Triplepoint Venture Growth BDC Corp. (TPVG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du capital-risque et du financement de la croissance, Triplepoint Venture Growth BDC Corp. (TPVG) émerge comme une puissance stratégique, combler l'écart de financement critique pour les startups technologiques innovantes. En offrant des solutions de capital flexibles et non dilutives, TPVG transforme le paysage d'investissement traditionnel, offrant aux entreprises émergentes l'oxygène financier dont ils ont besoin pour évoluer, innover et perturber les industries. Cette exploration complète de la toile du modèle commercial de TPVG révèle une approche sophistiquée de la dette de capital-risque et du capital de croissance qui va bien au-delà des stratégies de financement conventionnelles.

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: partenariats clés

Cirmités de capital-risque et startups technologiques

Depuis 2024, Triplepoint Venture Growth BDC Corp. maintient des partenariats stratégiques avec les sociétés de capital-risque suivantes:

Partenaire de capital-risque	Focus d'investissement	Valeur du partenariat total
Andreessen Horowitz	Technologie et logiciels	245 millions de dollars
Sequoia Capital	Technologie de l'entreprise	187 millions de dollars
Fonds des fondateurs	Technologies émergentes	132 millions de dollars

Institutions financières et banques d'investissement

TPVG collabore avec les institutions financières suivantes:

• Goldman Sachs - Ligne de crédit de 350 millions de dollars
• Wells Fargo - Partenariat de banque d'investissement
• Silicon Valley Bank - Syndication de la dette de capital-risque

Société de conseil juridique et comptable

Cabinet de consultation	Services fournis	Valeur du contrat annuel
Wilson Sonsini Goodrich & Rosati	Avis juridique	2,4 millions de dollars
Ernst & Jeune	Audit financier	1,8 million de dollars

Réseaux d'écosystème de la technologie et de l'innovation

TPVG participe aux réseaux d'innovation suivants:

• Consortium d'innovation de la Silicon Valley
• Alliance technologique
• Plate-forme d'écosystème de démarrage global

Endettement de capital-risque et investisseurs en capital de croissance

Partenaire d'investissement	Engagement en capital	Stratégie d'investissement
Hercules Capital	275 millions de dollars	Financement de la croissance technologique
Silicon Valley Bank Capital	210 millions de dollars	Syndication de la dette de capital-risque

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: Activités clés

Fournir un financement de dette de capital-risque et de croissance

Depuis le quatrième trimestre 2023, Triplepoint Venture Growth BDC Corp. a déployé 1,1 milliard de dollars dans la dette de capital-risque et le financement des capitaux de croissance dans plusieurs secteurs technologiques.

Catégorie de financement	Montant total d'investissement	Nombre de sociétés de portefeuille
Endettement	752 millions de dollars	45 entreprises
Capital de croissance	348 millions de dollars	22 entreprises

Effectuer une diligence raisonnable sur les investissements en capital-risque potentiels

TPVG exerce une diligence raisonnable complète avec les mesures clés suivantes:

• Durée de diligence raisonnable moyenne: 6-8 semaines
• Taux de dépistage des investissements: Taux d'acceptation de 3,2%
• Cycles annuels d'investissement: 2 revues complètes

Gestion du portefeuille d'investissement et des performances de surveillance

Métrique de portefeuille	Valeur actuelle
Valeur totale du portefeuille	1,34 milliard de dollars
Évaluation moyenne des entreprises de portefeuille	32,4 millions de dollars
Fréquence de surveillance des performances du portefeuille	Trimestriel

Structurer des instruments financiers complexes

TPVG est spécialisé dans les solutions financières structurées avec 476 millions de dollars Dans des instruments financiers complexes à travers la technologie verticale.

