotation to hold portfolio generally credit are and have continue portfolio smaller we our opportunities, debt sales believe that potential to what XXXX investment development advantage capital, efforts and to the to to recently strong as sector durability year returning as believe frequency our slowing ATM seeing new of

which, growth, to maintain spreads, rate by not look for only onboard strong to bode ability but also fixed to continue we our well by investments As along incorporate to we new to our yield maintaining with continuing portfolio intend will our profile cover loans, dividend. anticipated

we what's for call market we see our to multiples venture by course of store fellow now continues the expect our improving equity strong shareholders, the equity believe and closing, of fair Chris. business we will be Finally, XXXX. With the look and continue to the in in our and and long-term and markets overall we remain portfolio as our companies fundraising activity capital of forward public warrant focused lender to I'll improve, both returns for and improvement playbook turn over what for venture and that, will on value portfolio. In follow over our conditions to TPVG generating XXXX in shareholders

Christopher Mathieu

everyone. hello, and Sajal, you, Thank

quarter, strong improved number position. financially a have our made portfolio. from overall loan interest first notable diversified the our of We which efforts, we focused we generated believe During on income progress

has quarter's ample portfolio fundings. overearned reducing million. and quarter As unfunded quarter from both liquidity another investments. TPVG had we as gross result, X.XXx ready made expected, same improved our a to we unfunded and commitment companies, first the make the a $XXX we of intentionally and $XX our million existing And levels selective dividend, light and support to leverage progress We in new further commitments at satisfy net originations time, the to basis. At also on this

ago. XX.X% the as million was to investment of the compared The driven investment portfolio decrease a quarter, XX.X% $XX.X year to with as yield total average $XX.X first for portfolio portfolio primarily compared to period. year prior income total For in million of yield a was with debt due lower income a

For last administrative which the expense the base generally quarter. total overall of incentive $X we fee under were $XX.X interest These for of of to $XX.X million fee, expenses, the fee as the year limited incentive to expense, this million first due there million incentive was reduced $XXX,XXX G&A quarter, during prior XXXX. leverage; the remainder Further, this million fees; return to expenses; operating of shareholder-friendly $X.X total quarter management period. lower $X.X flat compared to million consisted no expenses of was of quarter. Due were which and requirement expect expenses

the first the million For million or prior compared totaled per quarter, net $XX.X investment share per income period. share for $XX.X $X.XX $X.XX or to year

investments of on quarter, companies. Of quarter. $X.X the losses reclassified unrealized on note, first was loss of in XX% unrealized the and losses in in investments was $X.X with from realized the million. of realized This net portfolio realized write-off these connection million was the included companies X For totaled or previously primarily to

As asset quarter. on net such, of $X.X million XXXX loss in no impact value had in realized the the

investments from gains that period, unrealized portfolio in of $X.X unrealized and million unrealized of debt the resulting first million value change on net in on the $X.X value For million the from were adjustments losses recorded equity quarter, the was by reversal investment consisting during on of net and $X.X previously from of fair portfolio unrealized gains gains the unrealized adjustments. resulting portfolio warrant realized net reduced from fair the net $X.X million, losses

million June end, $X.XX As $XXX value date per of with $X.XX of dividend share be quarterly of on paid to per a XX. as per was to regular We million declared net share XX or share June quarter record $XXX of asset or a $X.XX compared year-end.

In to income, at totaled we sizable the end addition per share to which $XX.X retain $X.XX or the million undistributed dividend, the continue period. overearning of

successfully overall year-end leverage. to at commitments commitments, investment our liquidity an million unfunded We from end. balance $XX $XXX just at on quarter and unfunded Now reduced million update sheet

and million $X cash the total -- in facility. million million, during million consisting amortization, generating end, had $XX.X sorry, $XXX $XXX quarter. $XX.X prepayments of liquidity scheduled the of principal under As of of and revolving credit $X.X million million available XXX was We liquidity of quarter

We continue to structure. diversified maintain a capital

to entered end million total million of $XXX and million our our commitment. We has that outstanding credit the on annual so revolving a can QX, aggregate of notes extends the $XXX which quarter, quarter. credit week, of We facility, of million we a $XX revolving debt paid consisting improved of of down of ratio of rate $XXX a As outstanding, was the investment-grade into X.XXx. facility revolving the fixed ended total amendment we during the our leverage documenting facility. quarter credit This with period an finish facility, overall into leverage which the renewal our the and

on driving expect mature the closing XXXX. to new an in XX, lenders We in manner. that on XXXX, will are maturity period orderly with engaged May final XX, November revolving Existing documentation

steps near of term have XXXX latter with the to of maturities maturity to scheduled most occur term XXXX. 'XX. $XX XXXX, We X debt and the is The March in million in maturity

