Part IV: Strategic Capital, Liquidity, and Regulation
Chapter 20
Venture Debt and Secondaries
Two forms of capital sit alongside venture equity. Venture debt lends to companies that by ordinary standards should not be able to borrow. Secondary transactions transfer existing interests from holders who need liquidity to buyers who can bear duration. Both have grown as companies stay private longer.
The preview ends here. The full chapter is in the book.
In this chapter
- 20.1How venture debt works
- 20.2Why venture needs a secondary market