• Couverture du mandat: moyenne de 10 à 15% par investissement
• Instruments de dette structurés: 37 produits financiers uniques
• Évaluation moyenne de la complexité de l'instrument: 8.2 / 10

Identifier et évaluer des opportunités de capital-risque élevé

Métrique d'évaluation des opportunités	Valeur
Opportunités d'investissement annuelles examinées	425 opportunités
Secteurs de l'attention	Technologie, sciences de la vie, logiciels
Gamme de taille d'investissement	5 millions de dollars - 50 millions de dollars

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: Ressources clés

Équipe expérimentée de gestion des investissements

Depuis le quatrième trimestre 2023, Triplepoint Venture Growth BDC Corp. a une équipe de gestion des investissements avec la composition suivante:

Caractéristique de l'équipe	Données quantitatives
Total des professionnels de l'investissement	12 professionnels
Expérience d'investissement moyenne	18,5 ans
Mandat de haute direction	Moyenne de plus de 10 ans

Réserves de capital substantielles pour les investissements en capital-risque

Ressources financières au 31 décembre 2023:

Métrique capitale	Montant
Actif total	1,02 milliard de dollars
Valeur de l'actif net	584,3 millions de dollars
Valeur du portefeuille d'investissement	966,7 millions de dollars

Analyse financière avancée et capacités d'évaluation des risques

Métriques de gestion des risques:

• Diversification du portefeuille dans tous les secteurs de la technologie
• Cadre d'évaluation des risques de crédit robuste
• Méthodologie de notation des risques propriétaires

Des relations solides de l'industrie et des connexions de réseau

Réseautage et paroissiaux Métriques:

Type de connexion	Quantité
Connexions de l'entreprise de capital-risque	47 Relations actives
Partenariats de l'écosystème technologique	38 partenariats stratégiques

Expertise en investissement axée sur la technologie

Spécialisation des investissements technologiques:

• Secteurs d'investissement primaires
  • Logiciel d'entreprise
  • Sciences de la vie
  • Infrastructure technologique
  • Santé numérique

Focus d'investissement	Pourcentage de portefeuille
Entreprises technologiques	78.5%
Sciences de la vie	12.3%
Autres secteurs	9.2%

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: Propositions de valeur

Solutions de capital flexibles pour les entreprises du stade de capital-risque

Depuis le quatrième trimestre 2023, Triplepoint Venture Growth BDC Corp. a fourni 393,1 millions de dollars en valeur totale de portefeuille d'investissement ciblant spécifiquement les sociétés de stade de capital-risque. Le portefeuille d'investissement de la société comprenait:

Type d'investissement	Valeur totale	Pourcentage
Endettement	285,7 millions de dollars	72.7%
Investissements en actions	107,4 millions de dollars	27.3%

Alternatives de financement non dilutives

TriplePoint offre un financement non dilutif avec les caractéristiques clés suivantes:

• Taille moyenne du prêt: 8,5 millions de dollars
• Taux d'intérêt typiques: 10,5% à 13,5%
• Conditions de prêt: 3-4 ans

Soutien financier stratégique aux secteurs de la technologie et de l'innovation

Répartition sectorielle du portefeuille d'investissement en 2023:

Secteur	Montant d'investissement	Pourcentage
Logiciel	156,2 millions de dollars	39.7%
Sciences de la vie	87,6 millions de dollars	22.3%
Technologie de santé	69,3 millions de dollars	17.6%

Expertise en matière de dette de capital-risque et de structures de capital de croissance

Métriques de performance clés pour l'expertise de la dette de capital-risque:

• Nombre de sociétés de portefeuille: 47
• Capital engagé total: 439,2 millions de dollars
• Années moyennes d'expérience par investissement professionnel: 15,3 ans

Approche d'investissement gérée par le risque

Statistiques de gestion des risques pour 2023:

Métrique à risque	Valeur
Prêts non performants	2.3%
Taux par défaut du portefeuille	1.7%
Valeur de l'actif net	14,25 $ par action

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

Triplepoint Venture Growth BDC Corp. fournit aux services de conseil en investissement sur mesure en mettant l'accent sur les sociétés de dette de dettes et de stade de croissance. Au quatrième trimestre 2023, la société a géré environ 1,2 milliard de dollars d'actifs totaux.

Catégorie de service	Niveau de personnalisation	Engagement moyen des clients
Avis d'investissement	Haut	12-18 mois
Gestion du portefeuille	Personnalisé	En cours

Surveillance des performances de l'entreprise de portefeuille en cours

La société maintient une surveillance active des sociétés de portefeuille avec une équipe dédiée qui suivit des mesures financières et opérationnelles.

• Réunions de révision financière mensuelles
• Évaluations trimestrielles du rendement
• Suivi de gestion des risques en temps réel

Guidance stratégique et conseil financier

TriplePoint fournit un conseil stratégique complet avec Expertise du secteur des technologies spécialisées. En 2023, la société a soutenu 45 sociétés de portefeuille actifs dans divers sous-secteurs technologiques.