X cost-effective evaluate to we in alternatives. X.X% very on Given or our rate XXXX, maturity. Later Depending consider $XXX to to new outstanding remaining maturity. year, off issue use to of the the of attractive until QX due and on in February keep at interest X% either and scheduled fixed facility those expect rate $XXX market revolving million we its ample of March tranche this to we at time, notes that opportunity fixed pay this which XXXX at maturities, balance of a conditions this sized XXXX X.X% time in million expect allow fixed credit of include notes due balance, will of rate similarly the refinancing

connection notes, rating signed and expect a do very investment-grade the until maturity an near prepay their the with low rating. amounts term these favorable notes, BBB those has or on original existing DBRS Given we and reported in refinance the with dates. In credit connection recently transactions investment-grade issuer rates not to rating

addition, increased stable. its In DBRS TPVG outlook on to

our completes prepared So this remarks today.

could And operator, open time? line questions at for the please you so this

Operator

Wells from question first O'Shea comes Today's Finian Fargo. Instructions] with [Operator

Finian O'Shea

the issue actually facility. that think to still where me more for a flagged needing eventually of if Chris, current you has planned the up then, on how quarter to issue, -- documentation? until sort are satisfy case, on we've you're come Or routine was the the credit something that but there. paydown parts, think far be if or X update point the one that recent the to I'm satisfy, to you draw? set touch I from down you correct Can across would at then, appreciate diversification don't you that's First last able portfolio? finish I related I you pay the of. performance? wrong. test, or to Can that's given what And If

Christopher Mathieu

Yes. Great.

take me both let of those. So

really So the levels year-end all the getting the timing and will on are do engaged, done. with the and commitment the same. credit It the partners our facility, documentation remain to financial syndicate was reporting

K. to So it was documents and didn't get the close issuance the our approvals our of proximity done. We the

ordinary normal to just get So days that associated period done another added with the the documentation they're the to the time through, in XX We going I would cadence. say, avoid to the XX or course. doing drama

On to quarters. cleared have you balance up That need have nonqualifying the bucket X the out don't last had, longer. other sheet. or any any anymore no in over commitment the was assets question unfunded the X We gross we

end the not and did sheet of down the the facility of after up the So balance again. right need QX successfully quarter credit we paid gross to

as that an is the in So about us. issue. behind mentioned currently And to opportunities don't that be the would geo future, sector-specific of return issue we and that, diversification Jim expect

and should saw as you more outlier prior So in you tightly expect to leverage the to of the couple be opposed gross net coordinated that quarters.

Finian O'Shea

follow-up And like guess Sajal. I more a VC sounds funding It on it's constructive for Great. the backdrop. Okay.

to and/or it attaining it's and this every From figures hard BDCs the venture means. tell outside, seeking hear flagged all examples portfolio I financing. from really what think like you we on few storylines, a the companies quarter,

a Anything it, be our or fundraising companies to there more you're that plain English comfortable in, constructive able to more on for you is if much were So appreciated. would allow do improving the say, anecdotal of end. some need communicate how outlook that or just would give for examples

Sajal Srivastava

Let continues me to challenging. data listen, think with VC start overall be -- the market the shows I

flat So investment it let's or just QX QX. either activity, to down be clear, was VC fundraising

the continues see be and VC pick hoping So that slow, we're investment to to up.

certain of clear, and a as there I certain Jim are the very equity we're their tough increasing, as to is said, in increase is still quality. be pleased said, think the efforts, portfolio VC but we credit or think the fundraising frequency But good which And is where rating. portfolio, I the magnitude it's only or very not world. What seeing I companies with overall sizes sectors think important we're about very we're more across of, than are also seeing other it's in terms market raise and within activity outlook the of pockets is our news the companies our others. credit the excited credit

not Category well. it's X portfolio X the X. So just raise and equity as We've companies Category got Category

stabilize and fundraising, course we important. Again, QX, are points. the strong And fundraising the activity companies 'XX, are It think sign. of expect seeing continued is positive positive size the frequency equity think a doesn't woods. in of out by the as again, credit then the the all our indicators. of portfolio activity, distribution of to these data said, here over fundraising fundraising we we And of we're initial so the I the But all mean

