It's like a publicly traded version of a venture capital firm (e.g., Andreessen Horowitz or Sequoia Capital), but primarily focused on providing debt to growth-stage private companies.

• Venture Debt Financing: Provides senior secured loans and other debt capital solutions to venture growth stage companies.
• Equity Investments: Makes direct equity investments, often through warrants, alongside its debt financing in portfolio companies.

TriplePoint Venture Growth BDC (TPVG) is a Business Development Company (BDC) that provides debt financing and equity investments to venture-backed growth companies. Therefore, it primarily sells its financing services to other companies, which are its portfolio companies.

Based on their latest financial disclosures (as of December 31, 2023), some of TPVG's major customers (portfolio companies with significant investment value) include:

• Marqeta, Inc. (Symbol: MQ)
• Indigo Ag, Inc.
• Udemy, Inc. (Symbol: UDMY)
• ZipRecruiter, Inc. (Symbol: ZIP)
• Talkdesk, Inc.

• TriplePoint Advisers LLC
• TriplePoint Administrative Services LLC

James P. Labe, Chief Executive Officer and Chairman of the Board

James P. Labe is recognized as a pioneer in the venture capital lending and leasing sector of the commercial finance industry, with over 25 years of experience. He founded and served as Chief Executive Officer of Comdisco Ventures, a division of Comdisco, Inc., where he managed over $3 billion in loan and lease transactions for more than 870 venture capital-backed companies, generating over $500 million in cumulative pre-tax profits over 15 years. Prior to Comdisco, Mr. Labe was employed by Equitec Financial Group. He is also a co-founder of TriplePoint Capital LLC (2003), TriplePoint Ventures LLC (2006), and TriplePoint Advisers LLC (2013).

Mike L. Wilhelms, Chief Financial Officer

Mike L. Wilhelms was appointed as Chief Financial Officer in December 2024. He brings over three decades of financial expertise with experience spanning the business development company (BDC), asset management, specialty finance, and public accounting sectors. Mr. Wilhelms previously held roles at Sabal Capital Holding Company, LLC, Crescent Capital Group LP, and as an audit manager at KPMG. His prior experience also includes serving as President & Chief Executive Officer of National Corrective Group, Inc. (2010-2013), Chief Financial Officer of Crescent Capital BDC, Inc. (2015-2019), and Chief Financial Officer, Controller & Senior VP of Triad Financial Corp. (2002-2008). He also serves as CFO for TriplePoint Capital LLC and several affiliated entities.

Sajal K. Srivastava, President and Chief Investment Officer

Sajal K. Srivastava provides extensive investment and operating leadership experience, coupled with a background in venture lending, leasing, and technology finance. He is a co-founder of TriplePoint Capital LLC, TriplePoint Ventures LLC, and TriplePoint Advisers LLC. Since 2006, Mr. Srivastava has been a voting member of TriplePoint Capital's Investment Committee and has overseen its investment analysis, operations, and finance groups. Before co-founding TriplePoint Capital, he worked alongside Mr. Labe at Comdisco Ventures as the head of their Investment and Credit Analyst team, where he structured and managed over $200 million in transactions. Earlier in his career, Mr. Srivastava was part of Prudential Securities' Technology Investment Banking Group.

Steven P. Bird, Independent Director

Steven P. Bird is a recognized veteran in the Silicon Valley venture capital community, with a career spanning two decades in venture capital investing and debt financing. He is a co-founder and General Partner of Focus Ventures, established in 1997, where he concentrates on investments in privately held, expansion-stage technology companies, specifically in enterprise software and internet services. Prior to co-founding Focus Ventures, Mr. Bird served as a Managing Director at Comdisco Ventures Inc. from 1994 to 1996, engaging in debt and equity capital investments for emerging growth companies. He was also a General Partner at First Century Partners from 1984 to 1992.

Steven Levinson, Chief Compliance Officer

Steven Levinson serves as the Chief Compliance Officer for TriplePoint Venture Growth BDC Corp. since 2023, and also holds the same role at TriplePoint Capital LLC since 2022. His previous experience includes Compliance Director at Stone Tower Capital LLC from 2008 to 2011, Chief Audit Executive at IDT Corp. from 2003 to 2006, Chief Compliance Officer at Alcentra Capital Corp. from 2014 to 2020, and Vice President at Bear Stearns FoF Asset Management from 1994 to 1998.

TriplePoint Venture Growth BDC (TPVG) primarily provides debt financing, often accompanied by warrants and direct equity investments, to venture capital-backed companies in their venture growth stage. The company focuses on high-growth sectors such as technology, life sciences, and other innovative industries.

The addressable markets for TPVG's main products and services are primarily within the venture debt and broader venture capital markets.