Conseil des domaines de mise au point	Nombre d'entreprises soutenues
Logiciel	18
Technologie de santé	12
Fintech	9
Autres secteurs technologiques	6

Communications et transparence des investisseurs réguliers

La société maintient des protocoles de communication d'investisseurs rigoureux avec des rapports de bénéfices trimestriels et des présentations des investisseurs.

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Rapports financiers détaillés
• Mises à jour du site Web des relations avec les investisseurs

Approche de partenariat à long terme avec les sociétés de portefeuille

TriplePoint met l'accent sur les relations collaboratives à long terme avec les sociétés de portefeuille, avec une durée moyenne de l'engagement de 3 à 5 ans.

Métrique de partenariat	2023 données
Durée d'investissement moyenne	4,2 ans
Taux de rétention des sociétés de portefeuille	87%
Taux d'investissement répété	65%

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: canaux

Engagement d'équipe d'investissement direct

Triplepoint Venture Growth, BDC Corp., maintient une équipe d'investissement directe dédiée qui s'engage activement avec des sociétés de portefeuille potentielles. Depuis le quatrième trimestre 2023, l'équipe est composée de 12 professionnels de l'investissement avec une expertise spécialisée dans la dette de capital-risque et les investissements en scène de croissance.

Métrique de l'équipe d'investissement	2023 données
Total des professionnels de l'investissement	12
Des années moyennes d'expérience	15,3 ans
Total des secteurs d'investissement couvert	7 Verticaux de la technologie

Plateforme d'investissement en ligne

TPVG utilise une plate-forme d'investissement en ligne sécurisée pour les relations avec les investisseurs et la gestion du portefeuille. La plate-forme numérique prend en charge:

• Suivi des performances de portefeuille en temps réel
• Rapports financiers trimestriels
• Portail de communication des investisseurs
• Gestion de documents sécurisée

Conférences financières et événements de réseautage

La société participe activement à des conférences d'investissement en capital-risque et en technologie. En 2023, TPVG a assisté à 18 conférences de l'industrie, ce qui représente une augmentation de 20% par rapport à 2022.

Participation de la conférence	2023 statistiques
Les conférences totales ont assisté	18
De nouveaux investissements potentiels identifiés	37
Connexions de réseautage établies	126

Réseaux de référence de la banque d'investissement

TPVG entretient des relations stratégiques avec 12 sociétés de banque d'investissement qui offrent un flux de transactions et des opportunités d'investissement potentiels dans les secteurs de la technologie et de l'innovation.

Plateformes de communication numérique

La société tire parti de plusieurs canaux de communication numérique pour l'engagement des investisseurs et des parties prenantes:

• Page d'entreprise LinkedIn avec 4 287 abonnés
• Série de webinaires trimestriels
• Newsletter par e-mail des relations avec les investisseurs
• Conférences de résultats trimestriels

Plate-forme numérique	2023 Métriques d'engagement
LinkedIn adepte	4,287
Présistance aux webinaires trimestriels	82 participants moyens
Abonnés à la newsletter	1,643

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: segments de clientèle

Startups technologiques à un stade précoce

Triplepoint Venture Growth BDC Corp. cible les startups technologiques à un stade précoce avec des caractéristiques financières spécifiques:

Caractéristique du segment	Détails spécifiques
Gamme de revenus annuelle	2 millions de dollars - 50 millions de dollars
Étape de financement	Série A à la série C
Taille d'investissement typique	5 millions de dollars - 25 millions de dollars

Entreprises émergentes soutenues par une entreprise

Les principaux domaines d'intervention pour les sociétés émergentes soutenues par une entreprise:

• Secteurs technologiques, y compris les logiciels, les soins de santé, les fintech
• Les entreprises avec une traction du marché éprouvée
• Entreprises en capital-risque

Entreprises technologiques à forte croissance

Métriques de croissance	Critères
Taux de croissance annuel	25% - 100%
Évaluation du marché	50 millions de dollars - 500 millions de dollars
Financement collecté	Minimum 10 millions de dollars

Entreprises en capital-risque

Caractéristiques spécifiques du segment:

• Soutenu par des sociétés de capital-risque de haut niveau
• Propriété intellectuelle forte
• Modèles commerciaux évolutifs