Operator

next Love our comes Piper And question from with Sandler. Crispin

Crispin Love

you that saying to number? be the and quarterly $XX of million $XX and trajectory investment on views income million. of net kind $XX million think just think north fundings you I First, you're can discuss could still you when your

decreased portfolio? for to where quarters, also, sitting per are you expectations NII Just given you consecutive getting it recent X here the with the growing what most a above And point can the in just share your back begin quarter? for think portfolio has the dividend do you're then

Sajal Srivastava

Yes.

me here. with start Sajal Crispin. fundings, This is Let

So target to our to $XX million of $XX we continue again, have million.

on our leverage of target we're obviously, $XX of mindful, $XX million. I ratio. think million focused to We're our

million it's repayments, as combination use funds to a $XX activity so look And ATM. million, of what to portfolio that of we contractual $XX our well as prepayment as

I remarks, expectations also to towards want there. for prepared then increase the as as think range. we end that new that so -- allocation be my to And enable X is And we of our higher obviously combination will I in a manage investments, of us that mentioned the

exceeding I don't of to overset expectations want think that range. we in terms

and market the now, conversation and improve, I'd targeted. we think, I can right exceeding it. and about a we think that our again, I have expect to the to stabilize have is to say maintain liquidity goal to we've let conditions range But that continue have use

Crispin Love

Great. sitting close Okay. going share NII per guess, then dividend? on just any expectation the I And just pretty forward, to

Christopher Mathieu

Yes. Crispin, this is Chris.

different we in prime no when top I So guess, there, of a would think view news of I components Certainly, change of as of think rate. NII, kind today, about lot long-term the it kind describe yields. we of heard line you

accelerated half on you frequency, only and top loan or vintage more past. that additional strong. When can fees that are we stable enjoy. a think its fee has income in about that line storyline matters. We've vintage spoken prepayment lot prepays -- the So think and size there's our yields around life, When a I about been

So look natural we forward are -- lending them. know to a typically of part we that's prepayments model, quarter. in the have and And X venture X a been or they coming

for I X-plus of of as have cost next we've mentioned, that X our on and past. And then debt I right the the or of locked is about now pretty capital guess at spoken in other a We years debt. And attractive is part pricing. in term sight the couple line cost

on a side. think place And say, would the good I we the when about we're So variable, cost there. is of sheet, debt existing the balance other guess, I operating on expense in

some So from dividend. in where the given XXXX, We've of had tax fees we some couple some had excise legal had we've a workouts. volatility of quarters overearning from the

think it's things when those been So threshold about that types we the covering we NII look we've at of that at.

So -- likelihood fees coming the of and in course, back. of incentive

it reported where NAV based at like looks XXXX, quarter. from are that like a back. take few It looks that we we fee decline have quarters to come incentive no a on will least So this it over

stable creates all So view pretty said, of it a that dividend. a NII and

Crispin Love

that. update today? assume pretty the Is can not credit was where end an close safe today then if I facility it's you to investments? fund just you And sure able to quarter? it to are the leverage at of And I'm give on missed is the where utilize to it

Christopher Mathieu

Yes.

So it. have we we ordinary slightly It's order. in in as borrow good revolving level of facility, And today. are full course. fully the full We and and at in as maybe is far of period the use, of the leverage use now, less use can then same the compliant, advance

limitations So on or there's no use. that restrictions

Operator

And question comes UBS. Vilas Abraham our next with from

Vilas Abraham

touched with You previous be yield, felt sounds existing answers. little can you bit versus yields on some portfolio there. compression about talk a like stable. there might that? to new you your be just going this it's think I money the It levels on on just I But thought

about spreads we moving thinking any and talk the forward. that Just dynamics about there should be

Sajal Srivastava

to rate is, Vilas, couple consistent, obviously, to generally for we on has been would new so that to XX.X%, a of reasons. transactions. continue pretty it's yield Yes. prime One our stable, asset and expect -- the I stable prime say rate so the Sajal. current our set we be

about We targeted for that. then XX% as for floating our investments have look we and what have and those our team book is rate rates transactions, -- rate the -- we to originates so fixed of

to continue we for our assets rate say yield regardless environment. expect maintain to portfolio new I'd of So

Vilas Abraham

years? going investments you Okay. at ability What's X to yes, those the make lower some general is to in just fixed rates your X to next given now rate that mentioned investments. of expectation that kind kinds point of be are And

Sajal Srivastava

opportunistic it when a transaction. as we credit comes. structure function and of Yes. look It's of and to risk I'd overall we're say a

deal it's considering So teams absolutely something our evaluating. are and credit our are teams

And so I the depending would it's the say on much there's opportunity. no and XXX%, it's but not -- opportunistic company and very the and structure

