For years, annual recurring revenue was the shorthand for software quality. ARR suggested predictability, retention, visibility, and scalability. In a low-rate market, that was often enough to support aggressive valuations and a wide range of financing options. Recurring revenue still matters. For SaaS and enterprise software companies, it remains one of the strongest foundations a borrower can bring to a lender. But ARR is no longer the whole story. In today’s private credit

Liquidity is becoming a competitive advantage across private markets. Learn how lender financing solutions and flexible capital structures are helping lenders capture opportunities in a changing market environment.

Private wealth is becoming one of the most important growth channels for private markets. As RIAs increase allocations to private credit, secondaries, and alternative investments, the challenge is no longer access alone. Success will depend on due diligence, liquidity management, portfolio construction, and client education. The advisors who apply institutional-quality standards will play a key role in shaping how private markets are incorporated into wealth portfolios.

Growth-stage companies across North America are becoming increasingly selective about equity dilution as venture fundraising timelines lengthen, valuation discipline tightens, and liquidity events remain constrained across private markets. In a market defined by longer fundraising cycles, valuation pressure, and higher capital costs, founders are reassessing how growth capital is structured. Non-dilutive funding, once viewed as supplemental financing, has become a core part o

NAV lending has become a more active part of private market financing as sponsors and growth-stage companies look for liquidity without immediate equity dilution. The structure works well when asset value is strong but cash flow visibility is uneven. According to Oaktree Capital, NAV financing activity rose roughly 30% year-over-year in North America and 20% in Europe in 2023, with total deal flow more than doubling between 2020 and 2023 to reach $44 billion.¹ The challenge i

Private credit, specifically warehouse financing, has become the gating factor for whether many fintech lenders can scale. For equity investors, lawyers, and advisors in the ecosystem, the key question is no longer just “can this company originate loans?” It is: can it access, maintain, and scale institutional credit? Why This Matters for Equity Investors For venture investors in fintech lenders, warehouse financing is not just a funding tool, it is a constraint on growth, a

Private markets have historically required investors to accept longer holding periods in exchange for more controlled exits and consistent value creation. That expectation is now being tested. Over the past 18–24 months, private equity markets have shifted into a condition where the number of potential sellers exceeds the number of natural buyers. Distributions have slowed, DPI has declined, and assets are remaining in portfolios longer than expected. The result is a timing m

In 2026, founders are rethinking how they structure capital, blending equity, debt, and secondaries to maximize flexibility and control. Venture and growth investors deployed $425 billion into more than 24,000 private companies in 2025, up 30% year-over-year.¹ Yet capital is concentrating into fewer companies, with larger checks flowing primarily to later-stage and AI-driven startups.² For most founders, this shift is increasing the need for a more deliberate and diversified

In today’s market environment, access to capital is no longer the primary constraint. Alignment is. Growth-stage companies are finding that traditional options, whether bank debt or equity, often do not match the pace or structure required for expansion. Private credit has emerged as a strong alternative. Not only because it is faster or more flexible, but because it can be used as part of a broader capital strategy. This is often supported by experienced debt capital advisor

For many founders and CFOs evaluating financing options, one of the first questions is whether their company is better suited for cash flow lending or asset-based lending (ABL). Both structures can provide meaningful access to capital, but they operate very differently. Cash flow loans are typically sized based on earnings performance and credit metrics, while asset-based lending facilities are structured around specific collateral such as receivables, inventory, or equipment

Inventory financing plays an important role in sectors such as retail, direct-to-consumer (D2C), and manufacturing. This is evident in the growth of the global asset-based lending market, projected to reach $891.89 billion in 2025 and surpass $1 trillion by 2026 .¹ In higher-rate and more volatile environments, lenders have placed greater emphasis on downside protection within credit structures. While cash-flow underwriting remains central to most private credit transactions

Private equity is no longer just about owning companies. Increasingly, it is about owning the managers themselves. The rise in GP stake transactions signals more than investor appetite for alternatives. It reflects a structural shift in how private equity firms are valued and capitalized. What began as partnership-driven enterprises is evolving into scalable asset management platforms. GP stakes are not niche. They represent the next phase of private markets maturation. The G

In recent years, the Robotics-as-a-Service (RaaS) model has gained traction as companies pursue automation without absorbing significant upfront capital expenditures. Rather than purchasing equipment outright, customers subscribe to robotic systems, shifting CapEx to OpEx. For providers, however, the capital burden does not disappear. It shifts to the balance sheet. Debt financing has increasingly become a strategic tool to bridge that gap. According to the International Fede

When managing investment portfolios for growth-stage companies and private equity-backed firms, understanding the nuances of secondary transactions has become increasingly important. For founders, executives, LPs, and GPs operating in private markets, longer holding periods, delayed exits, and shifting liquidity needs have moved secondaries from a reactive solution to a core component of portfolio and capital strategy. The Role of Secondaries in Investments Secondaries involv

Understanding the dynamics of interest rates is crucial for any growth-stage company aiming to optimize its capital structure and unlock liquidity. These rates influence borrowing costs, investment decisions, and overall financial strategy. In this post, we will walk you through the fundamentals of interest rates, their impact on businesses, and practical ways to navigate this complex financial landscape. The Impact of Interest Rates on Business Strategy Interest rates play a

Image sourced from Unsplash This article is Part 2 of last week’s post on how founder-led companies are reshaping their capital options. If you missed Part 1, it introduced the rise of non-sponsor private credit and why more founders are exploring alternatives to banks or equity sales. In this second installment, we turn to the practical side: how founder-led companies actually use private credit, and what the data really says about common misconceptions. This isn’t theoretic

Image source: Unsplash Founder-led businesses in the lower middle market often find themselves in a tight spot. They need capital to grow, support working capital, acquisitions, capital equipment, and even shareholder dynamics (buyouts and liquidity events). However, business owners are often hesitant to give up ownership, or control, and funding options can be limited. Survey data supports the strength of that ownership instinct . In a recent global study of family and foun

Image source: Unsplash As defense and space innovation accelerates across North America, corporate venture capital (CVC) has moved from the sidelines to the center of the investment landscape. What was once viewed as opportunistic balance-sheet investing has evolved into a deliberate strategy for technology access, ecosystem control, and long-term competitive advantage. 1 For aerospace and defense incumbents facing compressed R&D timelines, talent scarcity, and rapidly shifti

Image source: Unsplash As private markets mature, the lines between debt, liquidity, and secondary capital are becoming increasingly blurred. NAV financing sits at this intersection. It helps funds turn illiquid assets into usable cash without requiring immediate asset sales. In a tighter capital environment, fund liquidity is now a strategic concern. Slower distributions and tougher fundraising are forcing managers to use capital more efficiently. NAV financing has evolved i

Image by Unsplash North America has emerged as the epicenter of private capital flow into defense and space technology. What once was a slow trickle of early-stage interest has transformed into robust strategic investment from both traditional venture firms and corporate venture arms tied to major defense and aerospace players. VC Momentum in Defense Tech Venture investment in defense and aerospace startups has climbed from just over $10 billion in 2024 to more than $19 billi