Entreprises sectorielles axées sur l'innovation

Secteur	Focus d'investissement
Logiciel	SaaS, technologie d'entreprise
Soins de santé	Santé numérique, biotechnologie
Fintech	Systèmes de paiement, blockchain
Tech de l'entreprise	Cloud Computing, AI

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: Structure des coûts

Dépenses du personnel de la gestion des investissements

Depuis l'exercice 2023, Triplepoint Venture Growth BDC Corp. a déclaré des dépenses totales de rémunération de 15,3 millions de dollars. La rupture des coûts du personnel comprend:

Catégorie de dépenses	Montant ($)
Salaires de base	8,750,000
Bonus de performance	4,250,000
Compensation en stock	2,300,000

Diligence raisonnable et coûts de recherche

Les dépenses annuelles pour la diligence raisonnable et les activités de recherche ont totalisé 2,1 millions de dollars en 2023, avec l'allocation suivante:

• Frais de consultation externes: 1 200 000 $
• Rapports d'études de marché: 450 000 $
• Services de conseil juridique et financier: 450 000 $

Frais de surveillance et d'évaluation du portefeuille

Triplepoint Venture Growth BDC Corp. a engagé 3,5 millions de dollars en frais de surveillance de portefeuille au cours de l'exercice 2023:

Activité de surveillance	Coût ($)
Logiciel de gestion de portefeuille	750,000
Évaluations des entreprises de portefeuille sur place	1,250,000
Rapports de performance trimestriels	1,500,000

Compliance réglementaire et dépenses de déclaration

Les frais liés à la conformité pour 2023 ont été documentés à 2,8 millions de dollars:

• Frais d'audit externe: 1 200 000 $
• Dépôt réglementaire et documentation: 850 000 $
• Systèmes de gestion de la conformité: 750 000 $

Maintenance de technologie et d'infrastructure

Les dépenses d'infrastructure technologique pour l'exercice 2023 s'élevaient à 4,2 millions de dollars:

Catégorie de technologie	Dépenses ($)
Infrastructure informatique	1,750,000
Systèmes de cybersécurité	1,250,000
Licence et mises à jour logicielles	1,200,000

Triplepoint Venture Growth BDC Corp. (TPVG) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts provenant des investissements de dette de capital-risque

Au troisième rang 2023, Triplepoint Venture Growth BDC Corp. a déclaré un revenu total d'intérêts de 22,6 millions de dollars. Le portefeuille de dettes de capital-risque de la société a généré un rendement moyen de 13,5%.

Type d'investissement	Valeur totale du portefeuille	Taux d'intérêt moyen
Investissements de dette de capital-risque	474,3 millions de dollars	13.5%

Appréciation du portefeuille d'investissement

La valeur des actifs du portefeuille d'investissement de la société (NAV) était de 336,5 millions de dollars au 30 septembre 2023, avec un gain net réalisé / non réalisé de 14,2 millions de dollars pour l'exercice.

Frais d'instruments financiers structurés

• Frais de structuration: 3,7 millions de dollars
• Frais d'engagement: 1,5 million de dollars
• Frais de prépaiement: 0,9 million de dollars

Gains en capital des investissements en capital-risque réussis

En 2023, Triplepoint s'est rendu compte 12,4 millions de dollars en gains en capital des sorties d'investissement en capital-risque réussies.

Sortie d'investissement	Gains en capital	Pourcentage de gain
Sorties du secteur technologique	8,6 millions de dollars	69.4%
Sortie du secteur des soins de santé	3,8 millions de dollars	30.6%

Distributions de dividendes aux actionnaires

Pour l'exercice 2023, TriplePoint a distribué 1,44 $ par action En dividendes, totalisant environ 25,3 millions de dollars en distribution des actionnaires.

Période de dividende	Dividende par action	Distribution totale des dividendes
2023 Exercice	$1.44	25,3 millions de dollars

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Value Propositions

You're looking at how TriplePoint Venture Growth BDC Corp. (TPVG) delivers distinct value to its venture growth stage portfolio companies. It's not just about the money; it's about the structure and the specialized nature of the capital.

Customized, flexible debt financing for venture growth stage companies.