Vilas Abraham

and and to interpret expecting, that of as year the given flat I And at go in Is like here just mentioned think to fair trough a of to you just we message some are the through the Okay. portfolio and, comments throughout on kind you're we a around NAV, Got some of of I credit you listen year? dynamics you're stabilization upgrades you. feel it the guess. general we're kind seeing that your the up year,

Sajal Srivastava

Portfolio teams Yes. priorities. a high priority. at hard managing the work Listen, the are is

feel equity Listen, we very I is challenging think good capital think -- overall it's credit stabilizing, activity. I market. fundraising venture but the about still a venture

want and are. public indicators. least markets feeling think mindful We're be positive practical better some those to at the multiples And expectations. But also we're good equity I we and where reasonable, seeing about again, and so

value see public As fair and would sorry, our we portfolio, our we continue here this some and stabilize we coming expect, to and obviously private saw accretion markets more there. warrant to look improve, some we if equity -- value quarter,

We want we environment, be real, a a it. So it's challenging to managing this and to but balance, but still say doing want don't a too I'd be good we're optimistic. to through be continues job

Vilas Abraham

in one more squeeze Okay. could If here. I just

shift Just companies about terms in, given stage? trying venture-backed setup? that geography to invest bit in you bit in thoughts go little namely your of of maybe terms considered stage little the a all in Have TriplePoint's talked even strategy. of around there. sector You later possible curious is a at shift the you And and a

Sajal Srivastava

evaluate and as investment is manager, of think a I strategies. Listen, our credit our Yes. job to all performance

we're you at say performance. interesting would up always an obviously I our bring point. looking So

as markets I that stay positive now for seeing with their it or stages companies demand And lower middle EBITDA that economic we're early equity are the market venture in companies be during think environment, stages call are bigger us longer. We venture longer. companies from growth stages. or the a in -- were these private overfunded picture, the to later that absolutely or the venture but companies for environment seeing are recognize back going follow-on we given and result, capital coming they're financing private capital-backed that to

yes, are absolutely we market at opportunities looking they or opportunities. call venture positive looking fit assuming later EBITDA from are seeing companies, the opportunities so And middle we and lower growth, absolutely into we're those venture actively strategy yield TPVG capital and those investment what there. fits. deploying absolutely at and of But opportunities, excited the than We're profile about

Operator

Johnson comes with KBW. next from And our question Paul

Paul Johnson

portfolio the million mine of you been so wanted Most asked, for your $XXX during raise about but to companies. ask have I or quarter the

have deal was name, skewed but by particular company it, you number? was just missed that I company the think I one or that might in wondering I said but if any that was

Sajal Srivastava

Yes. Paul, it of the was $XXX -- Monzo one million named $XXX million. raised

Paul Johnson

those their cash push possibly go of market ability to running much then them I do on you course, much of dates, possible, to a it's maturity up do kind ability the round? to where where in down that's And back that getting even be runway? to mean are borrowers likely of kind how have tied to have on sort it. how case raise, Got of and push you to

Sajal Srivastava

Listen, be proactive. Yes. is approach to our

short it's wall. or before So maturity runway pushing the up they're up against against pushing

VCs. ourselves always with on our companies, So sponsors, has and the I think we collaboration the only our approach not but select been, pride their

is them capital raise So externally. and to either possible our goal to be proactive internally encourage and as as to

we encouraging. And I sponsors, realistic So and well the entrepreneurs, makes the think sense. would the wants is where everyone say are as VCs absolutely and I it

so challenges, a events in we gets to conversation, do collaborative short. much these this say what is but are it's before runway I'd longer. see taking key The environment very it And the is

may term key used taking matter sheets the that's and it's seeing necessarily so close. months, And are of process. companies in We're longer. Rounds is within happen a to now not

it's is process proactive of perspective. a that that management fundraising important from during So being credit

Operator

comes question Christopher with from Nolan next Thalmann. our And Ladenburg

Christopher Nolan

All my asked. Thanks. questions have been

Operator

over And any the turn I'd remarks. our this closing for question-and-answer Mr. back to conference to Labe session. like concludes

James Labe

operator. Thanks,

found like look participating to you next with As hope everyone updating helpful. it listening today's always, again, thank call. Thanks and and you quarter. in to and for forward I'd a Goodbye. We again talking day. I nice have

Operator

We This for conference today's presentation. you you. attending Thank thank all concludes today's call.

disconnect You wonderful lines, a have may your day. and now

TriplePoint Venture Growth BDC (TPVG) 1 May 242024 Q1 Earnings call transcript