Hercules raises $2.3B for private credit push into tech and life sciences lending

What's the deal? Hercules AdviserDealroom has a profile for this one. Try Dealroom →, the registered investment adviser to Hercules CapitalDealroom has a profile for this one. Try Dealroom →, has raised $2.3 billion of investable capital after closing two institutional private credit vehicles. It closed the Hercules Evergreen Fund, a perpetual, open-end fund, and Hercules Growth Lending IV, a closed-end platform, alongside a rated securitisation.

Who's backing it? All three vehicles drew commitments from global institutional investors, including insurance companies, pension funds, asset managers, foundations, and endowments, as well as family offices.

What's the endgame? The capital will finance growth-stage technology and life sciences companies. The new evergreen fund adds a permanent capital vehicle that lets allocators invest alongside Hercules and its closed-end funds.

"Our new perpetual, open-end vehicle offers allocators a permanent capital avenue to invest alongside Hercules and our closed-end vehicles in financing the most innovative growth-stage technology and life sciences companies in the world," said Scott Bluestein, chief executive and chief investment officer of Hercules.

By the numbers. Headquartered in San Mateo, California, Hercules Capital is a speciality finance lender. Together with Hercules AdviserDealroom has a profile for this one. Try Dealroom →, it manages about $6.1 billion in assets and has committed more than $28 billion since its inception in 2003.

The signal: The raise reflects sustained appetite among institutional allocators for private credit, and the addition of an evergreen structure points to demand for permanent capital vehicles that keep money working without fixed exit timelines.

Read more: alternativecreditinvestor.com

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