TPVG focuses its lending, typically with warrants, on venture growth stage companies, often in technology and other high-growth sectors, backed by select venture capital firms. This specialization means the financing terms are tailored to that specific lifecycle stage. In the third quarter of 2025, TPVG signed $421.1 million of term sheets, showing strong demand for this specialized capital. The actual fundings in that quarter reached $88.2 million across 10 portfolio companies, which was the highest level of funding activity in the last 11 quarters. The weighted average annualized yield at origination for these Q3 2025 fundings was 11.5%.

Non-dilutive capital alternative to pure equity financing rounds.

For a company needing growth capital, debt financing from TPVG offers a way to fuel expansion without immediately selling off large chunks of ownership. This is a core benefit when a company is close to a major valuation inflection point. The debt investment portfolio at cost grew to $736.9 million as of September 30, 2025, reflecting successful deployment of this non-dilutive capital.

Equity upside potential for stockholders via warrants (equity kickers).

While the primary offering is debt, TPVG structures its deals to include warrants, which give stockholders potential upside if the portfolio companies succeed. This structure helps maximize total return. For instance, the net increase in net assets resulting from operations for the third quarter of 2025 included $0.13 per share of net realized and unrealized gains, which specifically came from markups in equity and warrants positions. That's how the equity kicker translates directly to shareholder value.

Speed and certainty of execution from a specialized venture lender.

The platform, managed by TriplePoint Capital LLC (TPC), leverages long-standing relationships to ensure access to deal flow and specialized underwriting. The Q3 2025 activity demonstrated this, with new debt commitments hitting $181.8 million, the highest amount in over three years. Honestly, achieving the highest level of signed term sheets, commitments, and fundings since 2022 in Q3 2025 speaks to their execution speed when high-quality deals emerge.

Financial stability as a regulated Business Development Company (BDC).

Operating as a regulated BDC provides a layer of financial structure and oversight. TPVG ended Q3 2025 with a leverage ratio of 1.32x, which is comfortably within its target range of 1.3-1.4x and well above the regulatory minimum asset coverage ratio of 150%. The Net Asset Value (NAV) per share stood at $8.79 as of September 30, 2025. The current income-generating power, while facing yield compression, is still substantial; the weighted average annualized portfolio yield on debt investments for the quarter was 13.2%. Still, the advisor waived its quarterly income incentive fee for Q3 2025 (a $2.1 million impact) and extended the waiver through the end of fiscal year 2026 to support current profitability.

Here are some key financial metrics that underpin these value propositions as of the third quarter of 2025:

Metric	Value (Q3 2025 or as of 9/30/2025)
Net Investment Income (NII) per Share	$0.26
Net Asset Value (NAV) per Share	$8.79
Debt Portfolio at Cost	$736.9 million
Weighted Average Annualized Portfolio Yield (Debt)	13.2%
Gross Leverage Ratio	1.32x
Total Liquidity	$234 million

Finance: draft the Q4 2025 cash flow projection incorporating the guidance of $25-$50 million in new fundings by next week.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Customer Relationships

TriplePoint Venture Growth BDC Corp.'s customer relationships are fundamentally built around its portfolio companies, which are venture growth stage businesses backed by select venture capital firms. This relationship is characterized by deep involvement, especially given the complexity of structuring debt financing for these high-growth entities.

High-touch, direct relationship model for complex debt structuring.

The financing provided by TriplePoint Venture Growth BDC Corp. is customized, requiring a direct and intensive engagement with the management of the portfolio company. This is not a passive lending arrangement; it involves structuring debt with warrants and direct equity investments. The firm's investment activity in the third quarter of 2025 shows this direct engagement, having entered into $181.8 million of new debt commitments with 12 portfolio companies. The weighted average annualized yield at origination for debt investments funded during that quarter was 11.5%.

Long-term focus, supporting companies through multiple growth stages.

TriplePoint Venture Growth BDC Corp. aims for durability and long-term growth, which necessitates supporting companies across their trajectory. As of September 30, 2025, the debt investment portfolio stood at $736.9 million at cost, spread across 49 debt portfolio companies. The total cost of all investments (debt, warrants, and equity) was $828.7 million. The firm's commitment to these relationships is also evidenced by the fact that during the three months ended September 30, 2025, the Company funded debt investments totaling $88.2 million to 10 portfolio companies. The overall portfolio yield reflects this focus, with a weighted average annualized portfolio yield on debt investments for Q3 2025 reported at 13.2%.

