350+ lenders now finance cash-flow negative businesses. Five years ago, maybe a handful would.

This shift is creating new opportunities - and new risks - that most founders and fund managers don't fully understand.

John Markell of Armentum Partners and Matt Schwartz, Head of U.S. Finance at DLA Piper, join me to unpack growth credit: the segment of private credit quietly reshaping how technology companies scale.

We cover:

• What growth credit actually is - and why it's different from the private credit you read about in the papers
• The gap between bank capital (under 10% risk) and equity risk (north of 20%) - and who's filling it
• How SVB's collapse changed underwriting, covenant packages, and deal sizes
• Why enterprise software lending is "way, way, way saturated" - and where the white space is
• What founders get wrong when pitching lenders vs. equity investors
• The three things every founder should know before taking on debt
• Why some funds net 19% to LPs while others struggle to clear 12%

Whether you're a founder considering debt or a fund manager looking for origination opportunities, this conversation will change how you think about the gap between bank capital and equity risk.

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