Increased Investment Activity
The debt investment portfolio grew to $663 million at cost, with signed term sheets exceeding $875 million over the last three quarters, marking the highest funding activity in the last 10 quarters.
Venture Capital Market Momentum
Venture growth-stage deal activity surged, driven by AI advancements, with $84 billion deployed in the first half of 2025 across 499 deals, and $68 billion generated in Q2 from 294 exits, marking the highest quarterly value since Q4 2021.
Robust Equity and Warrant Portfolio
TPVG held warrant positions in 106 portfolio companies and equity investments in 52 companies. Notable holdings include Revolut, which showed a significant valuation increase, with a $7.3 million markup reflecting strong financial performance.
Focus on High-Potential Sectors
New borrowers were added in high-potential sectors like AI, fintech, and cybersecurity, with several AI companies added to the portfolio, indicating strategic sector rotation and diversification.
Increased Liquidity and Funding Capacity
Total liquidity stood at $313 million, with $250 million available under a revolving credit facility, providing ample capacity for unfunded commitments and upcoming refinancing.