July 13, 2021
WOODSIDE, CA, July 13, 2021—Runway Growth Credit Fund Inc. (the “Fund” or “Runway Growth”), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, provided an operational and portfolio update for the second quarter ended June 30, 2021.
“Investment activity continued to increase in the second quarter — we completed $80.7 million in loans and advances to new and existing portfolio companies. We are seeing strong interest in our life sciences vertical and rising demand for growth loans in the technology sector,” said Runway Growth CEO, David Spreng. “Our portfolio continued to expand with $548.5 million in loan principal outstanding to 23 companies across a well-diversified group of high-growth industries, primarily in North America.”
Runway Growth funded eight loans during the second quarter ended June 30, 2021, including four investments in new portfolio companies, two new investments in existing portfolio companies, and two follow-on investments in existing portfolio companies, as follows:
During the second quarter ended June 30, 2021, Runway Growth experienced the following liquidity events totaling $83.5 million, including:
Further reflecting on the second quarter, Spreng added: “We are seeing robust activity in our markets served and expect loan demand to continue to grow throughout the year. We are effectively competing with attractive equity markets and aggressive private credit providers. Additionally, we are especially pleased to report that during the second quarter, our total originated commitments surpassed the $1.0 billion milestone in loan commitments originated since beginning operations in December 2016.” Spreng concluded: “We are actively seeking new investment opportunities and are engaging with entrepreneurs and sponsors to deliver new capital to support growth and help them achieve their goals.”
Runway Growth Capital LLC is
the investment advisor to Runway Growth Credit Fund Inc., a lender of growth
capital to companies seeking an alternative to raising equity. Led by industry
veteran David Spreng, the Fund provides senior secured term loans of $10
million to $50 million and other senior debt obligations to fast-growing
companies primarily based in the United States and Canada. The Fund is a
closed-end investment fund that has elected to be regulated as a business
development company under the Investment Company Act of 1940. For more on the
Fund and its manager, Runway Growth Capital LLC, please visit our website at
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
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