The Adviser was formed on May 26, 2020. The Adviser is an indirect wholly-owned subsidiary of Hercules Capital, Inc.
(“Hercules Capital”). Hercules Capital is an internally managed, non-diversified closed-end investment company that
has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940,
as amended (the “1940 Act”). Hercules Capital is a specialty finance company focused on providing senior secured
loans to high-growth, innovative venture capital-backed and institutional capital-backed companies in a variety of
technology, life sciences and sustainable and renewable technology industries.
As of the date of this Brochure, the Adviser provides investment management services on a discretionary basis and on
a non-discretionary basis to institutional private credit funds (the “Funds”). The Adviser may provide investment
management services in the future to, without limitation, private funds, registered investment companies, business
development companies, and other pooled investment vehicles and institutional investors (through separately managed
accounts) (together with the Funds, “Clients”) that primarily make investments in loans, such as senior or subordinated
secured loans, that can be coupled with an equity component, including warrants, options or other rights to purchase
common or preferred stock, and unitranche loans (such investments, collectively,
“Assets”).
Client Assets are managed in accordance with the particular investment objectives, strategies, restrictions and
guidelines set forth in each Client’s investment advisory agreement, fund offering materials, supplemental risk and
conflicts of interest disclosures, and any other relevant agreements such as a Client’s organizational documents and/or
financing transaction documents, as applicable (“Client Governing Documents”), which are made available to investors
through the Adviser or another authorized party. The Adviser does not generally tailor its advisory services to the needs
of individual investors; however, at the inception of a pooled investment vehicle, specific investment criteria may be
established for the pooled investment vehicle in consultation with prospective investors. Prior to investing in a Client,
prospective investors should review Client Governing Documents to confirm the suitability of an investment in a Client
based on the investor’s particular circumstances.
The general partner of each Fund is an affiliate of the Adviser (the “General Partner”); however, the investment
management services are performed by the Adviser pursuant to investment management agreements by and between
the Adviser and the Funds.
As of December 31, 2023, the Adviser managed (i) $638,471,105 on a non-discretionary basis and (ii) $441,710,118
on a discretionary basis.