Venture Debt Market

• The global venture debt market reached an aggregate deal value of $83.4 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 14% since 2018. This market is projected to grow to $97.2 billion by 2033, with a CAGR of 13.2% from 2025.
• In the United States, the venture debt market saw varying figures for 2024, with reported aggregate deal values of $49 billion and $53.3 billion in investments. The U.S. venture debt market is projected to reach $27.83 billion in 2025, with traditional venture debt accounting for approximately $23.94 billion of that total.
• The European venture debt market reached almost $20 billion in 2024.

Venture Capital Market

While TPVG's primary focus is venture debt, it also makes direct equity investments, operating within the larger venture capital ecosystem.

• Global venture capital funding reached $126.3 billion in the first quarter of 2025. The global venture capital investment market is projected to grow to $362.74 billion in 2025 and further expand to $758.89 billion by 2029, reflecting a CAGR of 20.3%.
• The United States venture capital market size was approximately $1.31 trillion in 2025 and is forecast to reach $1.46 trillion by 2030, with a CAGR of 2.14% over 2025-2030. The U.S. accounted for over two-thirds of total global VC funding in Q1 2025.

Expected Drivers of Future Revenue Growth for TriplePoint Venture Growth BDC (TPVG)

Over the next 2-3 years, TriplePoint Venture Growth BDC (TPVG) is expected to drive future revenue growth through the following key strategies:

1. Expansion of Debt Investment Portfolio: TPVG's revenue is primarily generated from interest income on its debt investments, and the company is focused on increasing the scale and income-generating assets of its portfolio. In Q3 2025, TPVG reported its highest level of debt commitments and fundings since 2022, and it targets new fundings in the range of $25 million to $50 million for Q4 2025, with potential to exceed this.
2. Strategic Focus on High-Growth Sectors, particularly AI: The company is strategically emphasizing investments in AI-driven sectors and other venture growth stage companies. Leadership has highlighted the transformative potential of AI as a significant macro tailwind for the broader technology sector, influencing TPVG's investment allocation.
3. Increased Portfolio Diversification: TPVG is actively pursuing portfolio diversification to enhance the durability of its income-generating assets. As of Q3 2025, the company had added 19 new portfolio companies year-to-date as part of its strategy to diversify its investments across attractive sectors like AI and software.
4. Optimized Portfolio Yield Management: TPVG's revenue is heavily influenced by the interest rates and the weighted average yield of its debt investment portfolio. While facing some recent decreases in yields, the company maintains a focus on increasing net investment income and managing its portfolio to achieve a competitive annualized portfolio yield on debt investments, which was 13.2% in Q3 2025.

Share Repurchases

• In Q2 2025, the company's sponsor, TriplePoint Capital LLC (TPC), announced a discretionary share purchase program to acquire up to $14 million of TriplePoint Venture Growth BDC's outstanding common stock in the open market.
• For the periods covered by the Q1 2025 and Q1 2024 Quarterly Reports on Form 10-Q, the company did not repurchase any shares of its common stock.

Share Issuance

• In 2022, TriplePoint Venture Growth BDC raised $55.3 million in net proceeds from a public issuance of 4,161,807 shares of common stock.
• As of December 31, 2023, $28.3 million in shares remained available for sale under the company's At-The-Market (ATM) Program, which allows for the issuance of up to an aggregate of $50.0 million in common stock.
• During the first three months of 2024, the company issued 93,330 shares of common stock under its dividend reinvestment plan, resulting in $0.8 million in cash paid for these shares.

Inbound Investments

• In January 2025, TriplePoint Venture Growth BDC entered into a note purchase agreement for the issuance of $50 million in aggregate principal amount of senior unsecured investment grade notes due February 2028. The net proceeds are intended to prepay unsecured notes due in March 2025.
• In 2022, the company raised $125.0 million in aggregate principal amount from the private issuance of 5.00% fixed rate, institutional notes due 2027.

Outbound Investments

• For the year ended December 31, 2024, the company closed $175.0 million of new debt commitments and funded $135.1 million in debt investments and $0.7 million in direct equity investments.
• For the year ended December 31, 2023, TriplePoint Venture Growth BDC closed $31.5 million of new debt commitments and funded $125.3 million in debt investments, acquired warrant investments valued at $2.6 million, and made $0.2 million in direct equity investments.
• Year-to-date through Q2 2025 (as of August 6, 2025), the company closed $236.6 million of new debt commitments and funded $106.2 million in debt investments and $1.1 million in direct equity investments.

Capital Expenditures

• TriplePoint Venture Growth BDC's cash flow for capital expenditures for the trailing twelve months ended June 2025 was $0.00 million.