The Agenda

March 6, 2024

7:45 AM - 8:45 AM

Breakfast

8:45 AM - 9:00 AM

Opening Remarks

9:05 AM - 9:25 AM

Presentation

State of the Venture Debt Market

  • What is happening in the venture debt market today
  • The impact of unpredictable market changes over the past year
  • Innovative ways to maximize current venture debt opportunities

speaker-1

John Markell

Managing Partner
Armentum Partners

Speaker

9:25 AM - 9:55 AM

Round Table

Venture Debt in a Post-SVB Era

  • Circumstances leading to the SVB era and how to rebound
  • The evolving face of venture debt today, including
  • Navigating the current venture debt market successfully

speaker-1

Troy Zander

Partner
Barnes & Thornburg

Speaker

speaker-2

David Sabow

Head of Innovation Banking, US
HSBC

Speaker

speaker-3

Brad Pritchard

Managing Director Technology
Runway Growth Capital

Speaker

9:55 AM - 10:25 AM

Panel

Why is Venture Debt a Terrible Idea?

  • The good, bad, and ugly of venture debt
  • When is venture debt a poor plan?
  • Using venture debt wisely to fund growth

speaker-1

Dan Devorsetz

Chief Operating Officer and Chief Investment Officer
Horizon Technology Finance

Moderator

speaker-2

Ruslan Sergeyev

Managing Director
Stifel Venture Lending

Panelist

speaker-3

Brian Demmert

Managing Director, Debt Capital Market Group
ThinkEquity

Panelist

speaker-4

Christopher LiPuma

Managing Director
Fortress

Panelist

10:30 AM - 11:00 AM

Networking Break

11:05 AM - 11:30 AM

Fireside

Preparing Your Company to Receive Venture Debt

  • Who should you call, an investment banker or debt broker? What to look for in a venture debt partner
  • Preparing for the underwriting process and modeling the financial covenants impact on your company
  • Action items post-closing

speaker-1

Chad Gottlieb

Partner
DarrowEverett

Speaker

speaker-2

Zachary Darrow

Chairman
DarrowEverett

Speaker

11:35 AM - 12:05 PM

Round Table

Cross-Border Venture Debt Deals – Israel, UK, Canada, the EU and Beyond

  • International venture debt considerations
  • Cross-border deals in Israel, UK, EU and beyond
  • Unexpected benefits of cross-border venture debt deals

speaker-1

Warren Biro

Partner
Barnes & Thornburg

Speaker

speaker-2

Stephanie Heller

Founder and Managing Partner
Bootstrap Capital

Speaker

speaker-3

Simon Weintraub

Partner
Arnon, Tadmor-Levy

Speaker

speaker-4

Randy Garg

Founder and Managing Partner
Vistara Growth

Speaker

12:05 PM - 12:30 PM

Fireside

A Borrower’s POV: A Look at Late-Stage Venture Debt

  • State of the late-stage venture market
  • How borrowers benefit from late-state venture debt
  • Mitigating potential risks and reaping rewards

speaker-1

Peter Lorimer

CFO
Betterment

Speaker

speaker-2

Rachel Goldstein

SVP Growth
Runway Growth Capital

Speaker

12:30 PM - 1:30 PM

Lunch

1:30 PM - 2:00 PM

Panel

VC Debt Lending: How It Is Filling the Funding Gaps in the Equity and Bank Lending Markets

  • What are funding gaps, and how do companies fill them?
  • VC Debt lending provides essential funds in equity and bank lending markets
  • Tapping into the possibilities for growth and revenue

speaker-1

Jennifer Post

Partner
Thompson Coburn

Panelist

speaker-2

Kai Tse

Managing Partner
Structural Capital

Panelist

speaker-3

BJ Lackland

Managing Partner
Equal Capital

Panelist

2:05 PM - 2:35 PM

Fireside

Big Check Venture Debt - Large Corporations Need Capital, Too

  • Venture debt is writing bigger checks and why
  • Large corporations looking for capital know how to find it
  • Navigating the landscape for growth and profit

speaker-1

Mark Solovy

Co-Head, Technology Finance Group
Monroe Capital

Speaker

speaker-2

Alexander Gorokhovskiy

Managing Director, Deutsche Bank Private Credit & Infrastructure
Deutsche Bank

Speaker

speaker-3

Tyler Dietrich

Managing Director
Silicon Valley Bank

Speaker

2:40 PM - 3:15 PM

Panel

The Proliferation of Deal Terms in a Stressed, Early Stage Financial Market

  • Discover real-world venture debt trends and terms
  • More about delayed transactions and sponsor selectivity
  • Overcoming the challenges of meeting obligations to lenders