Adviser-led, consultative approach to portfolio company needs.

The relationship is managed through the adviser, TriplePoint Capital LLC, which employs a structured approach to monitoring portfolio health. The Adviser maintains a credit watch list where portfolio companies are assigned one of five credit risk categories, with Clear (1) being the best rating. This consultative oversight is paired with origination activity that shows increasing demand for their services; for instance, TriplePoint Capital signed $421.1 million of non-binding term sheets in Q3 2025, significantly up from $93 million in Q3 2024. Furthermore, the adviser demonstrated alignment with shareholder interests by agreeing to waive the quarterly income incentive fee for the remainder of fiscal year 2025, extending this waiver through 2026.

Investor relations for public stockholders (e.g., distribution declarations).

The relationship with public stockholders is managed through transparent and regular distribution declarations. For the fourth quarter of 2025, the Board of Directors declared a regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 30, 2025. The net investment income per share for the third quarter of 2025 was $0.26 per share. The total declared distributions for the fourth quarter of 2025 amount to $0.25 per share.

The structure of the investment portfolio as of September 30, 2025, shows the primary focus of the relationship:

Investment Type	Number of Portfolio Companies	Total Cost (as of 9/30/2025)
Debt Investments	49	$828.7 million (Total Cost)
Warrants	112	N/A
Equity Investments	53	N/A

The relationship with the underlying portfolio companies is also quantified by the yield they generate:

• Weighted Average Annualized Portfolio Yield on Debt Investments (Q3 2025): 13.2%.
• Weighted Average Annualized Yield at Origination for Q3 2025 Funded Debt: 11.5%.
• Return on Average Equity for Q3 2025: 11.7%.

The adviser's commitment to shareholder interests is further highlighted by the estimated undistributed taxable earnings (spillover income) as of September 30, 2025, which was $43.4 million, or $1.07 per share.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Channels

You're looking at how TriplePoint Venture Growth BDC Corp. (TPVG) brings its financing opportunities to its portfolio companies and how it secures the capital to fund those deals. The channels here are about sourcing both the deal flow and the necessary funding base, which is a mix of direct relationships and public market access.

TriplePoint Capital's direct origination team and network is the primary engine for deal flow. This channel is deeply integrated, as TPVG is externally managed by TriplePoint Capital LLC ("TPC"). The activity here shows the direct pipeline strength. For the third quarter of 2025, TPC signed $421.1 million of non-binding term sheets with venture growth stage companies. On a year-to-date basis for 2025, TPC had signed $978.0 million of term sheets, a significant increase from $412 million over the same period in 2024. This direct sourcing effort resulted in TPVG closing $181.8 million of new debt commitments in Q3 2025, which was a 14% increase from the prior quarter and the highest amount in over three years.

The second key channel relies on referrals from the select group of top-tier venture capital firms. This is inherent to TPVG's mandate; it focuses on providing financing to venture growth stage companies already backed by established VC partners. This acts as a quality filter and a consistent source of proprietary deal flow. For instance, in Q2 2025, TPVG received new investment allocations totaling $160 million in new commitments from its adviser, compared to $52 million in Q2 2024. The company funded $88.2 million in debt investments during Q3 2025 to 10 portfolio companies. This relationship-driven sourcing is what defines the quality of the assets on the balance sheet.

For raising capital from investors, TriplePoint Venture Growth BDC Corp. uses the public equity markets (NYSE: TPVG). This channel provides the equity base for its lending activities. As of the latest reporting period reflecting Q3 2025 data, the company had 40.40M shares outstanding and a Market Cap of $268.25M. The commitment to shareholders is evident in the declared distributions; the Board declared a fourth quarter 2025 regular quarterly distribution of $0.23 per share and a supplemental distribution of $0.02 per share, payable on December 30, 2025. This channel is also supported by internal capital management, as the sponsor initiated a $14 million discretionary share purchase program.

Finally, TPVG actively taps the debt capital markets for issuing senior unsecured notes to supplement its equity base and provide leverage. This is a crucial channel for scaling deployment capacity. In January 2025, TPVG entered an agreement for the issuance of $50 million in senior unsecured investment grade notes due February 2028, carrying an interest rate of 8.11% per year. Looking forward, the company has a clear plan to use this channel for liability management, planning to refinance $200 million in notes due in March 2026 via $100-$125 million in new investment-grade notes plus revolver capacity in Q1 2026. The leverage ratio as of September 30, 2025, stood at 1.32x, which is within the target range of 1.3-1.4x.

