Answers · Market · live dataset

How is venture debt different from private credit?

Venture debt is the slice of private credit built for venture-backed, usually pre-profit companies: sized off the last equity round or recurring revenue, underwritten against the investor syndicate, and usually paired with warrants. Cash-flow private credit is sized off EBITDA and asset-based lending off collateral, for companies with profits or hard assets. On TerraNova, 61 of 912 active funds carry a venture-debt mandate.

Figures from the researched book · updated Sep 14, 2026 · refreshed daily · rendered Sep 15, 2026