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Money, like everything else of value, comes at a price, and knowing how and when to raise capital in a way that guarantees the future security of a business can be a tricky problem for entrepreneurs.

Heading into 2025, the outlook for initial public offerings (IPOs) seemed to be turning a corner. But those expectations proved overly hopeful – at least for now.

As partnerships involving lenders proliferate, it’s worth taking a closer look at how they work. In one, venture lender Runway Growth Capital was acquired by BC Partners Credit and Mount Logan Capital.