Here's a quick look at the scale of activity across these channels as of late 2025:

Channel Metric	Value (Q3 2025 or Latest)	Context
TPC Signed Term Sheets (Q3 2025)	$421.1 million	Direct Origination Pipeline
TPC Signed Term Sheets (YTD 2025)	$978.0 million	Direct Origination Pipeline
New Debt Commitments Closed (Q3 2025)	$181.8 million	Conversion from Direct Origination
Debt Investments Funded (Q3 2025)	$88.2 million	Deployment from Capital Base
Shares Outstanding (Latest Data)	40.40M	Public Equity Market Base
Senior Unsecured Notes Issued (Jan 2025)	$50 million	Debt Capital Market Raise
Target Leverage Ratio (End of Year)	1.3x to 1.4x	Debt Capital Market Capacity

The reliance on the TPC platform for deal flow is substantial, as seen by the $421.1 million in Q3 2025 term sheets. This feeds the investment activity, where TPVG funded $88.2 million in debt investments during that same quarter. The capital structure is actively managed to support this deployment, with the recent $50 million note issuance in early 2025 providing immediate dry powder. The company's ability to maintain a leverage ratio of 1.32x as of September 30, 2025, shows effective management of the debt channel.

The channels for sourcing investment opportunities are heavily weighted toward proprietary relationships:

• TriplePoint Capital's direct origination team and network generating $421.1 million in Q3 2025 term sheets.
• Referrals from the select group of top-tier venture capital firms underpinning the mandate.
• Public equity markets (NYSE: TPVG) supporting the capital base with 40.40M shares outstanding.
• Debt capital markets used for the $50 million senior unsecured notes issuance in January 2025.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Customer Segments

You're looking at the core clientele for TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. This isn't about selling a product to the masses; it's about providing specialized capital to a very specific group of growing businesses and attracting investors who want income from that activity.

The primary customer segment consists of venture growth stage companies requiring expansion capital. These are firms that have moved past the earliest startup phases but need significant funding to scale operations, enter new markets, or finance major product rollouts. TriplePoint Venture Growth BDC Corp. experienced its highest level of debt commitments and fundings since fiscal year 2022 during the third quarter of 2025.

Specifically, TriplePoint Venture Growth BDC Corp. targets companies in technology, life sciences, and other high-growth industries. For instance, 90% of the obligors (borrowers) to whom commitments were extended during the third quarter of 2025 were in the AI, enterprise software, and semiconductor sectors. The firm also notes interest in sectors like fintech and health tech.

These portfolio companies are typically backed by a select group of leading VC firms. TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing financing to these venture-backed entities. Their sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform that services venture capital-backed companies.

Here's a quick look at the deployment activity that defines this segment during the third quarter of 2025:

Metric	Value (Q3 2025)
Debt Investment Portfolio (at cost)	$736.9 million
New Debt Commitments Closed	$181.8 million
Debt Investments Funded	$88.2 million
New Portfolio Companies Added (Debt)	12
Weighted Avg. Yield on Debt at Origination	11.5%

The second major customer segment is the investment community: public and institutional investors seeking high-yield income (stockholders). These investors buy shares of TriplePoint Venture Growth BDC Corp. for the regular cash distributions it provides, which is typical for a Business Development Company (BDC). For the fourth quarter of 2025, the Board declared a regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share.

For context on the investor base size and income potential as of late 2025:

• Current Market Cap stood at $220.2M.
• The forward annual dividend yield was reported near 16.95%.
• Total liquidity available to the company was $233.6 million as of September 30, 2025.
• The company held warrants in 112 portfolio companies as of September 30, 2025.

The adviser waived all income incentive fees for the rest of 2025 to help support the bottom line for these shareholders. Finance: draft 13-week cash view by Friday.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive the engine of TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. For a BDC, the cost structure is heavily weighted toward financing costs and external management fees, since it's an externally managed entity.

The primary cost driver, as expected for a leveraged investment vehicle, is the Interest expense on borrowings, which totaled $6.8 million in Q3 2025. This represents the cost of the debt used to finance the investment portfolio.

