The Agenda
April 10, 2025
The Agenda
The State of the Venture Debt Market
• Overall trends in 2024 and expected in 2025
• Supporting data, including pricing trends and deal volumes and nature of those deals (sector, sizes, etc.)
• Details around breakdown via types of lenders doing deals
• Key terms / themes that emerged
• What to expect in 2025
Two Years On: What’s Really Going on with the Venture Banks?
- Hear from seasoned venture bankers as they debunk the myths and mythology surrounding the banking crisis of 2023:
- Who are the “winners” and “losers” from the banking crisis?
- Has private credit fundamentally changed the venture lending landscape?
- Leveraging “brand” to achieve success.
How To Maximize an Exit From a Troubled Situation
• Plan A: Raise Capital/Bridge Financing
• Plan B: Expedited Sales Process
• Plan C: Corporate Wind Down
• Keys to Lender Success
Common Venture Debt Options: Revenue-based Financing, Equipment Financing, Accounts Receivable Financing, Term Loans
• Considerations for different types of debt financing depending on the stage of the business
• Exit options – monetary, time and relationship
• Intertwining with existing debt facilities
BREAK
Timing Considerations: Raising Debt Alongside Equity, Raising Between Rounds, Raising to Fund an Acquisition – and the Unique Considerations of Each Approach
• Value proposition of debt versus equity – various stages of growth
• Cost of capital in flat, rising or struggling valuation environments
• Control and structural considerations alongside or following an equity round
• Assessing the accretive nature of acquisition targets and forecasting financial impact
• Parameters on acquisition advances (fully committed v. fully discretionary or hybrid)
• Who has the negotiating leverage and when (company v. lender) – what creates the negotiating advantages?
• Syndicate and board strength – measuring risk as to future capital raise challenges and ability to support M&A strategies
Venture Debt in the UK, EU and Beyond: Growth Capital for the Global Economy
LUNCH
Lessons Learned in Venture Debt, Post-Workout
- Early signs of distress and how to identify/react
- When to lean in (lend more) versus get out
- Factors that lead to a successful workout
- Tips/Lessons learned for success
Executive Vice President, Chief Operating Officer and Chief Investment Officer
Horizon Technology Finance
Continuation Funds: Should Lenders Think about Reserves Differently?
• Challenges of lending in a weak exit environment
• What is a continuation fund?
• Investor due diligence: support and capacity
BREAK
Venture Debt Deal Sourcing/Origination/Screening
• Where to source high-potential venture debt deals
• Balancing sponsor-backed vs. independent deals
• Avoiding adverse selection and chasing the wrong deals
• Structuring a systematic origination process
• Building rapport with founders, boards, and investors
• The role of brand and reputation in deal flow
• Lessons learned from the most successful (and unsuccessful) deals
Founder, Managing General Partner, & Chief Investment Officer
Applied Real Intelligence (A.R.I.)
Leveraging Intellectual Property (IP) to Access Capital
• How do companies leverage their IP estate to access capital
• A brief overview of the IP valuation process
• Case Study: IP backed term loan
• Case Study: Selling non-core IP
Managing Director
Fortress Intellectual Property Group | Fortress Investment Group
Overview of Differences between Bank and Non-Bank Loan Strategies/Regulation
• Should commercial banks continue to have the right to play in venture lending?
• Should the entire asset class move towards the private credit funds?
• Key differences in terms and structures between banks and private credit
• “Risk” and the different views thereof held by banks vs private credits
• Looking back: Over the past 2 years, how borrowers have viewed banks vs. private lending options
• Looking ahead: How can banks and non-bank lenders work best together over the next 1-2 years?
Cocktail Reception at The Edison Ballroom
