Insights

Private market liquidity is evolving. As traditional exits remain below historical norms, sponsors and investors are increasingly turning to continuation vehicles and GP-led secondary transactions to unlock value and provide liquidity. This Market Data Snapshot explores what's driving the shift, what it means for market participants, and why capital planning has become as important as exit planning.

I have worked in the credit markets since 2006, first as a bank and non-bank credit investor and, more recently, advising borrowers through Axis Group Ventures. Across venture debt, asset-based lending, recurring-revenue facilities, cash-flow loans, structured credit, and other private-credit transactions, I have seen lending relationships evolve through many stages of a company’s life. Sometimes a refinancing is driven by financial pressure. Sometimes a company has simply ou

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

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