Optimally constructed, the progression often looks something like initial venture equity for R&D and product development, followed by targeted asset-based debt that serves as a wedge to unlock project-level financing once the core technology demonstrates commercial viability

While credit funds want to move earlier in the technology lifecycle and into new categories, they lack the agility and capacity to unlock this bottleneck. Their investment mandates, governance structures, and operational processes are fully optimized around mature assets with established cash flows, not emerging technologies at the point of commerc... See more

Financial history is marked by the redrawing of asset class boundaries by breakthrough companies, creative financiers, and macroeconomic shifts. This often happens at a shocking speed.