Hercules Capital Celebrates 20th Anniversary with $20.0 Billion in Cumulative Originations
April 24 2024 - 6:00AM
Business Wire
Two Decades of Fueling the Growth of the
Innovation Economy
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), is celebrating its 20th year of originations activity
by reaching the $20.0 billion milestone in total debt
commitments.
Founded in December 2003, and originating its first deal in
2004, the Company’s mission was simple: Provide entrepreneurs with
an alternative source of growth capital that complements a growth
stage company’s existing institutional financing. Today, Hercules
Capital is the largest and leading specialty financing provider to
innovative venture, growth and established stage companies, having
partnered with over 650 technology and life sciences portfolio
companies and more than 1,000 venture capital and private equity
firms.
“2024 marks our 20th year investing in the venture and growth
stage asset class over which time we’ve committed more than $20.0
billion in capital, representing a remarkable milestone for our
Company,” stated Scott Bluestein, chief executive officer and chief
investment officer of Hercules. “Our scale, institutionalized
lending platform and our ability to capitalize on competitive,
rapidly changing macro environments continue to drive our business
forward and our operating performance to record levels. Our
multiple decade track record of success is attributable to the
tremendous dedication, efforts and capabilities of our employees,
and the trust that our venture capital and private equity partners
place with us every day. As an internally managed platform, we
offer solutions, strategic agility and shareholder alignment that
differentiate us from the broader industry. We are thankful to the
many companies, management teams and investors that continue to
make Hercules their partner of choice.”
Scale, diversification, disciplined underwriting and a credit
driven culture
- More than $20.0 billion in total gross debt commitments since
October 2004
- Achieved a 20-year 42.6% compound annual growth rate in
cumulative commitments
- Approximately $4.5 billion of assets under management
- Partnered with over 650 portfolio companies and more than 1,000
venture capital and private equity firms
- Over 250 portfolio company IPO or M&A exit events
Experienced, diverse, and growing team committed to the
growth stage ecosystem
- Over 110 full-time employees with offices in eight states and
two countries
- Nearly 50% of our senior leaders, which includes our managing
directors on the investment team and senior executives, are women
or people of diverse ethnic backgrounds
- 50+ member origination team, led by individuals with an average
of 10+ years industry experience
Strong and stable balance sheet supports continued platform
growth
- Four investment grade corporate ratings – Fitch, Moody’s, KBRA
and DBRS
- Inclusive of the Adviser Funds managed by Hercules Adviser LLC,
its wholly-owned subsidiary, Hercules had over $1.0 billion of
available liquidity as of year-end 2023
- GAAP leverage of 87.1% and regulatory leverage of 77.4% as of
year-end 2023
Delivering solutions for growth stage companies and their
institutional investors
- Record full-year 2023 total gross fundings of $1.6 billion on
gross new debt and equity commitments of $2.17 billion
- 32 new portfolio companies funded in 2023 bringing the current
portfolio to 125 active loan portfolio companies as of year-end
2023
- 2023 average deal size: $46.0 million
- 2023 deal size range: $3.7 million to $150.0 million
Commitment to delivering strong, consistent Total Shareholder
Returns (TSR)
- 75 consecutive quarters and $1.87 billion in dividends paid
since IPO in June 2005
- HTGC has traded at a premium to net asset value for 98.4% of
the trading days in the past 10 years (ending 3/31/24)
- Internally managed structure aligned to maximize total
shareholder returns
- In addition to the regular quarterly base distribution, 14
consecutive quarters paying a supplemental distribution to
shareholders (ending 3/31/24)
- A 112.4% TSR over the last 5 years as of year-end 2023
Note: All figures represented herein are from October 2004 and
as of April 23, 2024 unless otherwise noted
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed over $20.0
billion to over 650 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules, through its wholly owned subsidiary business, Hercules
Adviser LLC (“Hercules Adviser”), also maintains an asset
management business through which it manages investments for
external parties (“Adviser Funds”). Hercules Adviser is registered
as an investment adviser under the Investment Advisers Act of
1940.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. We may use words such as “anticipates,” “believes,”
“expects,” “intends,” “will,” “should,” “may” and similar
expressions to identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and should not
be relied upon in making any investment decision. Such statements
are based on currently available operating, financial and
competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations. While
we cannot identify all such risks and uncertainties, we urge you to
read the risks discussed in our Annual Report on Form 10-K and
other materials that we publicly file with the Securities and
Exchange Commission. Any forward-looking statements made in this
press release are made only as of the date hereof. Hercules assumes
no obligation to update any such statements in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20240424923390/en/
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. 650-433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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