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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 Agentas, 62 of 900 active funds carry a venture-debt mandate.

Figures from the researched book · updated Oct 11, 2026

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