speaker-1

Carter Caldwell

Co-Investment Program Director
Penn Medicine

Moderator

speaker-2

Andrew Ray

Partner
Morgan Lewis

Panelist

speaker-3

Brian Slough

Of Counsel
Morgan Lewis

Panelist

3:15 PM - 3:35 PM

Networking Break

3:40 PM - 4:00 PM

Panel

Asset Backed Lenders for Venture-Backed Companies

  • Benefits of asset-backed lenders for venture-backed companies
  • How asset-based lending provides working capital based on assets rather than credit history
  • Ways startups can use asset-backed lenders to support expansion

speaker-1

Mehak Rashid

Managing Partner
Legal Scale LLP

Panelist

speaker-2

Jonathan David Jacobs

Partner
Morrison Foerster

Panelist

speaker-3

Paul Marino

Partner
Sadis & Goldberg

Panelist

4:05 PM - 4:25 PM

Panel

A Healthy Alternative: Venture Debt Financing for Healthcare Industries

  • Venture debt financing options for health and tech companies
  • Non-dilutive financing solutions for healthcare
  • Specific concerns related to the health and tech industries

speaker-1

Laurent D. Hermouet

Partner
Athyrium Capital Management

Panelist

speaker-2

Anthony Storino

Partner
SLR Capital Partners

Panelist

speaker-3

Hutch Corbett

Managing Partner
Armentum Partners

Panelist

4:30 PM - 4:50 PM

Panel

Valuation and the Delicate Balance Between Growth and Profitability

  • Changes in valuation metrics may impact traditional venture debt vs growth debt
  • Financial forecasts and cost structures in venture-backed emerging companies
  • The increasing importance of the “Rule of 40”

speaker-1

Neil O'Donnell

Managing Partner
Legal Scale LLP

Panelist

speaker-2

Craig Netterfield

Managing Partner
Columbia Lake Partners

Panelist

speaker-3

Jeff Xu

Associate
Morrison Foerster

Panelist

speaker-4

Aron Dantzig

Managing Partner
Capital IP

Panelist

4:55 PM - 5:25 PM

Fireside

Navigating Distress in Venture Debt

  • How companies define distress in venture debt
  • Role of venture debt in challenging business situations
  • Navigation strategies to define and achieve company goals

speaker-1

Heidi Lipton

Founding Partner
Rock Creek Advisors

Speaker

speaker-2

Diane Earle

Chief Credit Officer
Horizon Technology Finance

Speaker

5:30 PM - 5:40 PM

Closing Remarks

5:45 PM - 7:00 PM

Cocktail Reception (Sponsored by Barnes & Thornburg)

The Agenda

As we build toward another successful Venture Debt Conference, our focus is on creating an agenda that sparks the interest of the professionals working in the venture debt market. Here are just a few of the unique presentations and panel discussions we’re developing for The Venture Debt Conference 2025.

  • How a Rising Interest Rate Environment Might Impact Venture Debt Pricing and Structure
  • Why SVB’s Collapse Created More Competition for High Tech Investment Targets
  • Continuation Funds: Should Lenders Think about Reserves Differently?
  • Overview of Differences between Bank and Non-Bank Loan Strategies
  • Total Addressable Venture Debt Market; 2025 Projections
  • Understanding the Underwriting Process: Creditworthiness and Assessment of Equity Sponsors
  • Using Warrants and Equity Kickers to Achieve Expected Returns
  • Changing Dynamics of the Market: Are Venture Debt Borrowers Still Seeing Valuation Pressure?
  • Timing Considerations: Raising Debt Alongside Equity, Raising Between Rounds, Raising to Fund an Acquisition – and the Unique Considerations of Each Approach
  • Common Venture Debt Options: Revenue-based Financing, Equipment Financing, Accounts Receivable Financing, Term Loans
  • The VD Lender Landscape and Pros/ Cons: Commercial Banks, Specialty Venture Finance Firms, Alternative Lenders
  • Alternative Lending Structures: Lines of Credit, Bridge Loans, Factoring, Merchant Cash Advances
  • Market Participants: Lenders, Underwriting and Credit Companies, Loan Servicers, Loan Brokers
  • Debt for Working Capital vs. Growth Capital
  • Learnings from Scaled Companies who’ve Shut Down: What is a “Fundable Asset” in the Current Lending Environment?
  • Peripheral VD Investment Strategies: Litigation Funding and Royalty Financing
  • Navigating the ‘Lite’ Regulatory Regime: Should Banks be able to Play or does this Asset Class move toward Private Credit Funds
  • Sectors Benefitting from Debt Inflows: AI, Cybersecurity, Direct-to- Consumer, Rebounding Crypto?
  • Differences Between How Banks and Non-bank Lenders Deal with Workout Situations
General session of The Venture Debt Conference 2024

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