TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Q1 2024 Earnings Call Transcript

Sajal Srivastava: Yes, Paul, it was one name. Monzo raised 430 of the 584.

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

Sajal Srivastava: Yes, listen, our approach is to be proactive. So it’s before they’re pushing up against short runway or pushing up against the maturity wall. So I think our approach has always been, and we pride ourselves on the collaboration with not only the companies, but their sponsors, our select VC. So our goal is to be as proactive as possible and to encourage them to raise capital either internally and externally. So I would say we are absolutely encouraging and I think the sponsors, the VC’s as well, and the entrepreneurs, everyone is realistic and wants where it makes sense. And so I’d say it’s very much a collaborative conversation, but the key is to do it before runway gets short. The challenge is what we see in this environment is these events are taking longer.

And so that’s the key is companies are in process rounds used to happen within a matter of months and now it’s taking longer. We’re seeing term sheets may not necessarily close. So it’s being proactive during that process of fundraising that is important from a credit management perspective.

Paul Johnson: Got it. I appreciate that. That’s all from me, thanks.

Operator: Thank you. And our next question comes from Christopher Nolan with Ladenburg Thalmann. Please go ahead.

Christopher Nolan: All of my questions have been asked. Thanks.

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

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

Operator: Thank you. This concludes today’s conference call. We thank you all for attending today’s presentation. You may now disconnect your lines and have a wonderful day. Goodbye.