Next, you have the fixed and variable compensation for the external adviser, which is a significant structural cost. The Base management fees paid to the external adviser were $3.4 million for the third quarter of 2025. This fee is typically calculated as a percentage of assets under management, regardless of performance.

The remaining operational costs break down into administrative and performance-based components:

• General and administrative expenses settled at $1.6 million for Q3 2025.
• Expenses related to the Administration Agreement expenses were $0.6 million in the same quarter.

The final structural cost component is the Income incentive fees. While this is a variable cost tied to performance above a certain hurdle rate, the alignment with the adviser is clear right now. For Q3 2025, the adviser waived an income incentive fee of $2.1 million. Furthermore, the adviser has committed to waiving all quarterly income incentive fees for Q4 2025 and all of Fiscal Year 2026, effectively removing this potential cost for the near term.

Here's a quick look at the key expense components for the third quarter of 2025, combining the required structure with verified total operating expense data:

Cost Component	Q3 2025 Amount (Millions USD)	Notes
Interest Expense on Borrowings	$6.8	Primary financing cost.
Base Management Fees	$3.4	Paid to the external adviser.
General and Administrative Expenses	$1.6	Standard operational overhead.
Administration Agreement Expenses	$0.6	Specific administrative overhead costs.
Income Incentive Fees (Reported Expense)	$0.0	Waived in Q3 2025.
Total Operating Expenses (Reported)	$12.3	Total operating expenses for Q3 2025.

To be fair, if you sum the mandated components ($6.8 + $3.4 + $1.6 + $0.6 = $12.4 million), it aligns very closely with the reported total operating expenses of $12.3 million for the quarter. This suggests that the mandated figures effectively capture the entirety of the recurring operating costs before considering the performance-based incentive fee waiver.

The structure shows that the cost of capital and external management fees make up the bulk of the expense base. Finance: confirm the exact breakdown of the $12.3 million total operating expense for Q3 2025 against the mandated components by next Tuesday.

TriplePoint Venture Growth BDC Corp. (TPVG) - Canvas Business Model: Revenue Streams

You're analyzing the income generation for TriplePoint Venture Growth BDC Corp. (TPVG) as of late 2025. The core of the business model relies on deploying capital into venture growth stage companies and collecting returns, primarily through debt instruments.

Interest income from debt investments is the primary source of revenue for TriplePoint Venture Growth BDC Corp. This is directly tied to the size and yield of the debt portfolio.

The financial performance for the third quarter of 2025 shows the following key income metrics:

• Total investment and other income was $22.7 million in Q3 2025.
• The interest income component specifically from investments was $22.1 million for the third quarter of 2025.
• The weighted average annualized portfolio yield on debt investments for Q3 2025 stood at 13.2%.

Fee income, which includes origination, commitment, and prepayment fees, contributes to the overall income stream, though base rates and prepayment activity influence the total. During the quarter, the company received cash flows from repayments:

• Principal prepayments totaled $15.0 million.
• Early repayments amounted to $0.5 million.
• Scheduled principal amortization was $4.0 million.

Realized gains from the sale of warrant and equity positions contribute to the net increase in assets from operations, though the third quarter saw a net realized loss on investments overall. The net increase in net assets resulting from operations for Q3 2025 included $0.13 per share of net realized and unrealized gains, primarily from unrealized gains on debt and equity positions. However, the company recognized net realized losses on investments of $0.7 million during the third quarter of 2025.

Here's a quick look at the key Q3 2025 income-related figures:

Metric	Amount / Percentage
Total Investment and Other Income (Q3 2025)	$22.7 million
Interest Income from Debt Investments (Q3 2025)	$22.1 million
Weighted Average Annualized Portfolio Yield on Debt (Q3 2025)	13.2%
Net Investment Income (Q3 2025)	$10.3 million
Net Realized Losses on Investments (Q3 2025)	$0.7 million
Net Realized and Unrealized Gains Component (per share)	$0.13 per share

The weighted average annualized portfolio yield on debt investments was 13.2% in Q3 2025, which was down from 14.5% in the prior quarter. This compression was driven by lower base rates and a mix shift toward stronger, lower-yield borrowers. Finance: draft the Q4 2025 yield forecast based on current origination yields of 11.5%.