After SVB collapsed, over 100 startups needed emergency cash for payroll. Private credit lenders moved fast: about two dozen companies secured roughly $50 million in senior secured loans within 36 to 48 hours, ready to deploy by Monday morning.
For example, like the SVB situation that weekend, we had several hundred startups reach out to us saying they need bridge financing, they need senior secured term loan financing, they've got to make payroll. And the reality is, you're— no bank is going to step in over a weekend and help you with that. At the very least, we had dozens of underwriters that were ready to go. We had dozens of investors that want to support the ecosystem. By the end of that weekend, before the Treasury Department probably literally bailed out the global banking system, we had about two dozen startups with about $50 million in capital ready to go by Monday morning if nothing came through. And so there is no world where anything outside of private credit will be able to support that type of activity over the course of 36, 48 hours. And that's a testament to sort of the power of the asset class.
